What Solar Fears? First Solar’s Large Expansion (FSLR)

First Solar, Inc. (NASDAQ: FSLR) announced today that it will acquire about 135 acres within the Mesa Proving Grounds project for the first phase of its next solar module fabrication plant and for future expansion.

The location is at the center of the Southeast Valley and  has access to major transportation corridors and the Phoenix-Mesa Gateway Airport.  The project is some 3,200-acres and it was acquired by DMB in 2006.  It is reported as being the largest contiguous land holding in the Southeast Valley.

Construction is expected to start in the second quarter of this year and is expected to be completed in early 2012.  It will create 400 to 500 jobs during the construction process, and ultimately result in about 600 clean-tech jobs.

The Arizona facility is expected to get a $300 million investment and production is expected to be more than 250 MW per year.

This news lends more credibility to a sector that has been battered and bruised.  The recent pop has been tied to Japan’s nuclear power woes and the hope that this will drive more clean-tech power generation.

What is interesting is that shares of First Solar were actually trading under $140 on Friday morning before news of the nuclear disaster in Japan began to offer a huge boost to solar power players.  Shares closed down 0.7% at $154.00 on the day against a 52-week range of $100.19 to $175.45.

JON C. OGG