Shares in First Solar Inc. (NASDAQ: FSLR) are up sharply this morning following a report that the company has won a permit from the local government agency to proceed with its 230-megawatt Antelope Valley Solar Ranch One project in southern California.

The company sold the project to Exelon Corp. (NYSE: EXC) in September, but Exelon’s first payment of $75 million has been delayed by the permitting issue. Now that the permit has been issued, First Solar is expected to receive a payment on a federal loan worth a total of up to $646 million to complete construction of the project.

First Solar’s shares are up more than 11% in the first few minutes of trading this morning at $44.29 in a 52-week range of $29.87-$175.45.

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