First Solar (FSLR) Moving Into France, Reducing Reliance on Germany

First Solar (FSLR) investors are justifiably concerned about the company’s concentration in Germany: 91% of 2007 revenues came from the country. Therefore, AmTech was encouraged to learn about inroads FSLR is making in France with a large customer, EDF Energies Nouvelles.

EDF announced that they will be using FSLR modules for the construction of a 7 megawatt solar farm in mainland France. The plant should begin service by the end of the year. Here are AmTech’s key points:

  • While not a huge revenue number (~$17M assuming Q108 ASPs), Illustrates traction in new geographies with favourable economics such as France
  • EDF announced it has commissioned projects in Italy and the United States as well (we assume using future allocations of FSLR modules).
  • Illustrates continued sold-out status of FSLR modules as EDF recently increased contract with FSLR.

AmTech reiterares BUY on FLSR into earnings season.

See Also:
Intel (INTC) Spins Off Solar Co, Still More Pressure on First Solar (FSLR), et al (FSLR, INTC)
First Solar (FSLR): Here’s Why Three of Those Concerns Are Overblown
First Solar (FSLR): The Heck With Europe Concerns–FSLR’s Future is the US



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