Tempe-based First Solar, Inc. (NASDAQ:FSLR) and Nashville-based renewable energy provider Silicon Ranch Corporation announce the selection of First Solar technology and products for the 12-Megawatt (MW)AC solar power project that will provide power to Aerojet Rocketdyne and Arkansas Electric Cooperative Corporation (AECC) in East Camden, Arkansas.
Silicon Ranch has selected First Solar’s advanced thin film modules and solar tracker racking solution for installation at Silicon Ranch’s Highland Industrial Park solar field adjacent to Aerojet Rocketdyne’s 1,200-acre manufacturing and test facility. Electricity from the solar generation facility will directly supplement Aerojet Rocketdyne’s daytime operations. Under a unique set of power purchase agreements, excess electricity generated by the installation will be released to Arkansas Electric Cooperative Corporation (AECC) and integrated into the cooperative’s diverse generation portfolio.
“With its manufacturing facility in Perrysburg, Ohio, First Solar meets Aerojet Rocketdyne’s commitment to work with U.S. companies and support domestic development and manufacturing of technology that advances our nation’s strategic objectives,” comments Erik Didriksen, Aerojet Rocketdyne EH&S strategist.
“This project is on the leading edge of a trend by U.S. industrial companies to commit to clean, renewable energy,” said Matthew Kisber, President and Chief Executive Officer of Silicon Ranch Corporation. “Aerojet Rocketdyne understands that solar is a responsible choice from both environmental and economic considerations. It is a smart, enlightened strategic procurement decision. Silicon Ranch is proud to help them achieve that objective.”
Kisber said Silicon Ranch’s selection of First Solar was based on the company’s streamlined Module Plus solution, which is essentially a bundling of First Solar PV modules, wiring and mounting system, pre-engineered to optimize First Solar’s proven module technology. The Aerojet Rocketdyne project includes a single-axis tracking table mounting system, which allows the modules to follow the sun across its daily arc. This tracker technology produces up to 25 percent more energy than fixed mounting systems, and is a configuration preferred by utility-scale solar projects around the world.
“Silicon Ranch’s choice to partner with First Solar shows how this technology contributes to a competitively designed commercial and industrial solar power project,” said Dana Diller, First Solar’s Vice President of Business Development – U.S. “This market segment includes large-scale business operations seeking ways to save on energy costs while adopting sustainable, environmentally sound purchasing practices. First Solar enables power plant operators and owners to mitigate their risk and maximize their energy return.” (Original Source)
Shares of First Solar opened today at $56.83 and are currently trading down at $56.71. FSLR has a 1-year high of $73.78 and a 1-year low of $39.18. The stock’s 50-day moving average is $61.26 and its 200-day moving average is $52.31.
On the ratings front, First Solar has been the subject of a number of recent research reports. In a report issued on May 1, Needham analyst Edwin Mok reiterated a Buy rating on FSLR, with a price target of $69, which represents a potential upside of 21.4% from where the stock is currently trading. Separately, on April 30, Deutsche Bank’s Vishal Shah upgraded the stock to Buy and has a price target of $68.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edwin Mok and Vishal Shah have a total average return of 10.3% and -12.7% respectively. Mok has a success rate of 58.4% and is ranked #350 out of 3589 analysts, while Shah has a success rate of 32.5% and is ranked #3563.
The street is mostly Neutral on FSLR stock. Out of 9 analysts who cover the stock, 6 suggest a Hold rating and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $60.88, which implies an upside of 7.1% from current levels.
First Solar Inc is a provider of solar energy solutions. It designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. It also manufactures crystalline silicon solar modules.