First Solar project hits loan snag, shares fall

First Solar Inc. shares fell sharply Friday after the company said the U.S. Department of Energy declined to release funding for its 230-megawatt Antelope Valley Solar Ranch near Los Angeles until it secures a construction permit for the project.

First Solar /quotes/zigman/102025/quotes/nls/fslr FSLR -0.02% said it has until Feb. 24 to secure the permit, but the deadline could be extended.

First Solar spokesman Alan Bernheimer declined to comment on what is holding up the construction permit.

If unresolved, the snag could jeopardize a $646 million DOE loan lined up to fund the project and, ultimately, its ownership. Last September, First Solar agreed to sell the facility to Exelon /quotes/zigman/252515/quotes/nls/exc EXC -0.52% .

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- Posted: 2012-02-10 15:21:54

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