"Antelope valley Solar Ranch One is a 230MW (AC) project FSLR has sold to Exelon (PPA with PG&E)," Credit Suisse analysts wrote in an April 5 report. "On Feb 9, FSLR had indicated in an 8-K that FSLR and Exelon had extended a deadline for initial funding of the DoE loan to Feb 24, 2012 (for AVSR). In the event the funding did not close by Feb 24, FSLR would have been required to repurchase AVSR plus $75mm and cover additional costs incurred by Exelon. On Feb 23, FSLR filed another 8K noting that FSLR/Exelon have extended the deadline to Apr 6, 2012. Given that the first advance of the loan has closed today (Apr 5), and FSLR and Exelon jointly note that they have 'finalized' the transfer of ownership to Exelon, this reduces the risk to AVSR revenue and earnings contribution in 2012 to our model."
Shares of Exelon dropped to a 52-week low on Monday of $38.15. The stock's 52-week high of $45.45 was set on Nov. 9.Exelon has an estimated price-to-earnings 13.12 times; the average for conventional electricity companies is 30.59.. For comparison, Southern (SO) and Dominion Resources (D) both have higher forward P/Es of 15.91 and 14.9, respectively. Fifteen of the 21 analysts who cover Exelon rated it hold; six analysts gave the stock a buy rating. TheStreet Ratings gives Exelon a C+ grade and hold rating. The stock has fallen 11.74% year to date.
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