Acquiring First Solar Energy: Investment into our Future Formal Report, 2013

Prepared by Dasha Karpovtsev Consultant

Report Distributed April 22nd, 2013

Prepared for Knights Investment Group

Acquiring First Solar Energy-2013

ABSTRACT The nature of this report is to explicate the necessary reasoning and statistical evidence in acquiring the global company, First Solar. As a personal consultant for Knights Investment Group, concepts such as financial revenue, global economical benefits, and environmental impact will be both analyzed and presented in a qualitative manner. Within this report, I will also provide statistical data, progress analysis, as well future expansion information, in order familiarize oneself with all the disparate aspects of the company. The overall purpose is to have KIG see First Solar as a successful business venture, and to comprehend the vital role that this company will play in both our environment as well as current business economy. By researching First Solars award acknowledgements as well as current solar projects, KIG will further be able to fathom the extent of the companys reputation, as well as understand where their revenue would derive from. On terms of using more statistical and qualitative methods of research, this report will be able to portray both factual and concrete benefits as well as risks associated with direct investment. The importance is to understand how the intertwining of different facets such as current market competition and international demand will not only help build First Solars reputation, but as well as define what future innovation truly is. In conclusion, the success of First Solar will be represented by the 2013 Annual Report, along with an analysis of the companys stock value, efficiency, as well future progress.

Acquiring First Solar Energy-2013

TABLE OF CONTENTS

ABSTRACT.....................................................................................................................................2 EXECUTIVE SUMMARY......................................................................................................................................4 INTRODUCTION...........................................................................................................................6 FIRST SOLARS BACKGROUND AND TECHNOLOGICAL PURPOSE.................................6 ACCOMPLISHMENTS OF FIRST SOLAR AND RANKING IN GREEN TECHNOLOGY......7 Solar Panel Projects.............................................................................................................7 COMPETITION, STOCKS, AND STATISTICAL DATA..............................................................9 Demand for Solar Power......................................................................................................9 Stocks...................................................................................................................................9 CONCLUSIONS AND RECOMMENDATIONS.........................................................................13 WORKS CITED............................................................................................................................15

Acquiring First Solar Energy-2013

EXECUTIVE SUMMARY As a personal consultant of investment firms, I would like to present First Solars company analysis, statistical market value, as well as future objectives in order for KIG to see the benefits in acquiring this innovative new company. I began with explicating First Solars background and technological purpose, in order to become familiar with the companys overall nature and market approach. To start off, First Solar emerged in 1999 and is a global provider of comprehensive photovoltaic solar energy solutions, (First Solar, n.d.), which in simpler terms refers to supplying clean energy sources using only the sun. The use of fossil fuels has greatly impacted both our economy and environment in a negative way, and with First Solars use of solar energy as a business venture, innovation was clearly their strength. It is important to fully comprehend all the different factors that amalgamate with one another, in order for a company to be considered successful. In the first half of the report, I introduced First Solars prominent awards as well as their acclaimed solar panel projects. The Agua Caliente and Copper Mountain solar panel projects were both proven to be running productively and efficiently, creating an insight into the companys growing success. After elucidating the facts and strengths of each projects as well, a list of achievement awards were depicted, in order to see where First Solars reputation as being a dominant leader in clean technology had originated from. The next main section explicated the companys competition, stocks and statistical data. In other words, the concept of supply and demand was introduced in order to support the reasoning behind the increased market value, as well as provide general facts on First Solars stocks. The following categories of each topic were further analyzed, in order for a correlation between international borders and the United States economy to be depicted. Countries such as those in the Middle East and North Africa are in need of developing and using renewable sources, in order to meet their growing energy demands for both their populations and economies (DiPaola, 2013). Now what this means, is that by investing into a company where international demand exists, then it is safe to say that the business's revenue would increase significantly, as new projects would then begin to be constructed. The demand for solar power has increased over the years, especially since burning fossil fuels costs the United States about $120 billion a year in health costs, mostly because of thousands of premature deaths from air pollution (Wald, 2009). It is evident that one day there will be a deficit in fossil fuels, therefore by investing into a company that will have a long life span, both increasing profits as well as future progress will be inevitable. On terms of monetary aspects, a chart of the most recent NASDAQ First Solars stock value was exemplified, marking the value at $38.10. First Solar share logged their biggest ever one-day jump on April 9th, 2013 after the company said revenue and earnings for the next three years would be well above most Wall Street estimates, acquiring new solar technology as well (Groom, 2013). What this constitutes to is that the market value of First Solar is both increasing and showing positive progression, but there are of course risks and limitations associated with investment. Stocks fluctuate depending on either internal or external sources, but First Solar is primarily affected by the external environment, due to the fact that their energy source is
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Acquiring First Solar Energy-2013

