First Solar CdTe PV Modules Technology Overview and Energy advantage

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FIRST SOLAR AT A GLANCE

Driving innovation across entire value chain and plant solution

Cost competitive with conventional energy sources today

Partner of choice for leading utilities and global power buyers

Over 13.5 GW installed worldwide and a 3.2 GW contracted pipeline

Founded in 1999 and publicly traded on Nasdaq (FSLR)

Strongest financial stability & bankability in the industry

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PV MODULE TECHNOLOGY & MANUFACTURING

First Solar Fully Integrated, Automated and Continuous Thin Film Process

Conventional Crystalline Silicon Batch Technology

Glass In < 3.5 Hours Module Out

Semiconductor Deposition

CellDefinition

Final Assembly &

Test

Polysilicon OutputIngot

OutputWafer

OutputSolar Cell

OutputModule

First Solar Module Technology

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First Solar R&D Portfolio

First Solar Invests in the Industry's Broadest and Deepest R&D Portfolio

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WE’RE INVESTING IN THE FUTURE

Source: www.PV-TECH.ORG, June 2015

RESEARCH PARTNERSHIPS

$131M in

2015

$144M in

2014

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WE’VE COME A LONG WAY!

WORLD RECORDModule

• 131 Watt

• 18.2%* Efficiency

• Highest efficiency thin-film module in the world

FS Series 4V3

• 117.5 Watt

• 16.3% Efficiency

• Designed for 1500V systems

• Better Temp Coef

FS Series 3 Black Plus

• 95 Watt

• 13.2% Efficiency

• Lower degradation

• Thresher, Long Term Sequential Harsh Climate Reliability

FS Series 2

• 75 Watt

• 10.4% Efficiency

• Edge seal improved durability

Solar Cells, Inc.FS50

• 50 Watt

• 6.9% Efficiency

*aperture

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'95 '96 '98 '99 '04 '15

5%

10%

15%

20%

25%

30%

'14

SINGLE CRYSTAL SILICON (Non-Concentrator)

MULTICRYSTALLINE SILICON

'97 '01 '02 '11 '12 '13 '16

FEBRUARY 2016

22.1% FSLR

CdTe

RESEARCH CELL EFFICIENCY: Fastest Innovation Rate in the Industry

Each point is a certified result as published in NREL’s “Record Cell Efficiency Records”

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* Total Module Area Efficiency. 2015 record module would be 18.6% if reported on aperture area efficiency as is common practice amongst crystalline silicon manufacturers** Represents Q4 full fleet average. †Series 6

2013 2014 2015 2016 Mid Term

Research Cell 18.7% 20% 21.0% 22% 24%

21.0% 21.5% 22.1%

Research Module* 16.1% 17.2% 18.5% 19.4% 21.7%

17% 18.2% >19%

Manufacturing Average** 13.4% 14.4 -14.9% 15.1 -16.2% 16.9% >19%†

14.4% 16.1% 16.7%

Cell to Module Translation

Practical Manufacturing

1–2years

1–3years

RESEARCH IMPLEMENTATION: Roadmap

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IMPROVING >3 TIMES FASTER: than mc-Si

• Source: GTM Multi-crystalline silicon efficiency

17.3%

18.7%

20.4%

21.5%22.1%

14.4%

16.1%

17.0%

18.2%

19.0%

12.9%13.4%

14.4%

16.1%16.7%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

2012 2013 2014 2015 2016

Record Cell Efficiency Record Module Efficiency Fleet Average Efficiency

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

2012 2013 2014 2015 2016

Fleet Average Efficiency Multi-Crystalline Efficiency

Slope = 105 Basis Points per Year

Slope = 27 Basis Points per Year

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LAB VS FIELD Conditions

Field condition efficiency is an approximate normalization for energy yield performance in Dubai on tracker.

Lab Condition (STC)

First Solar CdTe Efficiency 16.5%

mc-Si Efficiency 16.5%

Cell Temp 25°C

Spectral Gain 0%

15.5%

13.86%

65°C

+6% for CdTe

Field Condition (Energy Normalized)

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ENERGY DENSITY ADVANTAGE

Represents lead line efficiency for both First Solar and multi-crystalline silicon. Multi-crystalline silicon based on 2016 forecast from ITRPV roadmap dated July 2015.

A+B+C+D = 11%BETTER ENERGY DENSITY

UP TO

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Represents lead line efficiency for both First Solar and multi-crystalline silicon. Multi-crystalline silicon based on ITRPV roadmap dated July 2015.

ENERGY DENSITY ADVANTAGE | 2016

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Represents lead line efficiency for both First Solar and multi-crystalline silicon. Multi-crystalline silicon based on ITRPV roadmap dated July 2015.

