First Solar

First Solar, Inc.
Company type	Public
Industry	Solar energy, Photovoltaics
Predecessor	Solar Cells, Inc.
Founded	1990
Founder	Harold McMaster
Headquarters	Tempe, Arizona, United States
Key people	Mark Widmar (CEO), Mike Ahearn (Chairman)
Products	Solar panels (thin-film cadmium telluride modules), utility-scale photovoltaic power plants, financing, construction, maintenance, recycling services
Revenue	$4.21 billion (2024)
Operating income	$1.39 billion (2024)
Net income	$1.29 billion (2024)
Total assets	$12.1 billion (2024)
Total equity	$7.98 billion (2024)
Number of employees	8,100 (2024)
Website	www.firstsolar.com

First Solar, Inc. is a publicly listed American company specializing in the production of solar panels and the development of utility-scale photovoltaic (PV) power plants. In addition, it offers services such as financing, construction, maintenance, and recycling of solar panels at the end of their lifecycle. The firm focuses primarily on manufacturing rigid thin-film modules, with cadmium telluride (CdTe) panels forming its main product line.

The company was established in 1990 by inventor Harold McMaster under the name Solar Cells, Inc., and was renamed First Solar, Inc. in 1999 following its acquisition by True North Partners, LLC. First Solar went public on NASDAQ in 2006 and is currently led by CEO Mark Widmar, who assumed leadership in 2016.

Based in Tempe, Arizona, First Solar has expanded its production capabilities significantly. In 2024, it inaugurated a $1.1 billion manufacturing plant in Alabama, maintains three facilities in Ohio, and is developing a $1.1 billion, 3.5 GW capacity plant in Louisiana slated for completion in 2026. These expansions will boost its domestic U.S. production capacity beyond 14 GW, enhancing its competitive position and market share within the solar sector.

For the year 2024, First Solar reported revenues amounting to $4.21 billion, an operating income of $1.39 billion, net earnings of $1.29 billion, total assets valued at $12.1 billion, and shareholders’ equity of $7.98 billion. The company employs approximately 8,100 staff members.

Technology

First Solar produces photovoltaic modules utilizing cadmium telluride (CdTe), applying a thin film of CdTe on glass substrates to generate electricity. By 2013, the company had achieved panel efficiencies near 14% with manufacturing costs around 59 cents per watt. A notable breakthrough occurred in 2019 through a partnership with the National Renewable Energy Laboratory (NREL), which demonstrated CdTe solar cells attaining an efficiency of 20.8%, representing a major advancement in thin-film PV technology.

History

The origins of First Solar trace back to 1984 when entrepreneur and inventor Harold McMaster founded it following his earlier initiatives including Glasstech Solar and Solar Cells, Inc. (SCI), both concentrating on CdTe technology development. SCI was acquired by True North Partners in 1999, leading to the formation of First Solar, LLC.

By 2009, First Solar had exceeded 1 GW of installed energy capacity, becoming the largest global producer of photovoltaic cells at that time. The company’s headquarters remain in Tempe, Arizona, while its manufacturing operations extend across Ohio, Malaysia, Vietnam, and India.

In July 2010, First Solar launched a utility systems division aimed at delivering large-scale PV solutions and pivoting toward markets less reliant on subsidies. However, facing market instability and declining demand in April 2012, the company underwent global restructuring that included shutting down German operations and suspending production lines in Malaysia, which resulted in a workforce reduction of approximately 30%.

Mark Widmar took over as CEO in July 2016 after serving as Chief Financial Officer; founder Mike Ahearn continues as chairman. Benefiting from the Inflation Reduction Act enacted in 2022—which allocated $1 trillion toward environmental initiatives—First Solar capitalized on strategic lobbying efforts and investment partnerships.

In May 2023, First Solar expanded its technological capabilities by acquiring Evolar, a European firm specializing in perovskite technology, for $38 million. Nevertheless, a 2024 audit uncovered allegations of forced labor practices at one of its Malaysian supplier factories.

First Solar was a pioneer in reducing solar panel production costs to below $1 per watt back in 2009. By 2022, it ranked as the fourth-largest solar company listed in the U.S., based on trailing twelve-month revenue figures. The company has earned numerous accolades for innovation and growth from organizations such as Fast Company and Forbes. It has been included in the Photovoltaik Global 30 Index since 2009 and topped Solar Power World’s solar contractor rankings during both 2012 and 2013.

Market history

At the outset, First Solar primarily supplied solar project developers, system integrators, and independent power producers, with initial sales heavily concentrated in Germany due to the favorable incentives provided by the German Renewable Energy Sources Act (EEG) of 2000. However, as feed-in-tariff subsidies declined and became uncertain across various European countries such as Germany, France, Italy, and Spain, First Solar expanded its market reach to include the United States, India, and China.

From December 2011 onward, the company redirected its strategy away from markets reliant on subsidies toward utility-scale photovoltaic systems in regions exhibiting strong immediate demand. This strategic realignment enabled First Solar to compete more effectively against traditional power producers while decreasing its focus on rooftop installations.

