Wikipedia

First Solar

First Solar, Inc.is apublicly tradedAmerican manufacturer ofsolar panels,and provider of utility-scalePV power plants,supporting services that include finance, construction, maintenance andend-of-lifepanel recycling. First Solar uses rigidthin-film modulesfor its solar panels, and producesCdTe panelsusingcadmium telluride(CdTe) as a semiconductor.[3] The company was founded in 1990 by inventorHarold McMasteras Solar Cells, Inc. and the Florida Corporation in 1993 with JD Polk. In 1999 it was purchased by True North Partners, LLC, who rebranded it as First Solar, Inc.

First Solar, Inc.
FormerlyFirst Solar Holdings, Inc. (1999–2006)
Company typePublic
IndustryPhotovoltaics
Founded1999;25 years ago(1999)
Headquarters
Tempe, Arizona
,
U.S.
Key people
Michael J. Ahearn(chairmanof thesupervisory board)
Mark Widmar (CEO)
RevenueIncreaseUS$3.58 billion(FY 2015)
IncreaseUS$516.66 million(FY 2015)[1]
IncreaseUS$546.42 million(FY 2015)
Total assetsIncreaseUS$7.32 billion(FY 2015)
Total equityIncreaseUS$5.55 billion(FY 2015
Number of employees
6,400[2](2020)
Websitefirstsolar

The company went public in 2006, trading on the NASDAQ. Its current chief executive is Mark Widmar, who succeeded the previous CEO James Hughes July 1, 2016.[4]First Solar is based inTempe, Arizona.

In 2009, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $1 per watt.[5]As of 2022, First Solar was considered the fourth-largest solar company on American stock exchanges by12-month trailing revenue[6]and in 2012 was ranked sixth inFast Company's list of the world's 50 most innovative companies.[7]

In 2011, it ranked first on Forbes's list of America's 25 fastest-growing technology companies.[8]It is listed on thePhotovoltaik Global 30 Indexsince the beginning of this stock index in 2009. The company was also listed as No. 1 in Solar Power World magazine's 2012 and 2013 rankings of solar contractors.[9]

Technology

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First Solar manufacturescadmiumtelluride(CdTe)-based photovoltaic (PV) modules, which produce electricity with a thin CdTe film on glass.[10][3]

In 2013, the company produced CdTe-panels with an efficiency of about 14 percent at a reported cost of 59 cents per watt.[11]In August 2019, researchers fromNRELand First Solar published aNature Energyarticle demonstrating a way to achieve 20.8%solar cell efficiency.[12][13]

History

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In 1984, inventor and entrepreneurHarold McMasterfoundedGlasstech Solar.After trying amorphous silicon, he shifted to CdTe and foundedSolar Cells, Inc.(SCI) in 1990.[14]In February 1999, SCI was acquired byTrue North Partners,which then formedFirst Solar, LLC.[15][16]

At the end of 2009, First Solar had surpassed an energy power production rate of 1GW[17]and was the largest producer ofPV cellsin the world.[18]

The company is headquartered inTempe, Arizonaand has manufacturing facilities inPerrysburg, Ohio,Kulim, Malaysia,Ho Chi Minh City, VietnamandChennai, India.[19]

In July 2010, First Solar formed a utility systems business group to address the large-scale PV systems solutions market. Utility systems are now the company's core business focus, with a strategy to focus on markets that do not require subsidies to support the solar generation business.[20]

On April 17, 2012, First Solar announced it would restructure operations worldwide. This restructuring process included phasing out operations inFrankfurt (Oder),Germany and idling four production lines inKulim,Malaysia.[21]30% of First Solar's workforce was laid off as a result of these actions, which were blamed on market volatility and reduced demand.[22]Mark Widmar, the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable."[23]

On July 1, 2016, Mark Widmar was appointed CEO of First Solar. Previously he had been chief financial officer. Company founder and former CEO Mike Ahearn remains chairman of the board.[4]

In May 2023, First Solar acquired Evolar, a European company that provided perovskite technology. The deal was valued at $38M USD.[24]

Market history

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Historically, First Solar sold its products to solar project developers,system integrators,andindependent power producers.Early sales were primarily in Germany because of strongincentives for solarenacted in the German Renewable Energy Sources Act (EEG) of 2000 (cp.Solar power in Germany).[citation needed]Declines and uncertainty in feed-in-tariff subsidies for solar power in European markets, including Germany, France, Italy and Spain,[25]prompted major PV manufacturers, such as First Solar, to accelerate their expansion into other markets, including the U.S., India and China.[26]

Beginning in December 2011, First Solar shifted away from existing markets that are heavily dependent on government subsidies and toward providing utility-scale PV systems in sustainable markets with immediate need.[27]As a result, it now competes against conventional power generators,[28]and has reduced its focus on the rooftop market.[20]

On February 24, 2009, First Solar's cost per watt broke the $1 barrier, reaching $0.98. Production cost has continued to fall and in February 2013, reached $0.68 per watt.[29]

11.4 GW of solar modules were sold in 2023. Production costs of 18.8 Cent/Watt were forecast in February 2024, with average sales prices of 18.2 Cent/kWh for sales of around 16 GW in 2024.

