First Solar loses out on federal loan guarantee - East Valley Tribune: Business

First Solar loses out on federal loan guarantee

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Posted: Thursday, September 22, 2011 4:17 pm | Updated: 12:43 am, Sat Oct 29, 2011.

First Solar will not receive a federal loan guarantee for a facility it is developing in California.

The Tempe-based company, whose 550-megawatt Topaz Solar Farm photovoltaic plant is under development in California's San Luis Obispo County, said Thursday there is insufficient time to process all requirements before a Sept. 30 deadline, and it is working with potential buyers to secure different financing that doesn't require U.S. Department of Energy approval.

Other California projects, including the 230-megawatt Antelope Valley Solar Ranch and 550-megawatt Desert Sunlight, received conditional committments for loan guarantees June 30 and remain in the DOE process, the company said.

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