July 30 (Reuters) - First Solar ( FSLR ) said on Tuesday

its second-quarter profit more than doubled, as the U.S. solar

panel maker benefited from stable demand for its products.

Many solar project developers favor First Solar's ( FSLR ) cadmium

telluride products because this technology does not depend on

polysilicon, a raw material largely produced in China and used

in most solar panels.

U.S. 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 centers and

electric vehicles, according to the U.S. Energy Information

Administration.

First Solar's ( FSLR ) net sales rose by 24.6% to $1.01 billion

driven by 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 U.S. companies like First Solar ( FSLR )

that produce domestically.

The company, which was chosen as U.S. government's preferred

green-label panel vendors in June, said its second-quarter

production was a record 3.7 gigawatt.

The Tempe, Arizona-based company reported a net income of

$349.4 million, or $3.25 per share, for the quarter ended June

30, compared with $170.6 million or $1.59 per share, last year.