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

Solar Energy 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 Worldwide Demand For Solar Energy Is Expected To Increase Exponentially Over The Next Century

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 Utility-Scale Projects Strong Cash Position

Solar Energy FDI – Key Selection Criteria 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 and the winner is … Morocco!

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

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

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?

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? Solar Power: Pipedream? Investor’s Dream Morocco: Mirage In The Dessert?Morocco: Mirage In The Dessert? Bright Oasis Of Opportunity

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

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