supplied from the sun. The environment may be unpredictable at times, which of course foreshadows the concepts such as a lack of sun exposure, hurricanes, or just general weather predicaments. But it is important to understand and balance these direct risks associated with investment, because even though these limitations do exist, the benefits most definitely out weight the negatives. These benefits will be explained further in both the 2012 Annual Report as well as the Carbon FootPrint graph. In remarks to the 2012 Annual Report, four key concepts are portrayed ; net sales, module cost, marketable securities, and lastly, module conversion efficiency. All four of these concepts are very important in order to both fathom as well as predict the future success of First Power, as well as gain a perception of how these characteristics impact one another. According to the net sales, there has been only significant increases in market value from 2006-2012, implying that not once had the value ever dropped in sales or leaned towards the negatives. By explicating these results, KIG should become confident enough in the facets of profit and future progress. The next concept depicted is the module cost per watt. What this signifies, is that the price of production is decreasing, due to the increasing demand of solar energy (referring to the idea of supply and demand). In retrospective to the amount of demand that has been globally circulating around First Solar, the companys costs have quickly been decreasing, allowing for clean energy to become both affordable and efficient. When alluding to the module conversion efficiency, which in simpler terms conveys how efficiently is the company working, there is also an increase in productivity, suggesting that the company will create even more projects within the next few years. And lastly, the marketable securities portray the amount of debt that the company has, and once again, the debt is subsiding as well, due to the profits vastly increasing As you can see, by analyzing First Solar from a variety of different angles, we are able to gain a perspicacity into the business world of the company, as well as surmise at the future accomplishments that are soon to come. As discussed prior, our world is entering a pollution epidemic, and if America continues along a business-as-usual energy path, U.S. fossil fuel spending is likely to grow, totaling an estimated $23 trillion between 2010 and 2030 (Environmental America, 2009). It is evident that First Solar is the answer when it comes providing an incessant supply of clean energy, therefore First Solar should be looked at as a necessity, rather than just a regular business venture. In the end, it all comes down to the main question, should we acquire First Solar or are the monetary aspects of this new company too risky? My recommendations to KIG is to not only analyze the company as a whole, but to most definitely acquire First Solar as an investment prospect, due to the fact that there is so much profitability and lifespan within this company. First Solar is new, innovative, and definitely a necessity within our future economies as well as environment. Therefore, investment into First Solar will not only bring a pecuniary gain, but begin the process of venturing into the world of innovation and green technology.

Acquiring First Solar Energy-2013

INTRODUCTION As we all know, investment into a company can bring both profits and substantial risks, but it is all a matter of analyzing and studying those business venture elements that will play a role in determining the final decision. This report intertwines the aspects of quantitative data as well as secondary research in order for Knights Investment group to understand both the global benefits and financial gain involved with acquiring First Solar. First Solar is an American manufacturing company specializing in the production of solar panels and supplying Green technology worldwide. The main purpose of this report is to not only recommend this profit oriented enterprise, but as well as present the necessary facts, progress, and accomplishments of this company to KIG, as an option of investment. Providing First Solars background information, technological data, and even international impact are just some of the concepts that will be explicated throughout this report as a basis for further acquirement. FIRST SOLARS BACKGROUND AND TECHNOLOGICAL PURPOSE It is first important to understand First Solar Inc. as a company inside and out, including when the company emerged, their technological foundation, as well as what differentiates them among current investment competition. To start off, First Solar emerged in 1999 and is a global provider of comprehensive photovoltaic solar energy solutions, (First Solar, n.d.), which in simpler terms refers to supplying clean energy sources using only the sun. This means that they directly provide an efficient and unlimited amount of energy to homes and businesses all over the world, as panacea in decreasing both fossil-fueled and carbon dioxide emissions. The reason why these facets are significant in accordance to investment, is because by acquiring stocks in a company that is proven to be both efficient as well as a necessity for the future, KIG can then become confident that their business venture would not have a low span life. What do I mean exactly by this? Well hypothetically speaking, why invest in a company that may just have a short burst of financial success, but is impacted by lets say the cultural and societal changes within our decade. This would refer to fashion companies, computer games, or just general entertainment stocks that fluctuate immensely, once again due to cultural interest amendments. Our world has struggled with pollution, in terms of carbon dioxide emissions, and we are increasingly beginning to realize that our fossil fuels are running out. Why is this exactly important? Over 85 percent of our energy supply within the United States is dependent on fossil fuels, and American consumers and businesses expenditures reach anywhere from 700 billion to 1 trillion dollars for coal, oil, and natural gas (Environment America, 2009). The reality is, we need replacements in clean technology, which would range from hydroelectric power, wind power, and of course solar power. Therefore, solar power is becoming a necessity, something that will surely be needed in order to sustain our future societal living standards and economies. First Solar produces energy with low greenhouse gas impact, and contributes to economic development by protecting and enhancing the environment, as well as creating jobs (First Solar, n.d.). These concepts all allocate to the decision, to invest in a solar power company or not to? As you can clearly see, the risks associated with direct investment into First Solar is significantly smaller than investment in companies that portray short term popularity. By analyzing our future predicaments and
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Acquiring First Solar Energy-2013

