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First Solar to buy a 250 MW Solar Project in Nevada from ex-Goldman Execs

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USA solar company First Solar has been facing issues of its declining solar system backlog even as its solar modules remain non-competitive with crystalline solar modules made by most of the Chinese companies. The company has been profitable during the downturn, thanks to the huge profitable DOE subsidized projects that it won earlier. But as these projects get completed, the future of First Solar remains in doubt. Its thin film solar modules are too costly now compared to the higher efficiency crystalline silicon solar modules. The company has also been losing market share in the system business as other solar companies such as Canadian Solar, Yingli and others rapidly expand into the system business. The company has hardly won any project in Japan and China which are going to be the 2 largest markets in the world.

Read all about First Solar Panels here.

First Solar bought a 250 AC solar power project in Nevada. The project which seems to have most of the regulatory approvals and a PPA in place was bought from K Road Power. This unknown company was started by ex Goldman execs who have made windfall gains. These guys got the regulatory approvals and the permit from the BLM. This was easy to do in the earlier days and now they are making a huge amount of money without putting in a single solar panel in place. First Solar desperately needs to replace its exhausting pipeline of solar projects and K Road Power would have extracted its pound of flesh from First Solar.

I don’t see a bright future for First Solar and have been bearish on the stock for most of the last year. The stock has under-performed the solar index as other solar stocks have multiplied in value. First Solar’s entry into crystalline silicon solar panel production indicates that the management is also seeing the writing on the wall. Its thin film panel business will probably have to be written off.


Sneha Shah

I am Sneha, the Editor-in-chief for the Blog. We would be glad to receive suggestions, inputs & comments on GWI from you guys to keep it going! You can contact me for consultancy/trade inquires by writing an email to

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