First Solar, shares were up around 10% today, I closed my position with a modest gain, for those of you that didn’t see in the news;
First Solar, Inc. announced a memorandum of understanding (MOU) with the Chinese government to build a 2 gigawatt solar power plant in Ordos City, Inner Mongolia, China. Pursuant to the MOU, signed in the presence of Chairman Wu Bangguo of the Standing Committee of the National People’s Congress of China, the solar project in Ordos will be built over a multi-year period. Phase 1 will be a 30 megawatt demonstration project that will begin construction by June 1, 2010 and be completed as soon thereafter as practicable. Phases 2, 3 and 4 will be 100 megawatts, 870 megawatts, and 1,000 megawatts. Phases 2 and 3 will be completed in 2014 and Phase 4 will be completed by 2019. The project will operate under a feed-in-tariff which will guarantee the pricing of electricity produced by the power plant over a long-term period.
I will update my positions here in the next 24 hours. My homework load has soared and eaten up most of my time, but I will be updating the site here soon.