GE abandons plans for Colorado plant

GE's rendering of its proposed Aurora plant. The company said this week it no longer plans to build the structure.

General Electric Co. said Tuesday it won't build the $300 million Aurora factory for thin-film solar power panels that GE and local officials announced with much fanfare in 2011, citing a glut of solar panels on the market and falling prices.

The industrial giant (NYSE: GE) also said it has sold its intellectual property portfolio for making cadmium telluride thin-film solar power panels to First Solar Inc., which makes thin-film panels.

GE received 1.75 million shares of Tempe, Ariz.,-based First Solar (Nasdaq: FSLR) stock as part of the deal and agreed to retain the shares for at least three years.

Based on today’s closing price, the stock acquisition is valued at $81.8 million.

Read the Denver Business Journal's coverage for more on GE's decision.

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