First Solar: Another Deal, Another Gain
First Solar (NASDAQ:FSLR) marches on, announcing that it has won another large project and adding to gains posted on Tuesday. The American solar solutions provider has landed a contract from the Dubai Electricity and Water Authority to build a 13-megawatt solar power plant. First Solar’s contract will build the first step in a 1,000 megawatt solar park project commissioned by the United Arab Emirates. First Solar hopes to complete the first part by 2013, while the whole project is targeted for completion by 2030.
“The strategy is based on Dubai’s growing energy requirements and aims to maintain security of supply in the Emirate of Dubai,” said DEWA chief executive Saeed Mohammed Al Tayer in a statement, according to Reuters. As of January, Dubai reportedly only generates only 4.5 megawatts of solar power.
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Meanwhile, shares of Suntech Power Holdings (NYSE:STP) have soared over 11 percent in afternoon trading, bringing value back to where it was before a consistent decline over the last five trading days. If the company can not stabilize its share price, it could be in danger of joining JA Solar Holdings (NASDAQ:JASO) in being kicked off American exchanges for failing to meet minimum share-price requirements.
Chinese solar companies have been hit by anti-dumping and countervailing tariffs, while simultaneously suffering with the rest of the market in the face of high supply and low demand — a condition some blame on the Chinese manufacturers.