Technology Advantage

Technology

Advantage

First Solar Cadmium Telluride (CdTe) photovoltaic (PV) technology continues to set performance records in both research and real-world environments. As a field-proven technology, First Solar high efficiency modules offer a clear energy density advantage over silicon-based modules by delivering superior efficiency, higher real-world energy yield and long-term reliability.

First Solar modules feature an innovative design, quality construction and superior performance that pass the industry’s most rigorous protocols. This innovation provides customers with the industry’s leading performance in an affordable, high efficiency module.

First Solar’s commercially available 16.3% efficiency beats best in class multi-crystalline today. First Solar also holds the current world record for CdTe PV module efficiency, achieving 18.2% for an advanced, full-size module.

The First Solar

Technology Advantage

16.3% Module Efficiency Shipping Today

18.2% World-Record Module Efficiency

4 FIRST SOLAR TECHNOLOGY ADVANTAGE 5

As a result of higher efficiency, First Solar modules offer higher power density with comparable land usage when compared to typical c-Si modules, resulting in more installed capacity per square meter (m2_).

First Solar’s high efficiency modules have a proven specific energy yield advantage to deliver more usable energy per nameplate watt than conventional c-Si modules. Specific Annual Energy Yield captures operating data over a year of module performance during varying real-world conditions where temperature, sunlight intensity and solar spectrum all change

throughout the days and seasons.

Superior efficiency combined with other real-world performance advantages result in First Solar technology delivering significantly higher energy density than multi-crystalline Silicon (m-Si) solar panels. Given the same land area with an equivalent module ground coverage ratio, First Solar’s CdTe modules will produce more annual energy from the same land area than m-Si.

Land Utilization Advantage

Specific Energy Yield Advantage

First Solar’s

Module Advantage

First Solar Modules

vs

Standard Silicon Modules

First Solar has up to 11.2%

Energy Density Advantage

TOTAL ENERGY (MWh) PRODUCED

SPECIFIC ENERGY YIELD =

All PV modules produce less power than their nameplate as temperatures rise above their labeled 25°C standard test condition. Whenever module operating temperatures exceed 25°C (this can be >90% of generating hours in hot climates), First Solar modules will produce more energy compared to c-Si modules due to the lower temperature co-efficient of power.

The First Solar CdTe module temperature co-efficient is 0.34%/°C, compared to ~0.45%/°C for c-Si modules. On a hot sunny day, module temperatures can easily reach 65°C resulting in First Solar modules producing up to 5% more power than c-Si modules on average. Over a year in hot climate conditions, this high temperature advantage adds up to 2% more annual energy than c-Si modules.

Sunlight is comprised of multiple wavelengths and various intensities of light. The intensity of various sunlight wavelengths that reach the earth’s surface is influenced by atmospheric conditions, with largest effect due to water vapor in the atmosphere (commonly correlated to high humidity). Different PV technologies respond differently to different light wavelengths. On humid days, water in the atmosphere reduces specific wavelengths of available light. First Solar CdTe modules are less sensitive to reductions in wavelengths most affected by this type of high atmospheric water content.

As a result, this superior spectral response allows First Solar modules to produce up to 6% more annual energy in high humidity conditions.

While module efficiency identifies the power produced by a module in standard test conditions (STC) the Specific Annual Energy Yield metric gives a more useful picture of the energy produced by the plant in a year of real world conditions. When evaluating return on investment (ROI) for a solar power plant, energy yield has one of the biggest impacts on the overall Levelized Cost of Electricity (LCOE). First Solar’s high efficiency modules are proven to deliver more usable energy per nameplate watt than conventional silicon-based modules. This means that for an equivalently designed and installed power plant priced at the same $/Watt, a First Solar plant will produce more energy, resulting in a lower LCOE ($/MWh).

Specific Annual Energy Yield in different regions of the world:

Higher Energy Yield in Hot Conditions

Higher Energy Yield in Humid Conditions Due

to Spectral Response Advantage

First Solar modules minimize power loss from shading because of its unique cell design. When a First Solar module is shaded, only the shaded portion is impacted, while the rest of the module will continue to produce power. This is in contrast to typical c-Si modules that turn off disproportionately large

portions of module when shading occurs to protect modules from damage. In an environment with 10% shading, a standard c-Si module will lose 30% of its power while a First Solar module only experiences a 10% loss of power under the same conditions.

