First Solar Inc of Tempe, AZ, USA – which manufactures thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – has closed its underwritten public offering of 9,747,000 shares of common stock (announced on 11 June), including 1,247,000 shares issued and sold as a result of the exercise of substantially all of the underwriters' over-allotment option on 17 June, at a public offering price of $46 per share.
After underwriting discounts and estimated offering expenses, First Solar received about $427.7m in net proceeds. The firm intends to use them for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners, and capital expenditures or strategic investments to develop certain business units and expand in new geographies.
