Executing to industrys most disruptive technology roadmap More efficient than the best multi-PERC module

TEMPE, Ariz.--First Solar, Inc. (Nasdaq: FSLR) today announced it has set yet another world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, achieving 18.6 percent aperture efficiency for an advanced full size module. For the first time ever, First Solar has demonstrated a record module that is more efficient than the best multi-crystalline module recorded.

This achievement reinforces confidence in First Solars ability to deliver sustained product improvements consistent with its long-term technology roadmap.

The record has been measured and certified by the U.S. Department of Energys National Renewable Energy Laboratory (NREL).

This 18.6 percent aperture area efficiency corresponds to a full area conversion efficiency of 18.2 percent, which easily beats the best recorded multi-crystalline Si PERC module with an approximate full area efficiency of 17.7% (based on 19.1% aperture efficiency and published module area data).

This achievement is the eighth substantial update to CdTe record efficiency since 2011, continuing a disruptive and sustained trend of rapid performance improvements. In January, First Solar produced a research cell with 21.5 percent conversion efficiency, certified at the Newport Corporations Technology and Applications Center (TAC) PV Lab and confirmed by NREL.

"First Solars CdTe thin film is now rightly categorized as a high performance product," said Raffi Garabedian, First Solars Chief Technology Officer. "At one time, we might have been characterized as a low cost, low efficiency technology, but consistent with our technology projections we are now proving that CdTe thin film delivers both industry-leading performance AND sustainable thin-film cost structures."

Garabedian emphasized that First Solars significant sustained investment in development of CdTe technology has enabled the company to meet or exceed its aggressive projections for improvements in research cells and modules, as well as commercialized technology.

"While silicon technologies have approached their theoretical efficiency entitlement and leveled out in terms of performance and cost, First Solar continues to harvest the upside available from its superior thin film technology. Our CdTe modules are now more efficient than the best multi-crystalline Si modules, and we still have a great deal of technology head room for further innovation," Garabedian said.

Nick Strevel, First Solars Senior Manager of Technology, noted that efficiency combined with other real-world performance attributes result in First Solar technology delivering higher energy density than multi-crystalline Silicon (m-Si) solar panels. Given the same installed nameplate module capacity (Watts) with equivalent ground coverage ratio, he said, First Solars CdTe product will provide up to 8 percent more useable energy from the same land area than m-Si, which gives First Solar a competitive advantage over other PV technologies.

"A narrow focus on simple metrics such as standard-test-condition (STC) efficiency or cost per STC-watt obscures the actual value of solar generation technologies," said Strevel. "Customers value energy produced by a solar power plant (kWh), not its nominal STC power rating. Metrics with greater relevance to real-world conditions - including specific energy yield, energy density, cost/kWh and long term reliability - ultimately tell a much more comprehensive story of real-world performance and are more influential in reducing Levelized Cost of solar Electricity."

Strevel said that, in addition to the continued trend of efficiency records, First Solars modules are amongst the highest quality, most reliable modules in the world, having passed the industrys most rigorous multi-stress testing protocols such including Atlas 25+, IEC Long Term Sequential and Thresher Tests.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The companys integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solars renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.