ENERGY DENSITY ADVANTAGE I 2019

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FIRST SOLAR SERIES 6 PV Module

S5FIRST SOLARS4FIRST

SOLAR S6FIRST SOLAR

>400 W365 W117 W

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HIGHER POWER!

• 365W module

beats 330W multi

c-Si per

installation

10–12%

HIGHERENERGY DENSITY!

• Efficiency plus

Energy Yield

advantages deliver

up to 12% higher

Energy Density

BOSOPTIMIZED!

• Eliminate all clips

• Reduced

electrical

connections by

2/3

• >2x Increased

installation

velocity

World Leading

Reliability!

• Maintains world

leading extended

durability profile

and certifications

FIRST SOLAR’S NEW S5 365W Module with All the Perks!

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FIELD TESTED AND VALIDATED

First Solar Module Reliability

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RAISING THE BAR: EXTENDED RELIABILITY IN HARSH CLIMATES

• Basic foundation of PV module durability and reliability testing

• No longer the gold standard

• Now viewed to test ‘infant mortality’, but not extended module lifetime

• Thresher and Long Term Sequential are extended lifetime tests that differentiate

Traditional IEC Tests

TC200200 Thermal

Cycles -40 to

+85C

DH10001000 hrs Damp Heat

85C @85% RH

HF1010 Cycles Humidity

Freeze -40 to +85C @

85% RH

“Thresher Test”

http://www1.eere.energy.gov/solar/pdfs/pvmrw12_wedsam_tuv_tamizhmani.pdf

http://www1.eere.energy.gov/solar/pdfs/pvmrw2011_csi_thresher.pdf

Leading Edge Reliability

2X-4X

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ATLAS/SGS 25+ CERTIFICATION

• First Solar Modules independently certified by Atlas and SGS through the 25+ cycle.

• SunPower is the only publicly announced 25+ Certified Manufacturer (Residential module only)

http://www.pv-tech.org/news/sunpower_pushes_solar_panel_to_prove_extreme_capability#comments

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FIRST SOLAR MODULES– WORLD LEADING RELIABILITY

1-Panasonic HIT, Kyocera, Hanwha, Inventec, 2- Sunpower (residential module only, First Solar Production fleet)

• IEC 61646/IEC 61730 1500V Certification

• External Thresher Certification Pass!– <5% Power Output drop

• TUV Long Term Sequential Test Pass!— 1st thin film module to pass

— One of only 5 modules1 in the world to pass LST

• Atlas 25+ Pass!— One of only 2 modules2 in world to pass Atlas 25+

• PID-Free (+/- 1500V)

• IEC 60068 Desert Sand Resistant

1st Thin-Film PV Module to pass Thresher & TUV Long Term Sequential Test

— TUV Rheinland

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QUALITY & RELIABILITY INFRASTRUCTURE: RELIABILITY LAB CAPABILIT Y

Capability Active Capacity

Modules Tested Per Year Over 80,000 Modules

Modules Currently In Test Over 4000 Modules

MW Tested Per Year Over 8 MW

Reliability Lab Space 64,300 SqFt

Equipment Type Purpose

Environmental Chambers

(59)Acceleration of Package Degradation (Weathering)

Light Soak Units (136) Acceleration of Light Induced Degradation

Dynamic/Static Load Simulate Wind, Snow and Ice Loads

RCOLDetermine Risk of Fire Under Reverse Current Fault

Condition

UV ChambersEvaluate Materials and Adhesive Bonds

Susceptible to UV Degradation

Hail ImpactVerify Module Capable of Withstanding the Impact

of Hail

Hot Spot TestAbility of the Module to Withstand Heating Effects

from Soiling or Shading

Instron Material Tester Material Property Testing, Connector Force

Tracker Actuator Test Rig Acceleration of Tracker Actuator Cyclical Stress

First Solar Metrics Reliability Testing Equipment

Automated Equipment and Data CollectionPersonnel Training Program ISO 17025 Calibrated Equipment (Perrysburg)

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Location Size Climate

Arizona 320 kW Hot Arid

Ohio 350 kW Temperate

Malaysia 350 kW Hot Humid/Wet

Chile 36 kW Temperate

India 36 kW Hot Humid/Dry

Philippines 36 kW Hot Humid/Wet

QUALITY & RELIABILITY INFRASTRUCTURE: OUTDOOR PROVING GROUND CAPABILITIES

• Competitive Benchmarking• Evaluation of Technology Readiness• Comparison of Previous and Current Technologies• Performance and Reliability Modeling• Bankability

World-Class Outdoor Test Sites

Test Site Locations

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3RD PARTY MODULE CERTIFICATIONS

• First Solar maintains an extensive list of certifications, that goes beyond most other manufacturers

