First Solar Signs Contracts Worth $1.28 Billion

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First Solar Signs Contracts Worth $1.28 billion

Shares in solar energy company First Solar Inc. (FSLR.O) which makes modules that produce solar power rose more than 15% on Monday after it disclosed it has signed new long-term contracts worth around $1.28 billion in sales.

It has agreed contracts to manufacture a total of 685 megawatts of solar modules between 2007 and 2012 for the French company EDF Energies Nouvelles, the German company Rio Energie GmbH & Co. KG, and Juwi Group and SunEdison LLC.

It also said its board has approved a plan to build a new manufacturing plant in Malaysia designed to have an annual capacity of 120 megawatts of modules. It will b einvesting around $150 million in the plant. The plant should become operational Q1 2009.Its shares surged to all-time high levels, rising $15 to $111.29 in early Nasdaq trading, although they had been as high as $112.80 earlier.

I don't know much about First Solar but $1.28 billion sounds like a pretty good contract to me!

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