First Solar shares climb despite German move
NEW YORK, NEW YORK - First Solar shares moved higher after initially sinking on news that Germany, the world's top solar market, announced it would cut supports for the renewable energy source.
Shares of First Solar, which has a manufacturing site in Germany and made 60 percent to 70 percent of its sales there last year, climbed near their highest level of the day at $136.23 after dropping nearly $3 to $132.30 when news of the cuts was reported on January 14.
Germany plans to cut solar financial supports for new roof and open-field sites from April by 16 percent to 17 percent, government and industrial sources told Reuters.
Additional cuts to the subsidies will be made from 2011 if solar projects amount to more than 3,000 megawatts and even more if they total more than 3,500 megawatts, the sources said.
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Basin Electric Power Cooperative (Basin Electric) and Clenera Renewable Energy, announced today the execution of a Power Purchase Agreement (PPA) for the Cabin Creek Solar Project. Cabin Creek is Basin Electric's second solar PPA, and the result of the cooperative's continuing goal of providing a diverse mix of cost-effective energy for its members.
When completed, Cabin Creek will consist of two, 75-MW projects in southeastern Montana, five miles west of Baker. According to Clenera, the project will eliminate 265,000 tons…
