One of the solar industry’s corporate giants, First Solar, announced recently that it expects sales for fiscal year 2010 to reach between $2.7 billion and $2.9 billion. This is about $300 to $500 million more than Wall Street expectations.
Despite the current economic situation, and a major recent let-down in L.A., this company is growing steadily and reflects the increasing strength of solar technology in the market today.
Other than announcing their sales expectations, First Solar announced that it plans to add 10 production lines between 2010 and 2011 and will, thus, increase its annual production capacity to 1.8GW. This is less than one week after announcing that it is the first PV company to produce 1GW of power in a singe year.
“First Solar is expanding capacity to satisfy a global contracted and advanced pipeline of over six gigawatts (GW) from 2010-2012,” said Rob Gillette, First Solar chief executive officer. “In 2009 we increased our contracted North American pipeline by approximately 1.5GW, expanding our penetration in transition markets. This drives further capacity needs around a demand pool that is less volatile and more predictable than the traditional feed in tariff-based markets.”
In a partnership with NRG Energy, First Solar also announced the opening of the largest Solar PV Power Plant in California today.
If I bought stock, I think this is a company I would invest in.
First Solar is definitely living up to its name and moving forward at a fast pace.
Image Credit: First Solar
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