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First Solar, Inc. & Morocco

First Solar, Inc. & Morocco. Presented by: Peter Barrett Adam Kelinsky Drew Kent Meredith Puleio Erich Strassner. STRT 571-45 28 April 2010. Solar Energy. Worldwide Demand For Solar Energy Is Expected To Increase Exponentially Over The Next Century.

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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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