FSLR Surges 8%, is the Year Long Decline Over?

Shares of First Solar, Inc. (Nasdaq: FSLR) surged on the bourses today as the company announced that it had reached an agreement with The Los Angeles County Department of Public Works regarding the module code certifications that were necessary in order to protect the health and safety of county residents.

First Solar can now continue construction of the 230-megawatt power plant that, when completed in 2013, will generate enough electricity to power 75,000 homes. First Solar will construct the plant, operate and maintain it for Exelon Corporation (NYSE: EXC). This project had earlier received the first advance of a loan guaranteed by the U.S. Department of Energy’s Loan Programs Office. The project has a 25-year power purchase agreement, approved by the California Public Utilities Commission, with Pacific Gas & Electric Company for the full output of the plant.

The Company had earlier reported a first quarter net loss of $5.20 per fully diluted share due to previously-announced restructuring actions, asset impairments, and costs in excess of normal warranty expenses. The shares are down 87 percent as compared to its year ago price.

The following funds hold FSLR in their portfolio:

1. Maverick Capital – Lee Ainslie – $101 million

2. Generation Investment Management – David Blood And Al Gore- $28 million

3. Mason Capital Management -Kenneth Mario Garschina – $13 million

4. Sandler Capital Management -Andrew Sandler – $8 million

5. Alyeska Investment Group -Anand Parekh – $6 million