First Solar is one of the oldest and largest PV makers in the industry, and is currently beginning what what may be the most significant transition in its history: the switch to its large-format Series 6 modules.
This was the over-riding theme in the company's Q4 results, which show steady technology progress but difficult financials. First Solar's revenues fell in half year-over-year to only $480 million, the lowest level in years.
More significantly, the company reported a whopping $729 million in restructuring and asset impairments, which gave it a net loss of $765 million. It is unclear exactly what the breakdown of these impairments are, however during the quarter First Solar shut down four lines at its Ohio factory in preparation for the switch to Series 6, and additionally wrote down its Barilla Project in Texas.
Barilla had been selling power on a merchant basis in the ERCOT market, as the only project known to pv magazine staff to sell power without a contract outside of Latin America. However, this business model gamble does not appear to have been successful, and First Solar blamed falling power prices for a lack of profitability of Barilla.
First Solar had a number of other difficulties during the quarter, including abandoning its Tribal Solar project in California, citing difficulties with the Native American tribe that initially approved the project on its land and then withdrew under new leadership, leading to the scrapping of the PPA. Finally due to timing of project sales First Solar was not able to recognize revenue on a number of U.S. projects which it completed during the quarter.
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