By Dharna Bafna

(Reuters) -First Solar beat expectations for third-quarter sales on Thursday, driven by robust demand for its products, sending its shares up more than 5% in extended trading.

Solar-generated electricity is one of the fastest-growing segments of the U.S. energy industry, driven by strong demand from corporations and governments to adopt cleaner sources of power and combat climate change.

The company said it would establish a new 3.7 GW production facility in the U.S., with production expected to start at the end of 2026 and ramp up through the first half of 2027.

The company reported a profit of $455.9 million, or $4.24 per share, for the third quarter, up from $341.87 million, or $3.18 per share, a year earlier.

However, the company, which is also grappling with the i

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