Energy

Will DOE Save First Solar? (FSLR, EXC)

First Solar, Inc. (NASDAQ: FSLR) was facing a nearly busted IPO situation just yesterday.  No 52-week low worries.  Try nearing the worst of the worst as its shares were danger-close to that $20.00 price.  Now we have shares rallying on an otherwise very weak trading day after Forbes.com reported that the funds have started coming in from the Department of Energy for the company’s Antelope Project.

First Solar’s 230 Megawatt Antelope project fears are being alleviated with Exelon Corporation (NYSE: EXC) as the buyer.  The hold up was said to be fears that DOE had regarding local permitting, but recent DOE loan guarantee failures (Solyndra for one) have likely made the DOE be more careful about throwing money into projects if there is obvious trouble.  Had the deal not closed, First Solar could have been forced to buy the project back. The DoE had approved $646 million in loans for the project.

After the deal is closed, First Solar’s only involvement will be in the construction and operation of the facility.

First Solar closed unofficially up 5.9% at $21.38 against a prior 52-week range of $20.05 to $147.20.

JON C. OGG

Credit card companies are handing out rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.