First Solar Stock Price, News & Analysis

First Solar, Inc. (Nasdaq: FSLR) has finalized the sale of its solar operations and maintenance (O&M) platform in Japan to funds managed by PAG Real Assets. The O&M platform includes approximately 665 megawatts (MW) of solar assets under management. Following the sale, most of First Solar's O&M employees in Japan are now part of PAG. PAG, with over $50 billion in assets under management, is a prominent private investment manager focused on the Asia-Pacific region.

First Solar (FSLR) has finalized the sale of a 293 MW DC solar project development platform in Japan to PAG Real Assets. This sale includes the transfer of most project development employees to PAG, a significant investment firm with over $50 billion in assets. Furthermore, First Solar has a pending agreement for PAG to acquire its solar operations and maintenance platform, managing approximately 665 MW DC, expected to close in late 2022, pending regulatory approvals and other conditions.

Azure Power has signed an agreement with First Solar for 600 MW DC of advanced thin film solar modules. This marks the first order from First Solar's Tamil Nadu facility, set to commence in H2 2023. The deal will allow Azure Power to receive deliveries of Series 7 modules from late 2023 through 2025. First Solar's new facility will have a nameplate capacity of 3.3 GW DC and is designed to produce modules tailored for India. This partnership enhances Azure Power's supply chain stability and assures them of advanced technology in the competitive energy market.

First Solar (Nasdaq: FSLR) has signed a major agreement to supply 600 megawatts (MW) of photovoltaic (PV) solar modules to Azure Power (NYSE: AZRE), marking the launch of its manufacturing facility in Tamil Nadu, India. The partnership supports Azure's sustainable energy solutions and aims for delivery between 2023 and 2025. First Solar's facility will have an annual capacity of 3.3 GW and is designed for the Indian market, emphasizing its commitment to environmentally friendly technology.

First Solar plans to invest up to $1.2 billion in expanding its solar module production, aiming for over 10 GW_DC capacity by 2025. This includes a new 3.5 GW_DC factory in the US Southeast and a $185 million upgrade to its existing Ohio facility, increasing its total capacity to over 7 GW_DC. The expansion is expected to create at least 850 new jobs directly, supporting 15,000 indirect jobs. Overall, the investment will enhance the company’s role in the clean energy transition and bolster the US economy by an estimated $3.2 billion.

First Solar reported net sales of $621 million for Q2 2022, a rise of $254 million from the prior quarter, driven by increased module sales. The company generated an operating income of $145 million, compared to a loss of $58 million in Q1. Earnings per diluted share improved to $0.52, recovering from a loss of $0.41. Cash and marketable securities reached $1.9 billion. However, the company's guidance has been revised downwards due to an impairment related to legacy systems and Japanese Yen devaluation, with expected net sales now ranging from $2.55 billion to $2.8 billion.

First Solar (Nasdaq: FSLR) announced a significant agreement to supply 2.4 gigawatts (GW) of advanced thin film solar modules to Intersect Power. This deal positions Intersect Power to become one of the largest operators of First Solar technology by 2027. The modules will be delivered from 2024 to 2026 for various solar and green hydrogen projects across the U.S. Additionally, First Solar is investing $680 million to expand its manufacturing capacity in Ohio, enhancing its footprint to 6 GW annually, further supporting American jobs.

First Solar has secured a multi-year agreement with Akuo for the delivery of 500 MW_DC of thin film photovoltaic modules from 2024 to 2026. This deal includes 200 MW_DC for a US utility-scale project, with further deliveries planned for Europe. First Solar's modules are recognized for their quality and environmental performance, while the company is investing $680 million to boost US manufacturing capacity by 3.3 GW annually. This move is part of a broader strategy to reduce supply chain risks and enhance renewable energy production.