Sub-theme: Solar power
First Solar is a US-based manufacturer of solar photovoltaic (PV) panels. Headquartered in Arizona, the company is the leading supplier of thin-film modules that are used primarily in utility-scale and commercial power plants. The company has manufacturing facilities in Malaysia and Vietnam as well as the United States and operates a sector leading approach to manufacture and recycling of its solar modules.
Impact Score: 42%
First Solar modules are the key element in a solar farm and represent a critical technology in decarbonising the global economy. Solar PV is a near-zero emission technology with a dramatically lower carbon footprint than traditional power generation technologies. While FirstSolar is differentiated, the overall market is extremely competitive.
Fundamental Quality: 64%
Solar module manufacturing is a commoditised market with intense price competition. First Solar is though the only large-scale solar module manufacturer that uses thin-film technology. The technology provides some level of differentiation as does the company’s manufacturing locations which avoid China. The company is conservatively run, has a strong approach to ESG issues and has a solid and experienced management team.
(per £1m invested in this company FY23)
- Hazardous chemicals
- Human capital
- Net Zero Carbon strategy
- Tax
- Product impact reporting
- Carbon/ GHG emissions strategy
- Generation of electronic waste at the end of the product’s life
- Use of hazardous chemicals in manufacturing
- Use of energy in manufacturing
