Guinness Sustainable Energy Fund on First Solar
Thesis
The fund owns First Solar for integrated exposure to solar-cell and module manufacturing using a specialist cadmium telluride process. The managers expect solar to remain a major source of new generation because of competitive costs, fast deployment and rising electricity demand. First Solar's differentiated manufacturing technology gives the portfolio solar-equipment exposure distinct from standard polysilicon producers.
“the specialist cadmium telluride process used by First Solar”
Key risks
- Solar manufacturing is exposed to pricing and capacity cycles
- Trade and policy changes can alter project and manufacturing economics