First Solar projects: First Solar, Inc. (NASDAQ:FSLR) is a business leader in the alternative energy industry that has incrementally increased its participation and importance in the sector during recent years, through the photovoltaic solar systems space. Yeseterday, the firm announced that it has acquired The Moapa Project, which until now, has been administered and built by K Road Power.
With this project First Solar increased its role in the solar energy sector in the US, and became a pioneer operator for solar complexes on the tribal reserve located in Clark County, NV. The solar project will be ready to operate completely in early 2015, and it is guaranteed that energy production will be acquired by the Los Angeles Department of Water and Power, thanks to a Power Purchase Agreement for at least 25 years.
Jim Hughes, First Solar’s Chief Executive Officer, said that “First Solar is proud to participate in this landmark project on lands where it can benefit the economic development of the Moapa Paiute tribe and serve clean energy to the City of Los Angeles.”
It is expected that the Moapa Project will generate clean energy for 100,000 homes in the first year and reduce considerably CO2 emissions in the area. On the other hand, First Solar has strengthened its presence in the US clean energy market, because in the previous years, the firm has been involved on projects mainly abroad. CEO Jim Hughes said, “Our opportunity set outside of the U.S. is now 4.1 Gigawatts and represents 51% of the total.”
Likewise, First Solar Inc. could benefit if Chinese and American Governments reach an agreement on the elimination of US barriers to Chinese solar cells components proposed by Solar Energy Industries Association (SEAI). In this way, SEIA President and CEO Rhone Resch said “It would actually lower costs to Chinese manufacturers for the export of solar cells and modules to the US, and it would improve US manufacturers’ ability to compete fairly on an even playing field.” For that reason, solar industries from two countries could increase its revenues and improve its world participation in this new energy market.
Disclosure: Saul Rodriguez holds no position in any of the mentioned stocks.