First Solar (NASDAQ: FSLR) share prices jumped up by more than 8% after news release that indicated a partnership with PT Pembangkitan Jawa Bali (PJB) Services to create solar power plants in Indonesia. PJB Services is an arm of the state utility company PT Perusahaan Listrik Negara. The agreement is a welcome one for the people of Indonesia who will be able to make use of the solar power plants put up by First Solar and PJB Services. Each proposed solar power plant will be able to generate power up to a capacity of 100 megawatts.
Though First Solar has not released pertinent details in terms of when the solar power plants will be built and how much the project is worth, the information that has been made available is suitably exciting and has led to active trading of its shares in the NASDAQ markets. The companies have agreed to come together and work on the development, construction and operation of photovoltaic power plants that First Solar is well known for. This is the first time First Solar, a Tempe, Arizona-based company, will be signing an official agreement with an Indonesian firm.
Indonesia is a developing country with plenty of demand for energy with no means to assuage this need. The country has been showing keen interest in the use of solar power and solar power plants and the deal between First Solar and PJB Services is believed to be the first of many planned by the Indonesian government.
About First Solar
Founded in 1999, First Solar, based out of the hot desert in the middle of Arizona and right near the huge campus of Arizona State University, is fast becoming a world leader as a prime provider of fully integrated solar solutions. It specializes in the creation and construction of PV, or photovoltaic, power plants that are state-of-the-art and built using the most advanced technology. This is what the company has offered to create for Indonesia through its agreement with PJB Services.
After the announcement of the agreement with Indonesian PJB Services, plenty of interest has been generated about the company. This has translated to an increase in share price of nearly 4.5% today. Shares of First Solar closed at $25.17 today, up by $1.85 per share. This mid-cap company has a market capitalization of about $2.2 billion.
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