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First Solar reports positive first quarter results

Builder of phase one of DEWA's solar park turns in solid net profit.

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A view of Dubai's 13MW Mohammed bin Rashid Solar Park, built by First Solar.
A view of Dubai's 13MW Mohammed bin Rashid Solar Park, built by First Solar.

First Solar, the company that built the 13MW pilot phase of Mohammed bin Rashid Solar Park, has reported positive first quarter results.

Revenue grew 26% year on year to reach US $950 million and net income was US $112 million.

"In the first quarter we demonstrated significant progress towards achieving the financial and operational targets we outlined at our recent analyst day," said Jim Hughes, CEO of First Solar.

"We delivered strong earnings in the first quarter and are increasing our financial guidance for the year based on these results. We have also made significant progress in new bookings and continue to execute on our technology roadmap."

In addition to its work in Dubai, First Solar is one of the companies involved in the 52.5MW Shams Ma'an solar plant in Jordan.

The company will also hope to be involved in the next phase of Mohammed bin Rashid Solar Park. The tender for a 100MW extension to the park is in the pipeline.

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