First Solar to suffer plant sale loss

First Solar expects to lose $55m to $60m against book value from its upcoming sale of a never-commissioned cadmium telluride PV module manufacturing plant in Mesa, Arizona, to an undisclosed buyer.

The loss will be incurred in the third quarter, according to a Form 8-K filing to the US Securities and Exchange Commission on Wednesday.

The company expects to close the sale this quarter and realize $100m in cash proceeds.

The facility also consists of land and a 3.3MW (AC) rooftop PV arrany and a small ground-mounted PV test array.

In connection with the sale, First Solar says its Network Operations Center and 80 operations and maintenance will be located from the facility to its global headquarters in Tempe, Arizona.

Manufacturing equipment stored there remains available to be deployed in other locations to the extent First Solar determines that future market dynamics support additional module production by the company, the filing says.