First Solar (NASDAQ: FSLR) said it has resolved construction permit issues that were holding up a $646 million federal loan guarantee for the 230 MW Antelope Valley Solar Ranch One in California, according to Forbes.
The companies extended the deadline for receiving the initial loan advance to April 6 to give more time for funding to be received, the article said.
First Solar sold the $1.36 billion solar photovoltaic (PV) project to Exelon Corp. (NYSE: EXC) for $75 million in October 2011. The release of the U.S. Department of Energy funds was contingent upon the project earning its construction permit, but disputed changes to the permit held up the funding. First Solar said Feb. 9 that if funding did not begin by Feb. 24, then the company would have to buy back the project from Exelon for $75 million plus costs.
First Solar will operate the plant and is supplying thin-film PV panels for the project.
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