First Solar Inc (NASDAQ:FSLR), the world’s largest manufacturer of thin-film solar panels, sold two large projects in California after the US government finalized a $4.75 billion loan on the last day of the stimulus act. Exelon Corp. (NYSE:EXC) purchased a 230-megawatt project for $1.36 billion and NextEra Inc (NYSE:NEE) and General Electric Co. (NYSE:GE) purchased a 550-megawatt solar (NYSE:TAN) farm for an undisclosed price.
“The loan guarantees have scored a lot more positives than negatives and will create a lot of jobs as the projects start moving,” Sanjay Shrestha, an analyst at Lazard Capital Markets in New York, said today in an interview. “We need a much bigger program to really expand domestic manufacturing and compete with Asia.”
First Solar’s stock (NASDAQ:FSLR) is down 2.80% to $63.21 in the news. Shares are down 53.07% in the past 52 weeks. The stock has traded in a 52-week range between $61.55 and $175.45.