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First Solar (FLSR) Adds 130MW Green Power to Grid in India
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First Solar Inc.’s (FSLR - Free Report) Indian subsidiary, First Solar Power India Pvt. Ltd., has connected 130 megawatts (“MW”) utility-scale solar power to the nation’s grid. This includes an 80 MW project in Andhra Pradesh and a 50 MW project in Telangana.
Details of the Projects
Totaling a capacity of 130 MW, these plants are part of a 260-MW project portfolio wholly owned by First Solar in India. These two solar plants will generate sufficient electricity to power about 227,500 homes, and reduce more than 204,000 metric tons of carbon dioxide annually. Under a 25-year power purchase agreement, energy produced by these projects will be sold to Andhra Pradesh-based Southern Power Distribution Company and The Telangana State Southern Power Distribution Company Limited.
The project will utilize over 1.4 million modules manufactured by First Solar and offer predictable energy across all climates and applications. These modules were independently evaluated and certified for reliable performance despite high temperatures, high humidity, and extreme desert and coastal environments.
According to Sujoy Ghosh, First Solar’s Country Head in India, with the recent achievement of a 1 gigawatt (“GW”) photovoltaic (“PV”) solar capacity footprint in India, the company has now connected another 130 MW of utility-scale solar power to the country's grid. Including these projects, First Solar’s total portfolio capacity of operational solar assets is now 150 MW. The company expects these plants to offer the “best possible return on investment”.
Q2 Earnings Recap
Recently, First Solar reported second-quarter 2016 earnings wherein both its earnings and revenues came ahead of the Zacks Consensus Estimate by a respective 50% and 3.4%. Earnings and revenues also increased 67.3% and 4.3% from the respective prior-year figures. Growth is primarily attributable to higher revenues from module-only sales, sale of the Kingbird project and revenue recognition across multiple system projects.
Zacks Rank & Key Picks
First Solar carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the solar space include Yingli Green Energy Holding Co. Ltd. , Sunrun Inc. (RUN - Free Report) and Vivint Solar, Inc. . While Yingli Green Energy and Sunrun sport a Zacks Rank #1 (Strong Buy), Vivint Solar carries a Zacks Rank #2 (Buy).
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First Solar (FLSR) Adds 130MW Green Power to Grid in India
First Solar Inc.’s (FSLR - Free Report) Indian subsidiary, First Solar Power India Pvt. Ltd., has connected 130 megawatts (“MW”) utility-scale solar power to the nation’s grid. This includes an 80 MW project in Andhra Pradesh and a 50 MW project in Telangana.
Details of the Projects
Totaling a capacity of 130 MW, these plants are part of a 260-MW project portfolio wholly owned by First Solar in India. These two solar plants will generate sufficient electricity to power about 227,500 homes, and reduce more than 204,000 metric tons of carbon dioxide annually. Under a 25-year power purchase agreement, energy produced by these projects will be sold to Andhra Pradesh-based Southern Power Distribution Company and The Telangana State Southern Power Distribution Company Limited.
The project will utilize over 1.4 million modules manufactured by First Solar and offer predictable energy across all climates and applications. These modules were independently evaluated and certified for reliable performance despite high temperatures, high humidity, and extreme desert and coastal environments.
FIRST SOLAR INC Price
FIRST SOLAR INC Price | FIRST SOLAR INC Quote
First Solar's Efforts on Expanding in India
According to Sujoy Ghosh, First Solar’s Country Head in India, with the recent achievement of a 1 gigawatt (“GW”) photovoltaic (“PV”) solar capacity footprint in India, the company has now connected another 130 MW of utility-scale solar power to the country's grid. Including these projects, First Solar’s total portfolio capacity of operational solar assets is now 150 MW. The company expects these plants to offer the “best possible return on investment”.
Q2 Earnings Recap
Recently, First Solar reported second-quarter 2016 earnings wherein both its earnings and revenues came ahead of the Zacks Consensus Estimate by a respective 50% and 3.4%. Earnings and revenues also increased 67.3% and 4.3% from the respective prior-year figures. Growth is primarily attributable to higher revenues from module-only sales, sale of the Kingbird project and revenue recognition across multiple system projects.
Zacks Rank & Key Picks
First Solar carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the solar space include Yingli Green Energy Holding Co. Ltd. , Sunrun Inc. (RUN - Free Report) and Vivint Solar, Inc. . While Yingli Green Energy and Sunrun sport a Zacks Rank #1 (Strong Buy), Vivint Solar carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>