First Solar

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First Solar, Inc.
FormerlyFirst Solar Holdings, Inc. (1999–2006)
Company typePublic
IndustryPhotovoltaics
Founded1999; 26 years ago (1999)
Headquarters
Tempe, Arizona
,
U.S.
Key people
RevenueIncrease US$4.21 billion (2024)
Increase US$1.39 billion (2024)
Increase US$1.29 billion (2024)
Total assetsIncrease US$12.1 billion (2024)
Total equityIncrease US$7.98 billion (2024)
Number of employees
8,100 (2024)
Websitefirstsolar.com
Footnotes / references
[1]

First Solar, Inc. is a publicly traded American manufacturer of solar panels. It provides end-of-life panel recycling at each of its manufacturing facilities. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor.[2] The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. In 1999 it was purchased by True North Partners, LLC, which rebranded it as First Solar, Inc.

The company went public in 2006, trading on the NASDAQ as FSLR. It has been listed on the Photovoltaik Global 30 Index since the beginning of this stock index in 2009. Its current chief executive is Mark Widmar, who succeeded the previous CEO, James Hughes, July 1, 2016.[3]

The Arizona-based manufacturer opened a $1.1 billion manufacturing facility in Alabama in September 2024.[4] The company operates three manufacturing facilities in Ohio and is currently constructing a $1.1 billion 3.5 GW plant in Louisiana (expected to come online in late 2025).[5] Once the Louisiana facility is operational, the company expects to have more than 14 GW of domestic capacity by 2026.[6]

Technology

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First Solar manufactures cadmium telluride (CdTe)-based photovoltaic (PV) modules, which produce electricity with a thin film CdTe semiconductor.[7] This technology provides superior performance in degradation rate, temperature coefficient, spectral response, and shading response. At each First Solar manufacturing facility, a vertically integrated, continuous process enables full quality control under one roof, converting a sheet of glass into a fully functional solar panel in approximately four hours.4 First Solar’s manufacturing process uses 98 percent less semiconductor material than traditional crystalline silicon solar panels and yields the lowest carbon footprint, lowest water footprint, and fastest energy payback time in the industry.

In 2013, the company produced CdTe-panels with an efficiency of about 14 percent at a reported cost of 59 cents per watt.[8] In August 2019, researchers from NREL and First Solar published a Nature Energy article demonstrating a way to achieve 20.8% solar cell efficiency.[9][10]

First Solar’s CuRe technology, currently incorporated into its Series 6 Plus V2 modules, provides an industry-best warranted annual degradation rate of 0.1%.

The company has invested a cumulative $2 billion + in the research and development of its technology.

Solar modules

  • Series 6 Plus
  • Series 6 Plus Bifacial — added bifacial energy yield
  • Series 6 Plus V2 with CuRe technology — reduces long-term degradation
  • Series 6 Plus SHL — designed for coastal regions with higher wind loads
  • Series 7

History

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In 1984, inventor and entrepreneur Harold McMaster founded Glasstech Solar. After trying amorphous silicon, he shifted to CdTe and founded Solar Cells, Inc. (SCI) in 1990.[11] In February 1999, SCI was acquired by True North Partners, which then formed First Solar, LLC.[12][13]

The company is headquartered in Tempe, Arizona, and has manufacturing facilities in Perrysburg, Ohio; Trinity, Alabama; New Iberia, Louisiana; Kulim, Malaysia; Ho Chi Minh City, Vietnam; and Chennai, India.[14]

At the end of 2009, First Solar had surpassed an energy power production rate of 1 GW[15] and was the largest producer of PV cells in the world.[16] That same year, First Solar became the first solar panel manufacturing company to lower its manufacturing cost to $1 per watt.[17]

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.[18]

On April 17, 2012, First Solar announced it would restructure operations worldwide. This restructuring process included phasing out operations in Frankfurt (Oder), Germany and idling four production lines in Kulim, Malaysia.[19] Approximately 30% of First Solar's workforce was laid off as a result of these actions, which were blamed on market volatility and reduced demand.[20] Mark Widmar, then the CFO of First Solar, said, "We need to resize our business to a level of demand that is highly reliable and predictable."[21]

On July 1, 2016, Mark Widmar was appointed CEO of First Solar. Previously he had been chief financial officer. Former CEO Mike Ahearn remains chairman of the board.[3]

As of 2022, First Solar was considered the fourth-largest solar company on American stock exchanges by 12-month trailing revenue.[22]

In 2022, under the Inflation Reduction Act, First Solar became the biggest beneficiary of $1 trillion in environmental spending. First Solar executives and lobbyists met at least four times in late 2022 and 2023 with administration officials who oversaw the measure’s environmental provisions. Democratic donors had invested heavily in the company prior to the act being signed into law.[23]

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

In 2024, First Solar communicated an audit had discovered use of forced labor in a Malaysian factory that produces parts for the company.[25]

In 2024, First Solar commissioned a new research and development (R&D) innovation center in Lake Township, Ohio, which is believed to be the largest facility of its kind in the Western Hemisphere. The 1.3 million square-foot Jim Nolan Center for Solar Innovation is dedicated to the late James “Jim” F. Nolan, a former member of First Solar’s Board of Directors and the architect of the company’s CdTe semiconductor platform.