Production history

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In 2019, the company was expected to pass annual shipments of panels for 5,400 MWp. Production started inPerrysburg, Ohio,expanded in 2010.[30]Between 2007 and 2012, production grew in additional plants in Frankfurt (Oder) in Germany, inKulim Hi-Tech Parkin Malaysia and in France. Other locations considered for expansions before 2012 were Vietnam[31]andMesa, AZ.[32]The 2023 Sustainability Report published in August 2023 highlights findings related to Environmental, Social, and Governance (ESG) metrics, including modern slavery and forced labor findings. Report findings shared with media support the company's proactive efforts and due diligence to address human right violations within the solar power supply chain as they are discovered.[33]First Solar's products have been released by U.S. Customs and Border Protection and comply with the Uyghur Forced Labor Prevention Act.[34]

Country 2005 Capacity 2007 Capacity 2008 Capacity 2011 Capacity 2012 Capacity 2015 Capacity 2019 shipments (guidance)
Line capacity 25 MW 44 MW 48 MW 66 MW 70 MW (est)
USA 25 MW 132 MW 143 MW 264 MW 280 MW
Germany – 176 MW 191 MW 528 MW 220 MW (est)
Malaysia – – 382 MW 1584 MW 1400 MW
Total Capacity 25 MW 308 MW 716 MW 2376 MW[35] 1900 MW[36] 2700 MW[37] ~5500 MW[38]

In 2023, the company reported current Operational Annual US Cell Capacity of 6.5 GW plus and projected Global Annual Nameplate Capacity in 2026 will be about 26 GW.

Market performance

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While First Solar witnessed record sales of over $3.37 billion in 2012, its restructuring efforts impacted the bottom line, leading to a net loss of $96.3 million – or $1.11 per share – for the year.[39]

Historically, the low cost of First Solar's modules has been the key to its market performance. The use of cadmium telluride instead of silicon allowed it to achieve a significantly lower module cost ($0.67 per watt),[40]compared to crystalline-silicon PV, which averaged $1.85 per watt in 2010.[41]

As the company shifts its focus away from module sales to utility-scale projects, it will need to become price competitive with non-solar power sources, a move which its executives say will require the company to reduce manufacturing costs and optimize efficiency.[42]

Installations

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First Solar had installed 1,505 MW of solar capacity as of 2012.[9]As of 2019, First Solar has over 17GW deployed globally.[43]Below are some of First Solar's solar installations and development projects:

North America

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Europe, Middle East, and North Africa

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  • Mohammed bin Rashid Al Maktoum Solar ParkinSaih Al-Dahal,UAE,includes a 13 MWDCsolar power plant built by First Solar for the Dubai Electricity & Water Authority (DEWA).[51]
  • Stadtwerke Trier (SWT) inTrier,Germany, is one of the world's largest thin-film solar plants. As of February 2009, it was estimated the facility would produce over 9GWhper year, which would supply power to more than 2,400 homes each year. Additionally, it is estimated the facility will conserve 100,000 tons of CO2over 20 years.[52]
  • TheRamat Hovavsolar field is the largest PV power plant built so far inIsrael's solar power sector.Constructed byBelectricover a previous evaporation pond, it has a nominal capacity of 37.5 MW. The facility became fully operational in December 2014.[53]
  • Waldpolenz Solar Parknear Leipzig, Germany, was built and developed by Juwi Group, and has a capacity of 40 MW. The facility became fully operational in 2008.
  • In December 2009, theLieberose Photovoltaic Park,Germany's biggest conversion land project (126 hectares) on a former military training area, was opened with an output of 53 MW. The solar park uses 700,000 solar modules.[54]
  • For the SportsStadium BentegodiinVerona, Italy,First Solar supplied more than 13,000 thin film modules for a rooftop installation.[55]

Asia and Australia

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  • 10 MWGreenough River Solar Farmin Western Australia, completed for Verve Energy and GE Energy Financial Services.[56]
  • 159 MW AGL Energy projects, to be constructed in Nyngan and Broken Hill, New South Wales.[57]The 53 MW Broken Hill project was completed in 2015.[58]

