http://www.greentechmedia.com/articles/first-solar-panels-piling-up-5365.html First Solar Panels Piling Up?
ThinkEquity analyst believes there's a surplus of low-cost panels from First Solar out there. That could spell trouble for crystalline silicon panel makers as well.
by: Ucilia Wang
December 12, 2008
First Solar's thin-film panels might be piling up in European warehouses, a bad omen for a company envied by many in the solar industry.
A ThinkEquity research note on Friday estimated that six key First Solar (NSDQ: FSLR) customers aren't able to install the solar panels quick enough. Those customers, including EDF Energies Nouvelles, Conergy, Ecostream, Phoenix Solar and Colexon, might have an even tough time doing so in 2009, when First Solar is due to ship even more panels to them than it did in 2008.
"We believe there are multiple of 10MW's of First Solar panels sitting in customer warehouses. Moreover, we don't expect these modules to move out soon, given weakening economics, lower natural gas prices, higher interest rates, and tougher underwriting requirements," wrote Jonathan Hoopes, managing director of energy technology research at ThinkEquity.
While an inventory build up is bad news for First Solar and its customers, the phenomenon might spell more trouble for crystalline silicon panel makers, said Travis Bradford, president of the Prometheus Institute, which tracks the solar market.
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