First Solar CEO steps down

{mosads}But the Energy Department did not finalize a $1.98 billion loan guarantee for First Solar’s Topaz solar project in California. The company said “there was insufficient time to process all requirements” before the Energy Department’s renewable energy loan guarantee program expired on Sept. 30.

Reuters reported last week that company executives do not believe that completion of the Topaz project will be delayed.

The Energy Department finalized loan guarantees for three other First Solar projects in recent months. But the company quickly sold the projects.

First Solar announced Sept. 30 that it would sell its Antelope Valley solar project to Exelon. The project received a $646 million Energy Department loan guarantee.

On the same day, the company said it would sell its Desert Sunlight solar project to NextEra Energy Resources and GE Energy Financial Services. The project received a partial loan guarantee of $1.46 billion from the Energy Department.

First Solar sold its Agua Caliente solar project to NRG Energy in August shortly after it received a $967 million loan guarantee from the Energy Department.