First Solar, the maker and installer of thin-film photovoltaic panels, says it expects to generate revenues ranging between $2.7 billion – $2.9 billion in 2010, which is ahead of analysts’ estimate of $2.4 billion. Read More »
First Solar, the world’s largest thin-film solar panel maker, has grown sales despite the global economic downturn, as production costs dropped.
The Tempe, Ariz., company announced yesterday that it tripled first-quarter net income to $164.6 million on revenues of $418.2 million. The company brought in $46.6 million in net income last year on revenues of $196.9 million.
Despite growing sales the company maintained that global markets would remain murky at least for the next year.
First Solar was able to grow revenues during this economic downturn in part because it cut production costs to $0.93 per watt from 0.98 per watt in the fourth quarter by running its two solar panel factory in Malaysia at full capacity.
Through the first quarter, First Solar produced 219.5 megawatts of solar panels. The company sells a bulk of its output in Europe, where feed-in tariffs customers with solar panels to sell any excess output back to the grid. Such measures have helped make countries like Germany and Spain some of the world’s leading solar panel markets.
Shortly before releasing its quarterly financial results, First Solar announced that its long-time CEO and Chairman, Michael Ahearn would be stepping down as chief executive but remain as executive chairman. He says he plans to focus on public policy advocacy to create viable markets in the U.S. and across the world for clean energy producers, including solar power developers.
The first quarter also saw First Solar enter the power plant building business as it acquired utility-scale solar plant developer OptiSolar in an all-stock deal worth $400 million. Earlier this month it said it would develop with Sempra Generation a 48 megawatts expansion to its Copper Mountain solar power facility in Boulder City, Nev.
The company says the U.S. market is poised for growth because of the new monies from the federal stimulus but it warns that it will take a while before the funds reach developers.
Albiasa Solar, a Spanish developer of utility scale solar power plants, is set to develop a $1 billion solar power plant in Arizona that once operational could provide electricity to up to 50,000 homes.
Clean Technica reports the project will be developed in and around Kingman, Ariz. The exact location has not been selected but the Kingman area was chosen because of its proximity to transmission lines.
There are other plants currently being developed in sun-drenched Arizona. They include the 280-megawatt Solana Generating Station, which is being developed by Abengoa Solar and is scheduled to come online in 2011. There is also the 250-megawatt Salt River project, although that initiative has been shelved due to lack of agreement between the partners.
Albiasa does not have a power purchase agreement, which in this economic environment, is crucial to get financing to support the construction of the plant.