• First Solar’s manufacturing quality/reliability monitoring is comprehensive and industry leading

Highest Reliability & Value

High Price Market Price

Hig

h R

eli

ab

ilit

yL

ow

Re

lia

bil

ity

Commodity c-Si

High Efficiency

c-Si

FSLR thin-film

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COMPETITIVE CERTIFICATION LISTINGS

FSLR S3 Black/S4 SunPower Hanwha Yingli TrinaCanadian

SolarJA Solar

Solar

FrontierPanasonic SolarWorld Jinko Solar REC LG SunTech Aleo

Commodity

Competitor

IEC61701 Salt Mist Corrosion X X X X X X X X X* X X X X X X

Ammonia Resistance X X X X X X X X* X X X X X X

IEC Damp Heat 85C/85%RH 1000 hrs X X X X X X X X X X X X X X X

Damp Heat 85C/85%RH 2000 hrs X X X X X

IEC Temp Cycle -40 to +85C 200 Cycles X X X X X X X X X X X X X X X

Temp Cycle -40 to +85C 600 Cycles X X X X X

IEC Humidity Freeze 10 cycles X X X X X X X X X X X X X X X

Humidity Freeze 40 cycles X X X X

Chemical Exposure, FSLR-ALT, etc. X

Independent Thresher Test Certification X X

PID Free (negative grounded) X X X X X X X X* X X X X X

TUV Sequential Test Certification X X X

IEC 60068 Desert Sand Resistance X X X X* X* X X X X X

Atlas 25+ X X

Fraunhofer - PVDI Rating X X

1500V X X* X* X X X

Fraunhofer PVDI X X X

*Specific Module Types Only

Link To POWER

Fragmented Market, Lack of Focus

First Solar Module Long Term Performance

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0

200

400

600

800

1000

1200

0 20 40 60 80 100 120 140

Cal

c D

C P

ow

er

(PTC

)

Mos

EXTENDED THIRD PARTY FIELD TESTING — DEGRADATION AT NREL

¹ NREL Q2 2015 Study – FS Document PD-5-615 (±0.07 Type A Statistical Uncertainty) Author: Dirk Jordan, NREL² NREL Q2 2015 Study – FS Document PD-5-636 (±0.19 Type A Statistical Uncertainty) Author: Dirk Jordan, NRELPhoto Credit: Dennis Schroeder, NREL PIX 21822

20+ year NREL degradation study: -0.45%/yr(1) 14+ year degradation study: -0.29%/yr(2)

0

100

200

300

400

500

600

0 50 100 150 200 250

Cal

c D

C P

ow

er

(PTC

)

Mos

• Long-term linear degradation rate

• Degradation rates comparable to other established PV Technologies (c-Si, poly-Si)

• No indication of wear out mechanism or cliff event that would limit life

First Solar Energy Advantage

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SUPERIOR ENERGY YIELD

Shading

Linear Response to shadows

Temperature

Lower temperature coefficient

(-0.34 %/C)

Spectrum

Higher humidity means more light

into device compared to STC

2-5%2-4%0.5-1%

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Module Performance – Comparison To C-Si

• Robust against shading in landscape orientation (perpendicular to cells)

— FSLR Power loss is ~proportional to shading: 10% shading = ~10% output power loss

— Typical c-Si Power loss: 10% shading = ~30% output power loss1

— Minimizes early morning and late evening energy loss while allowing row spacing (array footprint) to be minimized

Shaded Area

Min.

Short side of module

1Partially Shaded Operation of a Grid-Tied PV System, Chris Deline, National Renewable Energy Laboratory (@ >800W/m2)

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Shading: CdTe Vs. C-Si

• Effect of shading is dependent on the electrical connections within the module.

— Some Si modules have multiple rows of series connected which results in non-uniform shading loss

• This result extends to array –level performance

— Power will drop to zero when voltage of array drops below inverter limit

0

20

40

60

80

100

0 50 100

%

mo

du

le p

ow

er

% shading

C-Si

CdTe

1Partially Shaded Operation of a Grid-Tied PV System, Chris Deline, National Renewable Energy Laboratory (@ >800W/m2)

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Proven Real World Performance Advantage FS Vs. CSi – Temperature Response

Typical Field Operating Temperatures

More Energy for Same Nameplate Watts

STC

FS: -0.28%/C

M-cSi: -0.45 to 0.5%/C

STC Field

Cell Temp 25C 65C

First Solar Module 100 W 88.2 W

M-Csi Module 100 W 80 W

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Spectral Response Advantage

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LAB VS FIELD Conditions

STC Field conditions (India)

Cell Temperature 25C 65-70C

Precipitable Water

Content (Pwat)

