First Solar gets $427.7M from its public offering


TEMPE, Ariz. — First Solar has raised about $427.7 million in net proceeds from a public offering of approximately 9.7 million shares.

The solar company said Tuesday that it plans to use the proceeds for general corporate purposes such as acquiring photovoltaic solar power system projects under development; investments in such projects that will be jointly developed with certain partners, and capital expenditures or strategic investments to develop certain divisions and expand into new regions.

Shares of First Solar Inc., which was born in Toledo and moved to Arizona, added 62 cents, or 1.4 percent, to $45.96 in afternoon trading. They have traded between $13.81 and $59 over the last year.