necessary changes, First Solar becomes an evident solution in the fields of business, power, and financial profitability. ACCOMPLISHMENTS OF FIRST SOLAR AND RANKING IN GREEN TECHNOLOGY Solar Panel Projects First Solars accomplishments as a global entity are greatly portrayed by both their successful and efficient contributions to the use of Green Technology, allowing them to stand out amongst other competitors. Their official website provides vast information on their recent projects and results, as well as future progress, which directly plays a role in understanding their credibility and impact on both the environment and economy. There are many companies out there, that will begin to elucidate on how they are both unique and strong in their market, yet seem to lack actual evidence. Further down, I will present to you the project benefits, community commitment, and success rates of some First Solars key projects along with notable awards. One of the projects that have been a success within the United States is the Agua Caliente Solar Project, which is located in Yuma, Arizona. It is the worlds largest operational PV power plant connected to the electricity grid, and powers over 100,00 homes (First Solar, n.d.). The importance of this project, is that it specifically completes the goal of providing a clean energy source, while eliminating both pollutants and carbon dioxide emissions (see Fig. 1).

Figure.1. Agua Caliente Solar Project (First Solar, n.d.) Another project that has been successfully completed and proven to reach maximum efficiency is the Copper Mountain Solar 1, located in Boulder City, Nevada (see Fig. 2). This facility generates clean energy for over 20,000 average homes and eradicates approximately over 35,000 metric tons of carbon dioxide annually (First Solar, n.d.). These are just two of the main projects
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Acquiring First Solar Energy-2013

that have been running efficiently, and there are many others that are being both innovated and constructed for the future years. Once again, the purpose of presenting these projects is for KIG to understand how Firs Solars technological approaches and ventures will bring in revenue, as well as predict further plans and global innovations

Figure. 2. Copper Mountain Solar (First Solar, n.d.)

Here is also a list of the most recent awards within these past 2 years (Fist Solar, n.d.) : 2013 - Utility Variable Generation Integration Group - Achievement Award - Mahesh Morjaria 2013 - ENR Southwest - Owner of the Year 2013 - Wiki-Solar - #1 Ranked Project Developer 2013 - SEIA and SEPA - PV Projects of Distinction Awards - Mount St. Mary's Project 2013 - IMS Research - #1 Ranked EPC Company 2012 2013 - Project Finance - North American Solar Deal of the Year 2012 - Topaz 2013 - Imperial Valley Economic Development Corp - Project of the Year - Tenaska Imperial Solar Energy Center South 2012 - ENR - Top 400 Contractor- Ranked #5 in power sector 2012 - Solar Power World - Top 100 Solar Contractors 2012 - Project Finance - Project Finance Deal of the Year 2011- Desert Sunlight 2012 - Power Intelligence - Best Renewables Deal - Desert Sunlight The purpose of providing the following projects as well as awards, was so that KIG could have a better glimpse of First Solars potential, as well as their already competitive nature. By portraying their successful progression and future plans, First Solar is able to create a concrete foundation for their efficient technology, maximizing their profitable reputation. It is important

