First Solar Inc. says it has commenced an underwritten public offering of 8.5 million shares of its common stock. In addition, the company says it will grant the underwriters a 30-day option to purchase up to 1.275 million shares of common stock.
First Solar says it intends to use the net proceeds from the offering for, among other purposes, acquiring photovoltaic solar power system projects under development, investing in new PV solar power projects and expanding into new geographic markets.
On June 5, the company received a power purchase agreement from the New Mexico Public Regulatory Commission, enabling it to begin construction on a 50 MW solar power plant to be located at Macho Springs on state trust land.
