NEW YORK: First Solar says its second-quarter (2Q) profit more than doubled, as the US solar panel maker benefits from stable demand for its products.

Many solar project developers favour First Solar’s cadmium telluride products because this technology does not depend on polysilicon, a raw material largely produced in China and used in most solar panels.

US utilities are increasing infrastructure investments as power consumption in the world’s largest economy is projected to reach record highs in 2024 and 2025.

This surge is driven by strong demand from data centres and electric vehicles, according to the US Energy Information Administration.

First Solar’s net sales rose by 24.6% to US$1.01bil, driven by an increase in the volume of modules sold as well as an uptick in the selling price.

The Biden administration imposed new tariffs on foreign-made solar modules in May, benefiting US companies like First Solar that produce domestically.

The company, which was chosen as the US government’s preferred green-label panel vendors in June, said its 2Q production was a record 3.7 gigawatt.

The company reported a net income of US$349.4mil, or US$3.25 per share, for the quarter ended June 30.

 - Reuters