Acquiring First Solar Energy-2013

to familiarize oneself with all the different aspects of a company, so after portraying these following results, it is time to move onto numbers and global energy implications. Now that I have explicated some if First Solars accomplishments, I would like to further present both statistical and factual information on direct investment within these next few pages, as well as create an insight into the companys overall global impact. COMPETITION, STOCKS AND STATISTICAL DATA Demand for Solar Power Now we entering the market of revenue. In order for something to be financially successful, that item must be either needed or wanted, which in this case, First Solar reflects both. On a global scale, First Solar is becoming acquired by rather disparate countries, all in hope of creating a clean energy source. Countries such as those in the Middle East and North Africa are in need of developing and using renewable sources, in order to meet their growing energy demands for both their populations and economies (DiPaola, 2013). This is an important facet in investment, because by having solar panels be demanded in high qualities globally, this will ensure that First Solars life span will not come to a short end. The Unites States economy intertwines business both locally and internationally, and have always valued the import of oil from the Middle East. But throughout the years, even the Middle East is becoming aware of the pollution epidemic, and has also taken an interest in solar panels. Saudi Arabia will be the regions biggest market for solar projects, as well as the United Arab Emirates, which started the regions largest 100megawatt power plant using only solar energy (DiPaola, 2013). These facts alone present the idea that the use of solar power will be accelerating throughout the years, with an increasing demand in business. Stocks Evidently, both the stock price and expectations are the two main decision indicators that investment companies will evaluate, especially with a relatively new company such as First Solar. First Solar recently announced that their earnings for 2013 would be even higher than expected, acquiring a high-efficiency module company as well (Hoium, 2013). But what exactly is making First Solar create this assumptions? Well there are various positive factors, which will be discussed thoroughly within the next couple of pages. Alluding back to the solar projects that have been successfully running within the United States, there has also been much progress internationally, which has added immense value to the stock. One of the most biggest international collaborations that created a mass impact, was the agreement between the United States and China. Chinese government officials signed an agreement with First Solar for a 2,000megawatt photovoltaic farm to be built in the Mongolian desert, that would be completed by 2019 (Wood, 2009). The importance of this event, is that it once again signified the rapid changes that have been taking place throughout our technology, as well as increased demand even amongst international competitors. I believe that for all of this information to fully form a concrete background for the acquirement of First Solar, we must now look at the financial gains and losses associated with both their stocks and future progress.

Acquiring First Solar Energy-2013

We will first begin by looking at Fig. 3., which depicts First Solars stock value and progress as of April 19th, 2013. What this shows is that the current stock price is valued at $38.10, and has had both an increasing and balancing wave of revenue. As you can see, there are no sudden drops within the past couple of days, and reflects a positive upward scale of financial gain.

Figure. 3. First Solar, Inc Google Stock (NASDAQ)

First Solar share logged their biggest ever one-day jump on April 9th, 2013 after the company said revenue and earnings for the next three years would be well above most Wall Street estimates, acquiring new solar technology as well (Groom, 2013). What this means, is that First Solar has been doing very well in the stock market, and has not had any sudden drastic drops within their stock value throughout the past year (which will be further depicted in companys Annual Report). As with any stock market though, there are of course a few general limitations that may realistically affect the success of a company. Stocks fluctuate everyday, even with some of the most regarded and reputable ventures in the word such as Apple or Google. But I believe that by analyzing First Solars previous years after becoming a public company, as well as taking un foreseen economical changes, societal implications, and even weather patters into consideration, dominant risks associated with direct direct investment could be reduced. Looking at First Solars technological stand points as well as global services, it becomes evident that a positive financial outcome is much more prevalent, than any true losses.

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Acquiring First Solar Energy-2013

In accordance to First Solars progress analysis, I would like to depict their 2012 Annual Report, which emphasizes on the aspects of net sales, module costs, conversion efficiency, and marketable securities (See Fig. 4.).

