First Solar Inc was incorporated as a Delaware corporation on February 22, 2006. First Solar Holdings, LLC was formed as a Delaware limited liability company in May 2003 to act as the holding company for First Solar, LLC, which was formed in 1999 and renamed First Solar US Manufacturing, LLC in the second quarter of 2006, and other subsidiaries formed during 2003 and later. On February 22, 2006, First Solar Holdings, LLC was incorporated in Delaware as First Solar Holdings, Inc. and also during the first quarter of 2006, was renamed First Solar, Inc. It manufactures and sells solar modules with thin film semiconductor technology, and it designs, constructs and sells photovoltaic (PV) solar power systems. Its operations constitute of two segments: systems and components. The components segment involves the design, manufacture and sale of solar modules which convert sunlight into electricity. Through systems segment, the Company provides complete turn-key PV solar power systems, or solar solutions that draw upon the capabilities, which include project development, EPC services, operating and maintenance (O&M) services, and (iv) project finance expertise. It may provide full EPC service or any combination of individual products and services within the EPC capabilities depending upon the customer and market opportunity. Its systems business is dependent upon successful completion of project development activities including: site selection and acquisition, obtaining in a timely manner the requisite interconnection and transmission studies, environmental and land use permits, maintaining effective site control, and entering into a power purchase agreement with an off-taker of the power to be generated by the project. The renewable energy, solar energy and solar module sectors are competitive and continually evolving as participants strive to distinguish themselves within their markets and compete within the larger electric power industry. It also faces competition from other EPC companies and joint ventures between EPC companies and solar companies. The Company is subject to various federal, state, local and international laws & regulations.