First Solar Sees Light With California Power Plant Contract

First Solar (NASDAQ:FSLR) has signed a contract with Pacific Gas and Electric Company for two photovoltaic power plants to be built in California by 2019. The two plants combined will produce 72 megawatts of power, which is enough to power 24,000 homes. Pending approval from the California Public Utilities Commission and the completion of the development process, construction could begin in 2013.

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First Solar Vice President of Project Development said, “We are very pleased to add these projects to PG&E’s solar portfolio, helping it and California reach their renewable energy goals.”

Shares of First Solar are down almost 42 percent this year to date, but have bumped up 5 percent so far today.

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