Figure. 4. First Solar PDF 2012 Annual Report

Each one of these aspects portrays positive results, especially the current net sales. From the years of 2006 all the way to 2012, there has been an increase in stock value, which alludes to the concept of future investment. By having the net sales increase significantly, KIG should feel comfortable knowing that innovation and progress are the key contributes to First Solars growing market. On the next graph down below, the module cost per watt seems to be expanding the efficiency level of watts, which is important when it comes down to the overall production of the solar panels. What this means, is that due to the financial success and working environment, First Solar is able to produce the same amount of energy but for less, supplying more homes and economies without an extensive budget. This allows the company to be more profitable and systemic, pertaining to the concept of supply and demand. When demand increases, then the price of that product decreases, creating both efficient and affordable energy. When it comes to marketable securities and debt, First Solars debt is beginning to decrease immensely due to the fact that the company is bringing in an impressive amount of revenue. This graph allows investors to see that as current income increases, the companys debt will begin to decrease drastically, allowing for even more revenue to be produced. Lastly, the module conversion
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Acquiring First Solar Energy-2013

efficiency can be intertwined with the module cost per watt, because it again suggest the companys overall efficiency level of production and out put. As the conversion energy increases, First Solar projects begin to portray an even greater amount of green energy production, cutting half of the time and doubling the results. In general, the key goal of First Solar has always been to supply solar energy in the greatest amounts possible, yet to make it still affordable and profitable for their customers. The last item I would like to talk about would be the Carbon Footprint of First Solar. In simpler terms, all a carbon footprint depicts is the amount of carbon dioxide and other pollutants that a fossil fuel leaves behind when being produced. If you refer to Fig. 5., you will see the minimum damage and emissions that First Solar foreshadows, and presents the true impact that it has on our environment. Burning fossil fuels costs the United States about $120 billion a year in health costs, mostly because of thousands of premature deaths from air pollution (Wald, 2009). By exemplifying statistical evidence that First Solar not only provides unlimited and clean energy sources, they are also able to guarantee an environmentally take on even the production aspects of their projects. Investment in First Solar is not only greatly influenced by their ability to deliver both their goals and promises to our environment, but to also provide evidence that what they do is one hundred percent proven as factually derived.

Figure. 5. Carbon Footprint: A Fraction of Conventional Sources (First Solar, n.d.)

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Acquiring First Solar Energy-2013

CONCLUSIONS AND RECOMMENDATIONS One again, the contributing factors of a company such as their revenue stability, progress analysis, and overall future motives, are what will ultimately play a role in the investment decision making process. Throughout this report we have introduced some of First Solars company characteristics such as their background, accomplishments, and even current market competition. On the other hand, we have analyzed the in depth statistical approach, which explicated First Solars total revenues, risks, and economical demand, all intertwined into one vast factual basis. It is important for Knights Investment Group to understand the foundation that First Solar has acquired, especially now that they are participating in international business ventures. After First Solar became a public company in the NASDAQ market, success was already being foreshadowed by both the stock values and market progress. First Solar soared on their 45% outlook, sharing their biggest ever one-day jump, as well as stating that their revenue would by pass Wall Streets revenue estimates (Groom, 2013). By then examining the companys Annual Report and statistical data, we were able to prove the theory that First Solar was not just a short lived lifespan, but actually an overnight success. The need for solar power has been becoming increasingly demandable, and by elucidating the factual evidence of both local and internationally interest, acquiring First Solar would be an actual investment into our overall future. As discussed prior, our world is entering a pollution epidemic, and if America continues along a business-as-usual energy path, U.S. fossil fuel spending is likely to grow, totaling an estimated $23 trillion between 2010 and 2030 ( Environmental America, 2009). First Solar takes into consideration the carbon footprint that fossil fuels leave behind, therefore by having them create successful projects such as the Agua Caliente and Coper Mountain solar projects, KIG should be confident in knowing that the companys goals are being fulfilled without a doubt. The overall purpose of this report is for KIG to comprehend the financial benefits as well as economical change that First Solar will bring to our economies. The demand for solar power increases every year, and even countries such as those in the Middle East and North Africa are in need of developing and using renewable sources, in order to meet their growing energy demands for both their populations and economies (DiPaola, 2013). Investment into stocks should only be made when a company is confident enough in the overall nature and goals of that business, and First Solar provides just that in their years of progress. After depicting the companys awards and project success, First Solar was also able to represent their impressive market value, which was depicted in the NASDAQ First Solar Stock exchange graph. By also intertwining the different Annual Report concepts such as net sales, module cost, as well as conversion efficiency, First Solar was able to support their success with not just future assumptions, but with factual statistical numbers. In the end, it all comes down to the main question, should we acquire First Solar or are the monetary aspects of this new company too risky? My recommendation for Knights Investment Group is yes, you should invest. First Solar is far less risky in accordance to other stocks, which as was explicated before as sometimes being short spanned interests. Video games, software, and even fashion stocks may all at some point drop drastically, due to the ever changing nature
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Acquiring First Solar Energy-2013