1.42 Higher Pwat (humidity) in most regions in India.

Between 3 - 4 in Telangana and Andhra Pradesh

Temperature Map Humidity Map

First Solar Plant Performance-Marikal Solar Parks Pvt. Ltd.(July 2015-June 2016)

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10 MW AC/ 11.6 MW DC, Marikal (Dhanwad), Telangana – Series 3

2.90%3.00%

3.20%

2.80%

2.20%

1.50%1.30% 1.30%

1.60%

2.00%

2.30%

2.90%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

50

70

90

110

130

150

170

190

210

230

Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Rad

iati

on

Yie

ld(K

Wh

/m2

)

MRKL- Solar GIS vs Actual Radiation(kWh/m2)& Spectral Gain(%)

Pv Syst(GII) Actual Radiation Spectral Gain(GIS)Source: Marikal solar Park Plant generation data

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Source: Marikal solar Park Plant generation data

Energy Generation Predicted vs Actual- MARIKAL

• Plant capacity - 10MW and SMA800CP Inverter are Installed

19140.0

20320.8

274.3

906.4

16500.0

17000.0

17500.0

18000.0

18500.0

19000.0

19500.0

20000.0

20500.0

Pv Syst (Include Spectral Gain) Weather Corrected Actual Generation Total

En

erg

y G

en

era

tio

n(M

Wh

)

Marikal- Energy Advantage -FSLR

Marikal July2015- June 2016- Energy Gain- MWh

4.67% Extra Generation vs Weather Corrected

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First Solar Module Performance w.r.t. Crystalline Module

Site Telangana

Latitude 18.3DegN

Longitude 78.4DegE

AC Capacity(MW)@ 50 Deg C 34

Inverter ABB, PVS800-57-1000kW-C

Module Make First solar P-Si Tier 1 (Brand A)

Model No. FS-4117 Brand A

Module Technology Cd Te Crystalline

Nominal Power (Pmax) 117.5 310

Module in series ( Nos ) 11 19

Ocupation Ratio( %) 55.2 55.2

Spectral Gain 3.70% NA

First Year P50 Energy Yield(MWh) 69311 63328

Specific Yield(MWh/MWp) 1732.78 1583.20

PR (%) 84.48 77.19

AC PLF (%) 23.27 21.26

DC PLF (%) 19.78 18.07

Energy Gain with FS module wrt

Crystalline (%)9.45%

DC Capacity(MWp) 40

Annual GHI (kWh/m2) 1971

Annual GII (kWh/m2) @14 degree

tilt

2051.1

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• Power Plant built with First Solar technology have superior performance compared to Si

First Solar Energy Yield Is Substantially Advantaged In India

City State CdTe CF x-Si CF Advantage

Kadiri Andhra Pradesh 23.5 21.7 8.3%

Ramanathapuram Tamil Nadu 23.5 21.2 10.8%

Jalaun Uttar Pradesh 22.7 20.8 9.1%

West Kallada Kerala 22.5 20.4 10.3%

Kutch Gujarat 25.1 23 9.1%

Lambi Punjab 22.9 20.9 9.6%

Neemuch Madhya Pradesh 25 23.2 7.8%

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CUF Of Different Technologies & FS Energy Advantage Over Csi-Gujarat-2013-15

• Each Plant capacity is 5MW and SMA800CP Inverter are Installed

• Located at Gujarat at Village : Ghespur, Ta. Jafrabad, Dist. Amreli, Gujarat INDIA

• FSLR 5MW plant Commissioned – 25/05/2012

• CSi 5MW Plant Commissioned - 23/12/2012

0.00

200.00

400.00

600.00

800.00

1000.00

1200.00

1400.00

1600.00

1800.00

2000.00

15.00%

15.80%

16.60%

17.40%

18.20%

19.00%

19.80%

20.60%

21.40%

22.20%

23.00%

2013 2014 2015 Total(MWh)

En

erg

y A

dva

nta

ge

(MW

h)

CU

F(%

)

2013-15- FSLR Vs CSi

Sunkon Energy Pvt. Ltd(Guj)-2013-15

FSLR Energy Advantage FSLR_CUF Csi_CUF

6.93% 7.91% 8.19%

7.67%

First Solar Modules Bankability

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• Strongest balance sheet and cash position amongst all solar competitors

• Unparalleled use of First Solar modules in debt financed projects around the world

• Financial institutions worldwide support First Solar technology

FIRST SOLAR PROJECT FINANCE

First Solar is BANKABLE

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CONCLUSIONS

Energy advantage of 7-9% as compared to P-Si

Over 13.5GW installed worldwide and a 2.8GW contracted pipeline

Strongest financial stability and bankability in the industry

Reliability and long term testing much beyond IEC requirements

Best in class in house testing facilities.

Best in class R&D facility and module efficiency at par with P-Si