Citigroup‘s Timothy Arcuri this afternoon reiterates a Neutral rating on shares of First Solar (FSLR) and a $45 price target, writing that the company has removed one near-term overhang by announcing that its Antelope Valley Solar Ranch One project in southern California has received its first advance on a loan from the U.S.Department of Energy.

The loan advance completes utility Exelon‘s (EXC) takeover of ownership of the project, he observes.

“While many questions and asset writedowns remain (namely the likelihood that FSLR abandons its module business and partners with 3rd party module suppliers for its EPC business), this does remove a near-term overhang for the systems business,” writes Arcuri, “with all major projects (Agua Caliente, Topaz, AVSR and Desert Sunlight) now moving full steam ahead.”

First Solar shares today are down 73 cents, or 3%, at $21.

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