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First Solar Strikes Middle East Supply Deal

Solar power technology company First Solar on Thursday said it struck a supply deal with Masdar Abu Dhabi Future Energy to be part of the largest grid-connected photovoltaic system in the Middle East.

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Masdar selected First Solar to supply five megawatts of its thin film solar modules to the plant, which is being designed and constructed by Enviromena Power Systems, an Abu Dhabi-based solar power system integrator. Financial terms weren't disclosed.

The system will provide energy for Masdar City, which strives to be the world's first carbon-neutral, zero-waste, car-free city powered entirely by renewable energy sources. Construction has begun, and the system is expected to be producing power by the end of the second quarter of 2009.

Shares of First Solar rose $9.20, or 6.9 percent, to close at $142.58 on Thursday. The 52-week share price range is between $85.28 and $317.