First Solar Files For 9.65M Share Offering

First Solar, Inc. has filed a registration statement with the Securities and Exchange Commission for a proposed offering of up to 9,650,000 shares of its common stock. The 9,650,000 shares to be registered include 5,650,000 shares owned by certain stockholders of the Company.

First Solar estimates that it will receive net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses payable, of approximately $423.2 million from the proposed offering.

The company intends to use the net proceeds to build a second four line production plant at its Malaysia manufacturing center, to fund the associated production start-up and ramp-up costs and for working capital and other general corporate purposes, including to fund possible future capacity expansions. The company will not receive any of the proceeds from the sale of common stock by the selling stockholders.

As a result, the company is now planning to expand its annual manufacturing capacity from 90MW in the second half of 2006 to 450MW by the first half of 2009.

In August 2006, First Solar expanded its Ohio plant from one to three production lines, increasing annual manufacturing capacity to 90MW. In April 2007, the company started initial production at a 120MW manufacturing facility in Germany, which is expected to reach full capacity by the fourth quarter of 2007.

In April 2007, First Solar also began construction of plant one of its Malaysia manufacturing center, and is planning to begin construction of plant two in the fourth quarter of 2007. First Solar expects plant one to reach its full capacity of 120MW in the second half of 2008 and plant two to reach its full capacity of 120MW in the first half of 2009. After plant two of the Malaysia manufacturing center reaches its full capacity, the company will have fifteen production lines and an annual global manufacturing capacity of 450MW.

When available, a copy of the prospectus may be obtained by First Solar, Inc., 4050 East Cotton Center Boulevard, Building 6, Suite 68, Phoenix, Arizona 85040, Telephone (602) 414-9315.