within our culture. But First Solar is not just a preferred business, or something that may just last a couple of years and die off. First Solar will provide clean and efficient energy throughout our economies, without leaving any of the harsh pollutants and effects like those of fossil fuels. Investment in innovation has always been highly regarded, and the fact that there will be a time where there are no longer an fossil fuels left is inevitable to happen. Therefore, wouldnt it be a smart idea to invest into a company that you know will be used regardless of popularity as well cultural outlook? Solar power will become a necessity, and with the laws of supply and demand beginning to rise, investment into First Solar will be both a financial and successful gain. Some of the recommended steps that I would like you to take into consideration: Familiarize yourself with the 2012 Annual Report, because progress from the years of 2006-2012 will be exemplified in all facets of the company, answering any further questions of uncertainty. Understand the stocks may fluctuate due to the nature of First Solar, especially because First Solar uses the environment, which can become unpredictable at times. Always balance the concepts of demandable innovation and monetary risks. It is important to invest into a company that may impact both domestic and international boundaries, because this is when the greatest amounts of revenue will be made First Solar has one of the best leading reputations in the concept of providing clean energy , therefore, investment should not be perceived as a great risk or instability.

Realistically, my job as a consultant is to balance out and analyze the risks associated with a business investment, as well as present a decision on whether acquirement should be made or not. In this situation, I find that First Solars accomplishments and successful progress have all indicated that investment is the route to choose, even though general limitations and risks do exist. My goal is for KIG to comprehend that First Solars benefits truly out do most of the companys risks, in a ratio of at least 3:1. Therefore, investment into First Solar will not only bring a pecuniary gain, but begin the process of venturing into the world of innovation and green technology.

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Acquiring First Solar Energy-2013

WORKS CITED

DiPaola, A. (2013, 16). Bloomberg - Business, Financial & Economic News, Stock Quotes. First Solar Sees Mideast Renewable Power Accelerating From 2014 - Bloomberg. Retrieved April 16, 2013, from http://www.bloomberg.com/news/2013-04-16/first-solar-sees-mideast-renewablepower-accelerating-from-2014.html Environment America, . (2009, 30). Environment America. The High Cost of Fossil Fuels | Environment America. Retrieved April 16, 2013, from http://www.environmentamerica.org/ reports/ame/high-cost-fossil-fuels First Solar. Vertically Integrated Utility-Scale PV Power Solutions Provider | First Solar. Retrieved April 15, 2013, from http://www.firstsolar.com First Solar (PDF File), . (2012, ). First Solar Annual Report 2012. Annual Report 2012. Retrieved April 16, 2013, from http://files.shareholder.com/downloads/FSLR/ 2397719065x0x652470/631B77BE-8719-4641-A482-0098DA503926/ Final_Annual_Report_Bkmk.pdf Google. (2013, 18). First Solar, Inc.. First Solar, Inc.: NASDAQ:FSLR quotes & news - Google Finance. Retrieved April 18, 2013, from http://www.google.com/finance?q=NASDAQ:FSLR Groom, N. (2013, 9). Business & Financial News, Breaking US & International News | Reuters.com. First Solar soars 45 percent on outlook, acquisition| Reuters. Retrieved April 16, 2013, from http://www.reuters.com/article/2013/04/09/us-firstsolar-idUSBRE9380QM20130409 Hoium, T. (2013, 17). DailyFinance - News and Advice for a Lifetime of Financial Decisions. Is First Solar a Top Solar Stock? - DailyFinance. Retrieved April 17, 2013, from http:// www.dailyfinance.com/2013/04/17/is-first-solar-a-top-solar-stock/?source=TheMotleyFool Wald, M. (2009, 19). The New York Times - Breaking News, World News & Multimedia. Fossil Fuels Hidden Cost Is in Billions, Study Says - NYTimes.com. Retrieved April 16, 2013, from http://www.nytimes.com/2009/10/20/science/earth/20fossil.html?_r=0 Woody, T. (2009, 8). The New York Times - Breaking News, World News & Multimedia. China and U.S. Company Plan a Big Solar Project - NYTimes.com. Retrieved April 16, 2013, from http://www.nytimes.com/2009/09/09/business/energy-environment/09solar.html

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