First Solar bagging most of India’s National Solar Mission projects, says Deutsche Bank analyst

Financials

  • FSLR
    NASDAQ
    58.90
    +2.80 (4.99%)
    4:00PM EDT

Thin-film market leader and number two ranked PV module supplier First Solar is said to have almost secured around 80–90% of projects (200MW-plus) under India’s 2012 National Solar Mission projects, according to Deutsche Bank analyst Vishal Shah. Shah was cited in an investor note previewing First Solar’s fourth quarter results to be issued February 28.

The analyst also noted that First Solar is also working with several other Indian state governments, with projects estimated to be worth over 200MW. In total, Shah believes India could represent over 20% of First Solar’s production in 2012.

Shah also said that the US Ex-Im bank had played a critical role in project finance, which required modules from First Solar to be used in overseas projects to come from US-located production facilities.

Shah wrote: “From a planning perspective, FSLR probably needs to allocate 100% of the US capacity to Indian projects.”
 

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