Key Takeaways
- First Solar agreed to provide solar modules to Israel-based renewable energy firm Energix Renewables.
- The modules are scheduled to be delivered from 2026 to 2030.
- Shares of First Solar rose over 8% in intraday trading on Monday following the news. Shares of other solar power companies climbed as well.
First Solar (FSLR) was the best-performing stock in the S&P 500 in intraday trading on Monday after the solar panel maker signed an agreement to provide power modules to Israeli-based renewable energy firm Energix Renewables.
First Solar said it will deliver its “ultra-low carbon thin film solar modules,” providing five gigawatts (GWDC) of electricity to Energix between 2026 and 2030. They’ll be used for projects in the US, Israel, and Poland.
Energix CEO Asa (Asi) Levinger explained the deal was the firm’s largest ever, and “strongly reflects the long-term strategic partnership we share with First Solar.” He added it “constitutes a “significant milestone” in Energix growth plans,” as we rapidly expand our global pipeline, with an emphasis on the United States.”
Georges Antoun, First Solar’s chief commercial officer, said the Energix investment is “another example of a large, sophisticated player choosing to de-risk its development portfolio by working with us.”
The companies did not provide financial details about the transaction.
First Solar shares surged over 8% higher following the news. Shares of other solar power companies climbed as well.
YCharts
