First Solar Inc. (Tempe, Arizona, U.S.) has applied to a German government program for support of 1,200 workers at its Frankfurt (Oder) solar photovoltaic (PV) manufacturing facility whom it plans to move to a part-time work schedule.

The company states that the reduction in hours at its German plant is part of a global restriction of production to 2 GW of its 2.5 GW global aggregate capacity in 2012, first announced on a December 14th, 2011 conference call. First Solar has not announced reductions in hours or staffing at other locations at this time.

First Solar, Exelon agree to extension

In addition to the news of its planned reduction in hours, First Solar has reached a new agreement with Exelon Corporation regarding the sale of the 230 MW Antelope Valley Solar Ranch One PV plant.

The sale of the plant included the condition that First Solar would receive a loan guarantee from the U.S. Department of Energy for the project, however the finalization of this loan guarantee has been delayed due to an issue with a construction permit.

First Solar had agreed to repurchase the project from Exelon for the roughly USD 75 million sale price if funding of the loan did not occur by an approximate time set around the end of January 2012.

However, in a form filed with the U.S. Securities and Exchange Commission on February 9th, 2012, First Solar states that it has reached an agreement with Exelon to extend the agreed time frame for initial funding to February 24th, 2012.

First Solar has already begun construction on the plant, and spokespersons for the company were not able to comment further on developments. However, the SEC form notes that if the plant is repurchased it would then become available for sale to other parties.

2012-02-14| Courtesy:  First Solar | solarserver.com © Heindl Server GmbH

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