8-KOther Events

FIRST SOLAR, INC. 8-K Report, Corporate Update (Feb 23, 2012)

Filed February 23, 2012For Securities:FSLR

Summary

This 8-K filing provides an update on the Antelope Valley Solar Ranch One (AVSR) project, a significant 230-megawatt solar photovoltaic project developed by First Solar, Inc. The project, which First Solar sold to Exelon Corporation, has received federal loan and loan guarantee support from the U.S. Department of Energy (DOE) up to $646 million. The filing details extensions to the initial funding deadline for the DOE loan, now set for April 6, 2012. This extension is primarily to accommodate necessary approvals and the completion of administrative processes, including recent approvals for changes to the project's construction permit.

Key Highlights

  • 1Update on the Antelope Valley Solar Ranch One (AVSR) project financing and timeline.
  • 2The U.S. Department of Energy (DOE) has provided up to $646 million in loan and loan guarantee support for the AVSR project.
  • 3First Solar developed, sold, and will build, operate, and maintain the AVSR project for Exelon Corporation.
  • 4The initial funding deadline for the DOE loan has been extended to April 6, 2012.
  • 5Recent approval of changes to the construction permit for AVSR by the issuing governmental body.
  • 6Construction of the AVSR project has been proceeding despite timeline adjustments for funding.

Frequently Asked Questions

AVSR is a 230-megawatt solar photovoltaic project located in northern Los Angeles County, California. First Solar developed the project, sold it to Exelon Corporation, and will be responsible for its construction, operation, and maintenance.

The U.S. Department of Energy (DOE) has committed up to $646 million in loan and loan guarantee funding to support the project financing for AVSR. This federal support is crucial for securing the necessary capital to build this large-scale solar project.

The initial funding deadline for the DOE loan has been extended to April 6, 2012, to allow sufficient time for administrative processes, including the completion of funding and recent approvals for changes to the project's construction permit. The DOE itself had also extended this date.

Yes, the filing states that construction of AVSR has been proceeding. While there have been extensions to the funding deadlines, this does not appear to indicate a halt in construction activities.