Higher Energy Yield Due to Better Shading Response

Delivering More Energy

in

Real-World Conditions

HOW FIRST SOLAR DELIVERS A HIGHER ENERGY YIELD

Greater Energy Yield Drives Lower LCOE

India

First Solar

Advantage: 9.1%

First Solar

Advantage: 8.8%

First Solar

Advantage: 4.4%

First Solar

Advantage: 5.0%

First Solar

Advantage: 2.0%

United Arab

Emirates

South Africa

2

S.E. USA

Germany

S pe ci fic Y ie ld D C (k W h/ kW pD C /y r)

First Solar c-Si

1 _{PV Syst energy simulation of equivalently designed fixed tilt arrays comparing First Solar thin film PV modules to ‘tier 1’ 72-cell multi-crystalline silicon utility scale pv modules} 2 _{PV Syst energy simulation of equivalently designed single-axis tracker arrays comparing First Solar thin film PV modules to ‘tier 1’ 72-cell multi-crystalline silicon utility scale pv modules}

8 FIRST SOLAR TECHNOLOGY ADVANTAGE 9

First Solar monitors one of the largest databases of utility-scale PV

installations in operation today. The quality and reliability of our technology is proven both in short-term and long-term field performance. As a result, First Solar customers consistently receive energy generation that meets or exceeds expected returns.

Long-Term Reliability Increases Plant Value

Due to the solar industry’s rapid innovation cycles, PV technology relies on independent laboratory-accelerated testing protocols to determine the suitability and performance of modules in the field. Independent lab test results prove the quality of our technology and provide support for the reliable lifetime module performance backed by a 25 year module warranty.

Proven Quality

Test Description Results

IEC 61646/IEC 61730

Certification Basic industry market entry certifications

PASS

1500V certification level

Thresher Test Multiplies basic IEC 61730/61646 test cycles and durations _{2X to 4X} PASS

<5% Power Output drop

Long-Term Sequential Test

6-month accelerated protocol to evaluate long-term harsh climate durability

PASS

1st thin film module, and one of only 5 modules in the world to pass.

Atlas 25+ Certification

12-month weathering-intensive certification through projected 25+ year harsh climate field lifetimes

PASS

One of only 4 modules in the world to pass.

IEC 62804 PID-Resistant Certification

Demonstrates high resistance to potential induced

degradation at extreme ± 1500V voltages at most extreme 192hr 85C/85% RH test levels, enabling confident floating and grounded applications

PASS

1500V

IEC 60068 Certification Desert Sand Resistance

Demonstrates minimal power loss and package integrity

resistant to wind-blown particulates PASS

The First Solar

Reliability Advantage

Over 20 years of innovation, First Solar has compiled a lengthy track record in helping utilities meet the world’s growing energy needs with clean and affordable energy.

Predictable lifetime energy is critical to confidently project the expected value of the sellable energy from a PV plant designed for long-term operation.

First Solar CdTe modules have been field-deployed and

independently monitored by NREL with a documented long-term median power degradation rate of just -0.45% per year. This low degradation rate positively impacts the long-term reliability and LCOE over the life of the entire power plant.

Long-Term Predictable Performance

OF MONITORED SITES

PERFORMING

AT OR ABOVE

EXPECTED OUTPUT

FOR OVER

1,000MW

10 YEARS

20+ Year NREL Degradation Study

0 100 400 500 600

0 50 100 150 200 250

0 400 500 600

0 50 100 150 200 250

0 100 400 500 600

0 50 100 150 200 250

Calc DC Power (PTC)

Months

Low, Long-Term Linear Degradation Rate With No Cliff Events

96% of Plants within ±5% of PER

99-101% 95-97%

0 18

103-105% Plant Energy Performance vs P50 Expectation

By design, First Solar technology delivers a higher energy density than competing technologies. This ensures the plant produces more energy, more consistently, over the long term. Through predictable performance, the asset depreciates at a lower rate and ensures the plant’s ongoing bankability. Together, these benefits establish the First Solar Technology Advantage by lowering the LCOE to prices that are competitive with today’s traditional energy sources.

Produce More Energy

at a Lower LCOE

Bankability

Advantage

First Solar has the strongest balance sheet and cash position among all companies in the solar space. There is unparalleled use of the company’s modules in debt-financed projects around the world. Many financial institutions appreciate the integrity of First Solar projects and the performance of the company’s technologies in high yield solar projects for their superior ROI. When evaluating the combination of First Solar’s market leading technology, risk profile and financial standing, the world’s leading PV investors and financial institutions see a pattern of more value and less risk than competing alternatives.

DEMONSTRATING FINANCIAL STABILITY IS ESSENTIAL TO OBTAINING

LOW-COST FINANCING

First Solar topped the list of the 20 PV

module brands most used in debt-financed

projects in Bloomberg New Energy Finance’s

report, “PV module bankability 2014: where’s

the trust?”

By design, First Solar technology delivers a higher energy density

than competing technologies.

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