First Solar sets up subsidiary in Thailand

Aug 15, 2012 - US solar module maker First Solar Inc (NASDAQ:FSLR) yesterday said it had created an operating subsidiary in Thailand and opened an office in the country's capital, Bangkok.

The company said the move will help it expand the Thai market for utility-scale solar power plants. According to First Solar, Thailand is likely to remain a key solar market in Southeast Asia because of its robust economic growth, substantial energy needs and rich solar resource. Since the US group's entry into the Thai market in 2011, its thin-film modules have been used in over 12 MW of photovoltaic (PV) projects that have already been completed or are under construction.

Earlier this month, First Solar reported an increase in second-quarter net profit to USD 111 million (EUR 90m) from USD 61.1 million a year ago and raised its 2012 guidance.

(USD 1.0 = EUR 0.811)

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