Recognition

  • 2025: Named one of “America’s Most Responsible Companies” by Newsweek and Statista (fourth consecutive year)
  • 2025: Ranked #14 on the “Global 100 Most Sustainable Corporations in the World” by Corporate Knights
  • 2024: Named one of “World’s Best Companies” by TIME and Statista
  • 2024: Named one of “15 Climate Tech Companies to Watch” by MIT Technology Review
  • 2024: First solar company to achieve the EPEAT Climate+ designation, which helps purchasers and investors prioritize ultra-low carbon solar technologies that meaningfully support decarbonization efforts.
  • 2012 & 2013: Listed as No. 1 in Solar Power World magazine's rankings of solar contractors.[26]
  • 2012: Ranked sixth in Fast Company's list of the world's 50 most innovative companies.[27]
  • 2011: Ranked first on Forbes's list of America's 25 fastest-growing technology companies.[28]

Market history

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Historically, First Solar sold its products to solar project developers, system integrators, and independent power producers. Early sales were primarily in Germany because of strong incentives for solar enacted 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,[29] prompted major PV manufacturers, such as First Solar, to accelerate their expansion into other markets, including the U.S., India and China.[30]

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.[31] As a result, it began competing against conventional power generators,[32] and has reduced its focus on the rooftop market.[18]

On February 24, 2009, First Solar's cost per watt broke $1 reaching $0.98. In 2023, the company sold 11.4 GW of solar modules. Production costs of 18.8 cents/watt were forecast in February 2024, with average sales prices of 18.2 cent/kWh for sales of around 16 GW in 2024. In 2024, the company sold a record 14.1 GW of solar modules.

First Solar sold $857 million in Inflation Reduction Act transferable tax credits generated from its U.S.-based manufacturing facilities in February 2025. The tax credits are from the sale of solar modules produced in 2024 at First Solar’s U.S. manufacturing facilities, including three factories in Ohio and a new Alabama facility.[33]

Production history

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Commercial production started in Perrysburg, Ohio, in 2002.[34] Between 2007 and 2012, production grew with additional plants in Frankfurt (Oder) in Germany; Kulim Hi-Tech Park in Malaysia; and France. The German and French factories are no longer in operation. Other locations considered for expansions before 2012 included Mesa, Arizona.[35] International expansion has also included new factories in Ho Chim Minh City, Vietnam (commissioned in 2018) and Tamil Nadu, India (2024). Two new manufacturing facilities were commissioned in Ohio (in 2019 and 2023). A new manufacturing facility was commission in Trinity, Alabama, in 2024, followed by a new facility in New Iberia, Louisiana, in 2025.

First Solar's 2024 Sustainability Report 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.[36] First Solar's products have been released by U.S. Customs and Border Protection and comply with the Uyghur Forced Labor Prevention Act.[37]

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[38] 1900 MW[39] 2700 MW[40] ~5500 MW[41]

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.

First Solar sold $857 million in Inflation Reduction Act transferable tax credits generated from its U.S.-based manufacturing facilities. The tax credits were from the sale of solar modules produced in 2024 at First Solar’s U.S. manufacturing facilities, including three factories in Ohio and the new Alabama facility.

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.[42]

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),[43] compared to crystalline-silicon PV, which averaged $1.85 per watt in 2010.[44]

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.[45]

Installations

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First Solar had installed 1,505 MW of solar capacity as of 2012.[46] As of 2019, First Solar has over 17GW deployed globally.[47] 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 Park in Saih Al-Dahal, UAE, includes a 13 MWDC solar power plant built by First Solar for the Dubai Electricity & Water Authority (DEWA).[55]
  • Stadtwerke Trier (SWT) in Trier, Germany, is one of the world's largest thin-film solar plants. As of February 2009, it was estimated the facility would produce over 9 GWh per 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 CO2 over 20 years.[56]
  • The Ramat Hovav solar field is the largest PV power plant built so far in Israel's solar power sector. Constructed by Belectric over a previous evaporation pond, it has a nominal capacity of 37.5 MW. The facility became fully operational in December 2014.[57]
  • Waldpolenz Solar Park near 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, the Lieberose 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.[58]
  • For the Sports Stadium Bentegodi in Verona, Italy, First Solar supplied more than 13,000 thin film modules for a rooftop installation.[59]

