New Projects, Solar

Solar energy developer to miss loan guarantee deadline

First Solar Inc. (NASDAQ: FSLR) said it would not meet a deadline to receive a $1.9 billion Energy Department loan guarantee for the 550 MW Topaz solar energy power plant in California.

Reuters reported the company is unable to process all requirements for the Department of Energy’s loan program before a Sept. 30 deadline. First Solar has two other solar power plants under development in California, the 230 MW Antelope Valley and the 550 MW Desert Sunlight. Both are looking to close on federal loan guarantees.

First Solar said it was in talks to finance and sell the Topaz project and would try to use a financing structure that does not rely on a DOE loan guarantee.

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