A US$646 million US DOE loan and loan guarantee for First Solar’s 230MW Antelope Valley Solar Ranch One (AVSR) PV power plant project in northern Los Angeles County, California, has hit a snag over an outstanding construction permit issue. The time frame for initial funding of the loan has been pushed back to February 24, 2012, but if the issue isn’t resolved by that date, First solar said it would have to acquire the project from customer Exelon for approximately US$75 million.
Under an original agreement between the project parties, the repurchase of the project by First Solar would be enacted if initial funding of the loan did not occur within approximately four months. Construction of AVSR has been proceeding as previously planned.
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First Solar noted in an SEC statement that should the company have to repurchase AVSR, the project would then become available for sale by First Solar to another party.
The company did not indicate if the construction permit issue would be resolved by the extended date.