First Solar adds strength to Stewardship's alternative energy allocation

The F&C Stewardship International Fund, part of the UK's oldest range of ethical funds, and F&C Global Growth Fund have participated in the Initial Public Offering (IPO) of First Solar, taking 0.5% positions. First Solar is based in the US and Germany and it manufactures photovoltaic (PV) modules used for solar panels.

Terry Coles, alternate fund manager of the F&C Stewardship International and F&C Global Growth funds said: "The issue was many times over subscribed and the stock was up near 24% on its first day of trading, with another 10% upwards move over the next couple of days. The company uses an advanced thin film process, which offers better value than many silicon dependant traditional solar module manufacturers and we think it should do very well" .

"Because many alternative and renewable energy technologies are still in the early stages of commercialisation, investing in ramping up their volumes to scaleable and cost efficient levels, we continue to invest in a number of alternative energy stocks that offer exposure to the leading and most cost efficient technologies" , added Coles. "In addition to solar, we continue to invest in geothermal, fuelcell, waste to energy and biofuels with over 10% of the Stewardship International funds invested in such technologies" , concluded Coles.