First Solar just announced that it has sold its Blythe, California plant to NRG Energy. The energy produced by the 21 MW plant, California’s first and largest utility-scale PV project, will be sold to Southern California Edison under a 20-year purchase agreement. The plant is expected to generate 45,000 megawatt-hours of electricity annually, and will create a reduction in co2 emissions equal to taking 2,200 cars off the road.
First Solar will continue to provide … Read the rest
First Solar just announced that it has purchased a planned 115 MW solar energy project, the Carrizo Energy Solar Farm, from Ausra. According to the New York Times, First Solar doesn’t plan to build the project, but instead will use the land to change the layout of its nearby Topaz project, making it more wildlife friendly and increasing the chances that it will be approved.
The financial terms of the deal were not disclosed, but … Read the rest
Yesterday, both Kaufman Bros and FBR Capital issued negative reports on First Solar (FSLR), but the stock didn’t budge as it held above the $120 level. That kind of resilience typically sets up at least some short term strength which is why I have initiated a swing trade around the $123 level. My stop point is just below the $120 level.
Here are the analyst comments from yesterday… (hat tip to StreetInsider.com for the analyst … Read the rest
Wedbush is downgrading First Solar (FSLR) this morning from Outperform to Neutral and cutting the price target from $170 to $120.
Hat tip to StreetInsider.com for the following analyst comment:
“We are downgrading First Solar to Neutral based on declining margin profile. Revenue falls short of consensus by $48 million due to the delayed revenue recognition for the Sarnia project. Significant manufacturing capacity expansion is not expected until at least 2011. We believe the modest … Read the rest
First Solar is selling off more than 15% in after hours trading and taking out key support levels again after the company beat Wall St estimates of 1.73/share, but missed the whisper number of 1.90 share. The company also missed by a wide margin on the revenue number but held firm with its full year revenue forecast of $1.975 – 2.025 billion which is at the high end of the previous range. All in all, … Read the rest
There were a few upgrades and downgrades of green stocks today, particularly in the solar space that I wanted to run through tonight.
Macquarie made a few calls in the solar space worth mentioning:
Yingli Green Energy (YGE) was upgraded from Neutral to Outperform. Shares finished up more than 5% and bounced off the 50 day moving average.
Sunpower (SPWRA) was upgraded from Underperform to Neutral. Shares finished up nearly 7% today and are nearing … Read the rest
Enbridge and First Solar just announced that Enbridge will acquire a 20 MW solar energy project that First Solar is constructing near Sarnia, Ontario. When the project is complete at the end of this year, it will be the largest PV solar energy plant in Canada, powering about 3,200 homes. Under the agreement, First Solar will continue to provide operations and maintenance services for the plant after construction is completed.
In a press release, … Read the rest
First Solar (FSLR) is up a bit in premarket trading after it was announced last night the company would join the S&P500, replacing Wyeth. The upgrade from Janney Montgomery Scott to Buy is also helping. The firm has a price target of $185.
Hat tip to StreetInsider.com for the following analyst comment.
“We believe that First Solar’s cost leadership and deep experience will continue to differentiate the Company in the increasingly competitive photovoltaic industry. At … Read the rest
In a Barron’s interview this weekend, Hapoalim Securities solar analyst Gordon Johnson reiterated his bearish call on the sector due to oversupply and soft demand. He sees a supply vs demand ratio of 7.1GW:4.4GW for this year and 10.8GW:6GW for next year, so sees it getting worse, not better. When asked about the recent run in solar stocks, he attributed it to the excitement over China’s feed in tariff program and said the excitement is … Read the rest
First Solar (FSLR) has added another 27MW to its existing contract with Juwi Solar for two US projects. They will supply 15MW for a project for the Jacksonville Electric Authority and another 12MW for American Electric Power in Ohio. Construction on these projects is expected to begin later this year and be completed by the end of 2010
“We are very encouraged that First Solar is supplying its proven and financeable modules for these initial … Read the rest