Asia and Australia

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  • 10 MW Greenough River Solar Farm in Western Australia, completed for Verve Energy and GE Energy Financial Services.[60]
  • 159 MW AGL Energy projects, to be constructed in Nyngan and Broken Hill, New South Wales.[61] The 53 MW Broken Hill project was completed in 2015.[62]

See also

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References

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  1. ^ "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 25, 2025.
  2. ^ Matthew Lynley (May 16, 2011). "Are solar panel manufacturing component prices falling fast enough?". GreenBeat. Retrieved July 26, 2011.
  3. ^ a b "First Solar Appoints James Hughes CEO". Archived from the original on May 13, 2012. Retrieved May 4, 2012.
  4. ^ Metea, Rachel (February 7, 2025). "U.S.-made First Solar modules available through new partnership". pv magazine USA. Retrieved March 24, 2025.
  5. ^ Metea, Rachel (February 7, 2025). "U.S.-made First Solar modules available through new partnership". pv magazine USA. Retrieved March 24, 2025.
  6. ^ Metea, Rachel (February 7, 2025). "U.S.-made First Solar modules available through new partnership". pv magazine USA. Retrieved March 24, 2025.
  7. ^ Kanellos, Michael (November 6, 2007). "Fast-growing First Solar announces deals and plants | Green Tech – CNET News". News.cnet.com. Archived from the original on August 13, 2012. Retrieved March 23, 2012.
  8. ^ "First Solar Reports Largest Quarterly Decline In CdTe Module Cost Per-Watt Since 2007". cleantechnica.com. November 7, 2013.
  9. ^ "NREL, First Solar Collaboration Improves Thin-Film Solar Cells | News | NREL". www.nrel.gov. Retrieved January 17, 2020.
  10. ^ 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. ISSN 2058-7546. S2CID 201101743.
  11. ^ "McMaster to join hall of fame". toledoblade.com. April 29, 2008. Archived from the original on June 7, 2008. Retrieved June 7, 2008.
  12. ^ "First Solar: A Key Player in the Global Solar Power Industry". Market Realist. October 2, 2017. Retrieved January 17, 2020.
  13. ^ "Annual Technical Report 1998-1999" (PDF). NREL. October 1999. Retrieved January 17, 2020.
  14. ^ Nelson, Gary (March 18, 2011). "First Solar plans major manufacturing plant in SE Mesa". Arizona Republic.
  15. ^ "First Solar Top Module Supplier, Ships 1-GW". Renewableenergyworld.com. May 6, 2010. Archived from the original on April 18, 2015. Retrieved August 17, 2019.
  16. ^ "First Solar to Produce Twice as Much as Leading Crystalline Solar Module Suppliers in 2009". Isuppli.com. September 4, 2009. Retrieved March 23, 2012.
  17. ^ 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. Retrieved August 17, 2019.
  18. ^ a b "First Solar slashes forecast, staff & plans to flee subsidized markets". GigaOM. December 14, 2011. Archived from the original on January 8, 2012.
  19. ^ "First Solar Restructures Operations to Align With Sustainable Market Opportunities". Archived from the original on June 20, 2012. Retrieved August 17, 2019.
  20. ^ Hsu, Tiffany (April 18, 2012). "First Solar to cut 2,000 jobs and close factory in Germany". Los Angeles Times. Retrieved April 18, 2012.
  21. ^ "First Solar to Write off $150 Million as it Pulls Out of German Market". Retrieved April 18, 2012.
  22. ^ "10 Biggest Solar Companies". Investopedia. Retrieved June 14, 2023.
  23. ^ "A signature Biden law aimed to boost renewable energy. It also helped a solar company reap billions". ap.org. June 26, 2024.
  24. ^ Editor, Manshi Mamtora, CFA, SA News (May 12, 2023). "First Solar acquires European thin film company, Evolar (NASDAQ:FSLR) | Seeking Alpha". seekingalpha.com. Retrieved May 15, 2023. {{cite web}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  25. ^ "First Solar audit reveals forced labor at Malaysia factory". Reuters. August 15, 2023.
  26. ^ Solar Power World
  27. ^ Anya Kamenetz (February 17, 2010). "Most Innovative Companies". Fast Company. Retrieved July 26, 2011.
