FSLR ($119) receives Five New Contracts Valued at About $1.28 Billion
PHOENIX (AP) -- First Solar Inc. said Monday it received five new long-term contracts valued at approximately $1.28 billion.
Under terms of the deals, the solar electric power module maker will be responsible for the manufacture and sale of 685 megawatts of solar modules between 2007 and 2012.
Two of the contracts are with renewable energy producers EDF Energies Nouvelles and Sechilienne-Sidec. First Solar also entered an agreement with solar-generated electricity provider SunEdison LLC to place modules in Ontario, Canada.
Other new pacts include a deal with RIO Energie GmbH & Co. KG and a joint venture between Stadtwerke Mainz AG and Juwi Group. The joint venture will concentrate on developing solar power plants in the utility service region of Stadtwerke Mainz and its subsidiaries through 2012.
First Solar also said it will raise volumes under an existing deal with Juwi Group and create another Malaysian manufacturing plant. The plant is expected to have a minimum annual production of 120 megawatts, with capacity anticipated coming online by the first half of 2009.
Shares of First Solar added $7.59, or 7.9 percent, to $103.88 in premarket trading. The stock closed at $96.29 on Friday.
Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.
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