First Solar (NASDAQ: FSLR ) is journeying to the heart of Europe for its latest project. The company announced it is to provide its thin-film photovoltaic modules for use in four solar energy plants currently being built by local renewable energy company Photosol. The PV modules will have a combined capacity of 48 megawatts. The terms of the deal were not made public.
First Solar has had what it terms a "full-fledged presence" in European markets since 2004. In the press release heralding the Photosol arrangement, it said that its installed capacity in mainland Europe is now more than 4 gigawatts. This powers roughly 1 million homes on the continent, and displaces around 1.2 million metric tons of greenhouse gases, the company said.
In spite of this deal and several other international supply arrangements that have been closed recently, at the end of October First Solar trimmed its guidance for fiscal 2013 net sales. It now expects a top line of $3.4 billion to $3.6 billion for the year, down from the previous projection of $3.6 billion to $3.8 billion. The estimate for the period's earnings, however, was increased to $4.25 to $4.50 per share, from the prior $3.75 to $4.25.