  28. ^ John J. Ray (February 16, 2011). "America's 25 Fastest-Growing Tech Companies". Forbes. Retrieved July 26, 2011.
  29. ^ "Slashed Subsidies Send Shivers Through European Solar Industry". The New York Times. March 31, 2010.
  30. ^ "First Solar Profit Drops on European Uncertainty". Archived from the original on May 9, 2011. Retrieved May 10, 2011.
  31. ^ Sweet, Cassandra; Chernova, Yuliya (December 15, 2011). "First Solar Revamps Amid Weak Market". The Wall Street Journal.
  32. ^ Sweet, Cassandra; Chernova, Yuliya (December 15, 2011). "First Solar Revamps Amid Weak Market". The Wall Street Journal.
  33. ^ Metea, Rachel (February 24, 2025). "First Solar cashes in on sale of Inflation Reduction Act tax credits". pv magazine USA. Retrieved March 24, 2025.
  34. ^ "Archived copy". Archived from the original on May 16, 2016. Retrieved December 8, 2010.{{cite web}}: CS1 maint: archived copy as title (link)
  35. ^ Hayley Ringle (August 15, 2018). "See inside Apple's $2 billion data center in Mesa". Phoenix Biz Journal. Retrieved August 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
  36. ^ "Know the Facts: First Solar On-Site Social Audits".
  37. ^ "US Queries Solar Supply Import Chains Amid China Crackdown". Bloomberg.
  38. ^ 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)
  39. ^ "First solar to Increase module production capacity to 1800 MW". www.renewindians.com.
  40. ^ "FIRST SOLAR, INC. (Form: 10-K, Received: 02/25/2015 06:16:43)". secfilings.nasdaq.com.
  41. ^ "First Solar, Inc. Announces Fourth Quarter & Full Year 2018 Financial Results". investor.firstsolar.com. Retrieved May 30, 2019.
  42. ^ 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 from the original on April 11, 2013.
  43. ^ 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 from the original (PDF) on January 10, 2014. Retrieved November 16, 2012.
  44. ^ Michael Kanellos (August 6, 2011). "Suntech Abandons Thin Film, Wafer Experiments". GreenTechSolar.
  45. ^ First Solar Investors Conference Call, December 15, 2011
  46. ^ Solar Power World
  47. ^ "Projects". www.firstsolar.com. Retrieved July 11, 2019.
  48. ^ "Commission Approves Largest Clean Energy Investment in Nevada History". T&D World. January 8, 2019.
  49. ^ "MidAmerican Renewables buys 550 MW Topaz Solar Farm from First Solar – POWERGRID International/Electric Light & Power". Elp.com. Archived from the original on July 31, 2012. Retrieved March 23, 2012.
  50. ^ "Semiconductor Today". Semiconductor Today. October 4, 2011. Retrieved March 23, 2012.
  51. ^ "First Solar's 250 MW Agua Caliente is the World's Largest Solar Plant". Greentech Solar. September 10, 2012.
  52. ^ "Semiconductor Today". Semiconductor Today. October 4, 2011. Retrieved March 23, 2012.
  53. ^ "World's biggest solar project powers up in Canada". Reuters. October 4, 2010.
  54. ^ "Salazar Activates First Solar Power Project on U.S. Land". BusinessWeek. May 7, 2012. Archived from the original on January 2, 2013. Retrieved March 13, 2013.
  55. ^ "First Solar to Build 13MW Solar Power Plant for Dubai Electricity & Water Authority". pv.energytrend.com. October 18, 2012. Archived from the original on May 20, 2013. Retrieved March 13, 2013.
  56. ^ [1] Archived June 23, 2009, at the Wayback Machine
  57. ^ תשתיות, מערכת (December 24, 2014). "Ramat Hovav solar field began to supply power to the grid (in Hebrew)". תשתיות תעשיה ואנרגיה. Retrieved December 28, 2014.
  58. ^ "Leaders In Alternative Energy: Germany Turns On World's Biggest Solar Power Project – SPIEGEL ONLINE – News – International". Der Spiegel. August 20, 2009. Retrieved March 23, 2012.
  59. ^ "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 from the original on February 25, 2012. Retrieved March 23, 2012.
  60. ^ "Hip hip array! First solar farm opens in WA". Brisbane Times. October 10, 2012.
  61. ^ "AGL, First Solar to Build Australia's Largest Solar Project". Bloomberg.
  62. ^ "Projects". www.firstsolar.com. Retrieved August 17, 2019.
[edit]
  • Official website
  • Business data for First Solar, Inc.: