Exelon and First Solar defer change of ownership of AVSR PV project

Financials

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Exelon and First Solar have extended their deadline for initial funding of the DOE loan for the 230MW Antelope Valley Solar Ranch One (AVSR) project, in northern Los Angeles County, California. A revised construction permit has been approved but the delay could mean First Solar has to repurchase the project from customer Exelon from February 24, 2012, as federal loan and loan guarantees would not be released in time of contract clauses kicking-in.

The new deadline for initial funding of the DOE loan has been moved to April 6, 2012, to allow the expected time for the initial funding to be in place.

The extended deadline means the risk of First Solar repurchasing the project has diminished. Construction of AVSR has not been affected.

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