TEMPE, Ariz. ( TheStreet) -- There was good and bad news for First Solar on Tuesday morning. First Solar signed a power purchase agreement to supply Pacific Gas & Electric with 300 megawatts (MW) of solar from its 550 MW Desert Sunlight project. At the same time, J.P. Morgan downgraded First Solar from neutral to underweight, the latest in a long line of signals from the Street that it remains decidedly pessimistic on the U.S. bellwether solar stock. The Desert Sunlight project already has 250 MW under contract to Southern California Edison. First Solar's power purchase agreements with PG&E and SCE are subject to the approval of the California Public Utilities Commission. There have been concerns from analysts that the big First Solar utility-scale projects like Desert Sunlight could face delays and prolonged regulatory reviews. Construction on Desert Sunlight is expected to start by the end of 2010 and be completed as early as 2013. First Solar said in the release that the project's permit application has been fast tracked by the Bureau of Land Management. In all, First Solar has 1,700 megawatts of utility-scale power projects with power purchase agreements in North America. -- Reported by Eric Rosenbaum in New York.