TEMPE, Ariz. (


) --

First Solar

(FSLR) - Get Report

announced today that it has netted a credit line to the tune of $300 million.

According to a press release issued today, the U.S.-based thin-film solar module maker said it entered into a revolving credit facility to be used broadly for "general corporate purposes," and more specifically to issue of letters of credit. The facility has a term of three years and was oversubscribed.

The company said nine financial operations entered into the deal with First Solar, with

J.P. Morgan Securities


Bank of America/Merrill Lynch

serving as the joint lead arrangers and book runners.

After the announcement and after the opening bell, First Solar shares were surging up $7.44, or more than 5.5%, at $141.85.

Just yesterday, First Solar announced a

"memorandum of understanding" with the Chinese government to build what could be the biggest solar power plant so far.

Solar financing was also in headlines yesterday, as

Trina Solar


said it received a

$304 million loan facility from a consortium of banks in China.

Around the solar sector on Wednesday morning,


( SPWRA) and

Yingli Green Energy


were rising up 2.3% and 0.9% each.

LDK Solar



Energy Conversion Devices

( ENER) were sliding 0.9% and 2.8%, respectively. Yesterday, Energy Conversion Devices

skyrocketed by around 25% on rumors of a buyout.

Canadian Solar

(CSIQ) - Get Report

shares were also losing ground, slipping 17cents at $16.53, while

Suntech Power


ADS's were adding 15 cents at $16.05.

-- Written by Sung Moss in New York

Follow TheStreet.com on


and become a fan on


Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.