Why Is First Solar Stock Rising Today?

Shares of First Solar, Inc. (NASDAQ:FSLR) are trading higher Monday after Alphabet announced it will acquire Intersect Power, a customer that purchases First Solar’s photovoltaic modules, also known as solar panels. First Solar stock is challenging resistance. What’s driving FSLR to record levels? What To Know: Alphabet entered into an agreement to buy Intersect Power, a data center and energy infrastructure solutions company, for $4.75 billion in cash, plus the assumption of debt. Google already owns a minority stake in Intersect from a previously announced funding round. Google plans to use solar energy to help power U.S. data centers that support Google Cloud. Intersect's operations will remain separate from Alphabet and Google under the Intersect brand and will be led by Intersect CEO Sheldon Kimber. Intersect will work on the company’s first announced co-located data center and power site, which is under construction in Haskell County, Texas. "Modern infrastructure is the linchpin of American competitiveness in AI. We share Google's conviction that energy innovation and community investment are the pillars of what must come next,” said Kimber. Intersect's existing operating assets in Texas, and its operating and in-development assets in California, will not be part of the acquisition. Those assets will continue to operate as an independent company, supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners. "Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership," said Sundar Pichai, CEO of Google and Alphabet. Intersect Power is a major buyer of First Solar’s thin-film solar panels, with significant multi-gigawatt orders placed in recent years. Intersect said in 2022 that it was buying the solar panels for its solar, storage and green hydrogen projects coming online across the U.S. in 2025 through 2027. FSLR Price Action: First Solar shares were up 5.62%, trading at $281.77 at the time of publication, according to Benzinga Pro. Read More: Jensen Huang Reveals AI’s Biggest Problem, And It Is Not Chips — Joe Rogan Agrees This Is The ‘Smartest’ Way To Solve It Image: Shutterstock