First Solar: A Cash-Generative Asset In The Energy Transition

First Solar is expanding capacity to 25GW by 2027, leveraging vertical integration and innovative CdTe technology to maintain US solar leadership. IRA 45X tax credits and US trade protection shield First Solar from Chinese competition, supporting margins and long-term profitability. Key risks include potential US solar price erosion and policy shifts favoring fossil fuels, which could impact demand and margins.