On February 24, 2009, First Solar achieved a milestone with its cost per watt dropping below $1, reaching $0.98. In 2023, the company sold a total of 11.4 gigawatts of solar modules. By February 2024, production costs were estimated at 18.8 cents per watt, with average selling prices around 18.2 cents per kilowatt-hour for anticipated sales near 16 gigawatts during that year.

In February 2025, First Solar earned $857 million through the sale of transferable tax credits under the Inflation Reduction Act. These credits were generated from solar modules manufactured in 2024 at its U.S.-based plants, including three facilities located in Ohio and a newly established factory in Alabama.

Production history

In 2019, First Solar forecasted annual panel shipments surpassing 5,400 MWp. Production operations commenced in Perrysburg, Ohio and experienced growth starting in 2010. Between 2007 and 2012, manufacturing capacity expanded with additional facilities established in Frankfurt (Oder), Germany; Kulim Hi-Tech Park, Malaysia; and France. Prior to 2012, expansion plans also considered sites in Vietnam and Mesa, AZ, although the Mesa plant was sold to Apple in 2013 without ever becoming operational.

The company's 2023 Sustainability Report emphasizes its active commitment to environmental, social, and governance (ESG) initiatives, including mitigating risks related to modern slavery and forced labor within its supply chain. First Solar’s products comply with the Uyghur Forced Labor Prevention Act and have received clearance from U.S. Customs and Border Protection.

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	1900 MW	2700 MW	~5500 MW

In its latest reporting for 2023, First Solar disclosed an operational annual U.S. cell production capacity exceeding 6.5 gigawatts, with global annual nameplate capacity projected to reach around 26 gigawatts by the year 2026.

Additionally, the company generated $857 million through the sale of transferable tax credits under the Inflation Reduction Act connected to solar modules produced at its domestic manufacturing locations, which include three factories in Ohio alongside a new plant in Alabama.

Market performance

In 2012, First Solar achieved revenues surpassing $3.37 billion, yet restructuring efforts resulted in a net loss of $96.3 million, equating to a loss of $1.11 per share. The company's edge in the market has stemmed from its cost-effective modules, made possible by cadmium telluride technology, which reduced module expenses to $0.67 per watt compared to the $1.85 per watt typical of crystalline-silicon PV in 2010. As First Solar transitions its emphasis from module manufacturing to utility-scale solar projects, it seeks to boost its price competitiveness against traditional energy sources by lowering production costs and enhancing system efficiency.

Installations

By 2012, First Solar had deployed 1,505 MW of solar capacity and expanded its global installations to exceed 17 GW by 2019. Its diverse portfolio encompasses numerous large-scale solar projects and developments worldwide, solidifying its influence and growth trajectory within the renewable energy sector.

North America

The Copper Mountain Solar Facility near Boulder City, NV boasts 802 MW capacity, constructed in five stages for Sempra Energy and Consolidated Edison.
The Topaz Solar Farm in San Luis Obispo County, California, with a capacity of 550 MW, was acquired by MidAmerican Energy Holdings.
The Desert Sunlight Solar Farm located in Riverside County, California, also rated at 550 MW, is owned by NextEra Energy alongside GE Energy Financial Services.
The Agua Caliente Solar Project in Yuma County, Arizona, offers 290 MW capacity and was developed for NRG Energy and MidAmerican Renewables.
Completed in 2014, the Antelope Valley Solar Ranch in Los Angeles, California has a capacity of 230 MW and is owned by Exelon Corp.
Ontario’s Sarnia Solar Farm provides 80 MW and is held by Enbridge.
The Silver State North Solar Project near Boulder City, Nevada delivers 50 MW and was completed and acquired by Enbridge.

Europe, Middle East, and North Africa

The Mohammed bin Rashid Al Maktoum Solar Park located in Saih Al-Dahal, UAE includes a 13 MW_DC solar installation constructed by First Solar for Dubai Electricity & Water Authority (DEWA).
Stadtwerke Trier (SWT) in Trier, Germany operates one of the world’s largest thin-film solar plants, generating over 9 GWh annually—sufficient to power more than 2,400 households while preventing 100,000 tons of CO₂ emissions over two decades.
Israel’s largest photovoltaic power facility, the Ramat Hovav solar field with a capacity of 37.5 MW, was developed by Belectric and became fully operational in December 2014.
Near Leipzig, Germany, the Waldpolenz Solar Park developed by Juwi Group has operated since 2008 with a capacity of 40 MW.
Germany’s largest solar project on repurposed land is the Lieberose Photovoltaic Park (53 MW), inaugurated in December 2009 on a former military training ground using approximately 700,000 solar panels.
First Solar supplied more than 13,000 thin-film modules for the rooftop system at Stadio Marc'Antonio Bentegodi in Verona, Italy.

Asia and Australia

The Greenough River Solar Farm in Western Australia delivers 10 MW capacity and was completed for Verve Energy together with GE Energy Financial Services.
AGL Energy's solar projects totaling 159 MW are located in Nyngan and Broken Hill in New South Wales; notably, the Broken Hill facility with a capacity of 53 MW was finalized in 2015.

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