See also

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References

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  1. ^"First Solar 10-K report 2015".Securities and Exchange Commission. Retrieved November 4, 2016.
  2. ^"First Solar".Fortune.Archived fromthe originalon December 24, 2018.RetrievedAugust 17,2019.
  3. ^abMatthew Lynley (May 16, 2011)."Are solar panel manufacturing component prices falling fast enough?".GreenBeat.RetrievedJuly 26,2011.
  4. ^ab"First Solar Appoints James Hughes CEO".Archived fromthe originalon May 13, 2012.RetrievedMay 4,2012.
  5. ^Alex Hutchinson (February 26, 2009)."Solar Panel Drops to $1 per Watt: Is this a Milestone or the Bottom for Silicon-Based Panels?".Popular Mechanics.RetrievedAugust 17,2019.
  6. ^"10 Biggest Solar Companies".Investopedia.RetrievedJune 14,2023.
  7. ^Anya Kamenetz (February 17, 2010)."Most Innovative Companies".Fast Company.RetrievedJuly 26,2011.
  8. ^John J. Ray (February 16, 2011)."America's 25 Fastest-Growing Tech Companies".Forbes.RetrievedJuly 26,2011.
  9. ^abSolar Power World
  10. ^Kanellos, Michael (November 6, 2007)."Fast-growing First Solar announces deals and plants | Green Tech – CNET News".News.cnet. Archived fromthe originalon August 13, 2012.RetrievedMarch 23,2012.
  11. ^"First Solar Reports Largest Quarterly Decline In CdTe Module Cost Per-Watt Since 2007".cleantechnica.November 7, 2013.
  12. ^"NREL, First Solar Collaboration Improves Thin-Film Solar Cells | News | NREL".nrel.gov.RetrievedJanuary 17,2020.
  13. ^Metzger, W. K.; Grover, S.; Lu, D.; Colegrove, E.; Moseley, J.; Perkins, C. L.; Li, X.; Mallick, R.; Zhang, W.; Malik, R.; Kephart, J. (August 19, 2019)."Exceeding 20% efficiency with in situ group V doping in polycrystalline CdTe solar cells".Nature Energy.4(10): 837–845.Bibcode:2019NatEn...4..837M.doi:10.1038/s41560-019-0446-7.ISSN2058-7546.S2CID201101743.
  14. ^"McMaster to join hall of fame".toledoblade.April 29, 2008. Archived fromthe originalon June 7, 2008.RetrievedJune 7,2008.
  15. ^"First Solar: A Key Player in the Global Solar Power Industry".Market Realist.October 2, 2017.RetrievedJanuary 17,2020.
  16. ^"Annual Technical Report 1998-1999"(PDF).NREL.October 1999.RetrievedJanuary 17,2020.
  17. ^"First Solar Top Module Supplier, Ships 1-GW".Renewableenergyworld. May 6, 2010. Archived fromthe originalon April 18, 2015.RetrievedAugust 17,2019.
  18. ^"First Solar to Produce Twice as Much as Leading Crystalline Solar Module Suppliers in 2009".Isuppli. September 4, 2009.RetrievedMarch 23,2012.
  19. ^Nelson, Gary (March 18, 2011)."First Solar plans major manufacturing plant in SE Mesa".Arizona Republic.
  20. ^ab"First Solar slashes forecast, staff & plans to flee subsidized markets".GigaOM.December 14, 2011.
  21. ^"First Solar Restructures Operations to Align With Sustainable Market Opportunities".Archived fromthe originalon June 20, 2012.RetrievedAugust 17,2019.
  22. ^Hsu, Tiffany (April 18, 2012)."First Solar to cut 2,000 jobs and close factory in Germany".Los Angeles Times.RetrievedApril 18,2012.
  23. ^"First Solar to Write off $150 Million as it Pulls Out of German Market".RetrievedApril 18,2012.
  24. ^Editor, Manshi Mamtora, CFA, SA News (May 12, 2023)."First Solar acquires European thin film company, Evolar (NASDAQ:FSLR) | Seeking Alpha".seeking Alpha.RetrievedMay 15,2023.{{cite web}}:|last=has generic name (help)CS1 maint: multiple names: authors list (link)
  25. ^"Slashed Subsidies Send Shivers Through European Solar Industry".The New York Times.March 31, 2010.
  26. ^"First Solar Profit Drops on European Uncertainty".Archived fromthe originalon May 9, 2011.RetrievedMay 10,2011.
  27. ^Sweet, Cassandra; Chernova, Yuliya (December 15, 2011)."First Solar Revamps Amid Weak Market".The Wall Street Journal.
  28. ^Sweet, Cassandra; Chernova, Yuliya (December 15, 2011)."First Solar Revamps Amid Weak Market".The Wall Street Journal.
