first solar inc (FSLR) Snapshot

First Solar, Inc. (NasdaqGS:FSLR) will use the proceeds of a public offering of 8.5 million shares of its common stock to acquire under-development photovoltaic solar power system projects, invest in photovoltaic solar power system projects that will be jointly developed with strategic partners and make capital expenditures or strategic investments to develop certain business units and expand in new geographies.

First Solar, Inc. and New Mexico State Land Commissioner Ray Powell announced that First Solar, Inc. has been granted a power purchase agreement (PPA) from the New Mexico Public Regulatory Commission, clearing the way for First Solar to begin construction on the state's large solar power plant to be located on State Trust Land in Luna County. The PPA will provide El Paso Electric Power with 50MW of solar energy for 25 years. This 50 megawatt solar power project will provide about 300 jobs during the construction phase, which is a huge boost to New Mexico's ailing construction industry, and it will provide a constant stream of revenue for its public schools, universities and hospitals. This project will provide clean, efficient solar power to El Paso Electric service territory customers, and the lease payments could generate as much as $40 million for state land trust beneficiaries over the 40-year term of the lease. The solar array will realize immediate and very significant water savings over gas-fired or coal-fired generating plants and will also have zero air emissions. The proposed Macho Springs solar power plant will generate enough clean energy to power more than 18,000 average New Mexico homes, which use about 669 kilowatt hours of electricity per month. The project will displace more than 40,000 metric tons of CO2, the equivalent of taking 7,500 cars off the road, and will displace water consumption annually (more than 340,000 metric tons). First Solar has submitted its final development plan that provides a site plan and specific mitigation plans and strategies, and is obtaining various construction permits. Once approved, construction is expected to begin in July.

First Solar, Inc. announced that effective October 1, 2013 Mary Beth Gustafsson, Executive Vice President, General Counsel and Secretary, mutually agreed to end Gustafsson's employment with the company.