Solar panel producer First Solar Inc. (FSLR) surges ahead with its production of solar panels that aid customers and partners generate more clean energy from renewable source. The company, which began operations in 2002, touched the milestone of manufacturing 5 gigawatts (“GW”) of solar panels.
A First Solar competitor in the same photovoltaic cell market, operational since 2001, Suntech Power Holdings Co. Ltd.(STP) reached the 5 GW landmark recently in October 2011. However, to First Solar’s credit, the company achieved the mark in lesser time.
First Solar’s 5 GW of installed solar panels will lower the emission of 3.3 million tons of green house gas in the environment per year. Along with manufacturing of solar panels, the company is also working to enhance the conversion rate of these panels.
Through its astute research and development program, the company produced the 17.3% efficient cadmium telluride solar cell in July, resulting in average module conversion efficiency of 12.4%. Encouraged by the efficiency, First Solar will soon start producing the 87 watt modules, which will help produce more green electricity.
Surging demand for solar panels has made First Solar increase its production in its plant in Germany. In November 2011, the company increased its production from the Germany plant to 500 Megawatt (“MW”) from the existing level of 250 MW.
Despite being the costliest variant of energy source, the global solar panel market continues to expand due to support from government agencies and cutting-edge technology that aims at increasing the conversion rate of the panels. We believe the global demand for solar panels is big enough to offer a piece of the pie to every player in the solar panel market.
Headquartered in Tempe, Arizona, First Solar Inc. designs, manufactures, and sells solar electric power modules using a proprietary thin film semiconductor technology. We presently have a long-term Neutral recommendation on First Solar Inc.