  29. ^"FSLR Dec13 10k".sec.gov.
  30. ^"Archived copy".Archived fromthe originalon May 16, 2016.RetrievedDecember 8,2010.{{cite web}}:CS1 maint: archived copy as title (link)
  31. ^Patrick O'Grady (November 3, 2011)."First Solar continues with Mesa facility, delays Vietnam production".Phoenix Business Journal.
  32. ^Hayley Ringle (August 15, 2018)."See inside Apple's $2 billion data center in Mesa".Phoenix Biz Journal.RetrievedAugust 15,2018.First Solar (Nasdaq: FSLR) built the facility for $300 million but never put it into production. Apple bought the facility in 2013 for $100 million
  33. ^"Know the Facts: First Solar On-Site Social Audits".
  34. ^"US Queries Solar Supply Import Chains Amid China Crackdown".Bloomberg.
  35. ^First Solar Financial Report for Quarter 1 2012 Earnings Call; "First Solar to Boost Production as Profit, Sales Climb," Wall Street Journal, August 1, 2012)
  36. ^"First solar to Increase module production capacity to 1800 MW".renewindians.
  37. ^"FIRST SOLAR, INC. (Form: 10-K, Received: 02/25/2015 06:16:43)".secfilings.nasdaq.
  38. ^"First Solar, Inc. Announces Fourth Quarter & Full Year 2018 Financial Results".investor.firstsolar.RetrievedMay 30,2019.
  39. ^Nichola Groom (February 26, 2013)."First Solar fails to give '13 outlook, shares fall".Reuters."First Solar Reports Record Sales in 4Q 2012, unveils 18.7% efficient solar PV cell".Solar Server Magazine. February 27, 2013. Archived fromthe originalon April 11, 2013.
  40. ^Matt Daily and Nichola Groom (August 4, 2011)."First Solar profit falls, cuts 2011 forecast".Reuters."First Solar Q3 Earnings Presentation"(PDF).First Solar.November 1, 2012. Archived fromthe original(PDF)on January 10, 2014.RetrievedNovember 16,2012.
  41. ^Michael Kanellos (August 6, 2011)."Suntech Abandons Thin Film, Wafer Experiments".GreenTechSolar.
  42. ^First Solar Investors Conference Call, December 15, 2011
  43. ^"Projects".firstsolar.RetrievedJuly 11,2019.
  44. ^"Commission Approves Largest Clean Energy Investment in Nevada History".T&D World.January 8, 2019.
  45. ^"MidAmerican Renewables buys 550 MW Topaz Solar Farm from First Solar – POWERGRID International/Electric Light & Power".Elp. Archived fromthe originalon July 31, 2012.RetrievedMarch 23,2012.
  46. ^"Semiconductor Today".Semiconductor Today. October 4, 2011.RetrievedMarch 23,2012.
  47. ^"First Solar's 250 MW Agua Caliente is the World's Largest Solar Plant".Greentech Solar.September 10, 2012.
  48. ^"Semiconductor Today".Semiconductor Today. October 4, 2011.RetrievedMarch 23,2012.
  49. ^"World's biggest solar project powers up in Canada".Reuters.October 4, 2010.
  50. ^"Salazar Activates First Solar Power Project on U.S. Land".BusinessWeek.May 7, 2012. Archived fromthe originalon January 2, 2013.RetrievedMarch 13,2013.
  51. ^"First Solar to Build 13MW Solar Power Plant for Dubai Electricity & Water Authority".pv.energytrend. October 18, 2012. Archived fromthe originalon May 20, 2013.RetrievedMarch 13,2013.
  52. ^[1]ArchivedJune 23, 2009, at theWayback Machine
  53. ^"Ramat Hovav solar field began to supply power to the grid (in Hebrew)".December 24, 2014.RetrievedDecember 28,2014.
  54. ^"Leaders In Alternative Energy: Germany Turns On World's Biggest Solar Power Project – SPIEGEL ONLINE – News – International".Der Spiegel.August 20, 2009.RetrievedMarch 23,2012.
  55. ^"juwi rüstet Stadion in Verona mit Photovoltaik-Anlage aus; bis 2012 PV-Anlagen mit insgesamt 2.500 Megawatt geplant".Solarserver.de. September 21, 2009. Archived fromthe originalon February 25, 2012.RetrievedMarch 23,2012.
  56. ^"Hip hip array! First solar farm opens in WA".Brisbane Times.October 10, 2012.
  57. ^"AGL, First Solar to Build Australia's Largest Solar Project".Bloomberg.
  58. ^"Projects".firstsolar.RetrievedAugust 17,2019.
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