Fist Solar, Inc. (NASDAQ:FSLR), one of the leading providers of comprehensive photovoltaic (PV) solar power systems worldwide announced its decision to offer 8.5 million shares of its common stock to the public.
According to the company, it will provide underwriters an opportunity to buy as much as 1, 275,000 shares for 30 days. First Solar, Inc. (NASDAQ:FSLR) said that it will use the net proceeds from the offering for general corporate purposes such as acquisitions of under development photovoltaic solar power system projects.
First Solar Investing In Photovoltaic Solar Systems
The company also plans to invest in photovoltaic solar systems projects, and to develop some of its business units and expand in new markets.
The offering of the shares of First Solar, Inc. (NASDAQ:FSLR) is supervised by J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers for the offering.
First Solar’s Power Purchase Agreement:
Early this month, First Solar, Inc. (NASDAQ:FSLR) announced that it received a power purchase agreement (PPA) from the New Mexico Public Regulatory Commission to begin its construction of the largest power plant in the state. According to the company, the project will provide 50 MW of solar energy to El Paso Electric Power for 20 years. The project will create 300 jobs during the construction period.
In a statement, Michael Hatfield, director of project development at First Solar, Inc. (NASDAQ:FSLR) said, “We are very pleased to support El Paso Electric’s efforts to provide clean, reliable, renewable power to its customers, and contribute economic benefits and green jobs created by utility-scale solar development to Luna County.”
Over the 52-week range, the shares of First Solar, Inc. (NASDAQ:FSLR) rose significantly from $12.50 to $59 per share. The stock price of is down by more than 7 percent to $52.29 per share on Tuesday after trading hours.
In April, the stock price of the company sky-rocketed after the company released its very optimistic guidance for 2013. At that time, the trading for the stock was briefly halted because of the rapid increase of its stock value. First Solar, Inc. (NASDAQ:FSLR) anticipated to achieve a full-year diluted earnings of $4 to $4.50 per share and $3.8 to $4 billion net revenue.