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First Solar, Inc. & Morocco

This presentation by Peter Barrett, Adam Kelinsky, Drew Kent, Meredith Puleio, and Erich Strassner discusses the exponential global demand for solar energy and First Solar, Inc.'s strategic investments in Morocco. With 1.6 billion people lacking access to electricity, Morocco offers an ideal environment for solar energy investment, featuring ample sunlight, economic stability, and supportive policies. First Solar plans a 500MW solar farm in Morocco, representing a significant opportunity for renewable energy development and a gateway to European markets, with strong forecasts for regional GDP growth.

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First Solar, Inc. & Morocco

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  1. First Solar, Inc. & Morocco Presented by: Peter Barrett Adam Kelinsky Drew Kent Meredith Puleio Erich Strassner STRT 571-45 28 April 2010

  2. Solar Energy • Worldwide Demand For Solar Energy Is Expected To Increase Exponentially Over The Next Century • 1.6 Billion People Currently Without Access to Electricity • Renewable And Sustainable • Solar Energy Has Become A Financially Viable Alternative To Fossil Fuels • Countries Around The World Are Establishing Policies To Encourage Investment In Renewable Energy

  3. First Solar, Inc • Thin Film PV Producer • First Company To Break $1/Watt Production Threshold • Production Facilities in US, Germany, Malaysia • 32% Margins in 2009 • Low Long Term Debt • Strong Cash Position • Utility-Scale Projects

  4. Solar Energy FDI – Key Selection Criteria and the winner is … Morocco! • Ample Sunlight Exposure to Support Solar Energy Production • Adequate Economic Stability • Scored well on World Bank’s ‘Doing Business’ Indicators • Solar Power Friendly Policies • Access to External Markets • Existing Power Infrastructure

  5. Morocco • Stable Risk Environment For Foreign Direct Investment • Predictable Governance Structure • Pegged Exchange Rate Regime • Free Capital Flows • Strong Regional GDP Growth Forecasts • Credible Public-sector Investment In Green Industries • Gateway To Europe

  6. First Solar’s Moroccan Strategy • Moroccan Integrated Solar Energy Generation Project (ISEGP) • Plan Details • - Self Funded Greenfield 500MW Solar Farm • - 30-year Build-Transfer-Operate (BTO) Partnership w/ ONE • - Approximately $1095 Million Initial Investment • - $11 Million Annual Operation Cost • - 4.5 - 7.1 Years To Break Even – USD • - Remaining Term Revenue in Dirhams

  7. Risk Projections • Risk In Fluctuations Of Dirham Relative USD Could Affect Profit Margin • Largest Scale Project For First Solar Outside North America • Long Term Political Shifts • Solar Eclipses?

  8. Solar Energy: More Than a Pipedream? “And Lord, we are especially thankful for nuclear power, the cleanest, safest energy source there is. Except for solar, which is just a pipe dream.” – Homer Simpson Solar Power : - Technologically Viable - Economically Profitable- Investment Opportunities Abound • Morocco: • Enabling Policy Environment • Stable Predictable Political And Economic Environment • Future Potential: Gateway To Other Markets Solar Power: Pipedream? Investor’s Dream Solar Power: Pipedream? Morocco: Mirage In The Dessert? Morocco: Mirage In The Dessert? Bright Oasis Of Opportunity

  9. First Solar, Inc. & Morocco Presented by: Peter Barrett Adam Kelinsky Drew Kent Meredith Puleio Erich Strassner STRT 571-45 28 April 2010

  10. TO Q & A or not to Q & A?

  11. BACKUP SLIDES

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