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First Solar raises about $427.7M in stock offering

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

The net proceeds amount is after underwriting discounts and estimated offering expenses.

The solar company said Tuesday that it plans to use the proceeds for general corporate purposes such as acquisitions 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.

The stock offering was priced at $46 per share and included about 1.2 million shares issued and sold as a result of the underwriters fully exercising their overallotment option.

Shares of First Solar Inc., based in Tempe, Ariz., added 81 cents, or 1.8 percent, to $46.15 in afternoon trading. They have traded between $13.81 and $59 over the past year.