at this time , such limitations have had limited effect on our series 6 manufacturing facilities . however , these orders are subject to continuous revision , and our 53 understanding of the applicability of these orders and any potential exemptions may change at any time . to enable the continuity of our operations , we have implemented a wide range of safety measures intended to inhibit the spread of covid-19 at our manufacturing , administrative , and other sites and facilities . following an evaluation of the long-term cost structure , competitiveness , and risk-adjusted returns of our o & m services business , we received an offer to purchase certain portions of the business and determined it is in the best interest of our stockholders to pursue this transaction . as a result , in august 2020 we entered into an agreement with clairvest for the sale of our north american o & m operations . the completion of the transaction is contingent on a number of closing conditions , including the receipt of certain third-party consents and other customary closing conditions . assuming satisfaction of such closing conditions , we expect the sale to be completed in the first half of 2021. following an evaluation of the long-term cost structure , competitiveness , and risk-adjusted returns of our u.s. project development business , we have determined it is in the best interest of our stockholders to pursue the sale of this business . on january 24 , 2021 , we entered into an agreement with omers for the sale of our u.s. project development operations , which comprises the business of developing , contracting for the construction of , and selling utility-scale pv solar power systems . the transaction includes our approximately 10 gw ac utility-scale solar project pipeline , including the advanced-stage horizon , madison , ridgely , rabbitbrush , and oak trail projects that are expected to commence construction in the next two years ; the 30 mw ac barilla solar project , which is operational ; and certain other equipment . in addition , omers has agreed to certain module purchase commitments . the completion of the transaction is contingent on a number of closing conditions , including the receipt of regulatory approval from ferc , the expiration of the mandatory waiting period under u.s. antitrust laws , a review of the transaction by cfius , and other customary closing conditions . assuming satisfaction of such closing conditions , we expect the sale to be completed in the first half of 2021. in january 2020 , we entered into a memorandum of understanding ( “ mou ” ) to settle a class action lawsuit filed in 2012 in the united states district court for the district of arizona ( hereafter “ arizona district court ” ) against the company and certain of our current and former officers and directors ( the “ class action ” ) . pursuant to the mou , we paid a total of $ 350 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired the company 's shares during a specified period , in exchange for mutual releases and a dismissal with prejudice of the complaint upon court approval of the settlement . the settlement contained no admission of liability , wrongdoing , or responsibility by any of the parties . the arizona district court entered an order in june 2020 that granted final approval of the settlement and dismissed the class action with prejudice . in june 2020 , we entered into an agreement in principle to settle certain claims filed in 2015 in the arizona district court by putative stockholders that opted out of the class action ( the “ opt-out action ” ) . in july 2020 , the parties executed a definitive settlement agreement pursuant to which we agreed to pay a total of $ 19 million in exchange for mutual releases and a dismissal with prejudice of the opt-out action . the agreement contained no admission of liability , wrongdoing , or responsibility by any of the parties . in july 2020 , first solar funded the settlement and the parties filed a joint stipulation of dismissal . in september 2020 , the arizona district court entered an order dismissing the case with prejudice . market overview the solar industry continues to be characterized by intense pricing competition , both at the module and system levels . in particular , module average selling prices in many global markets have declined in recent years and are expected to continue to decline in the future . furthermore , the covid-19 pandemic has adversely affected certain purchasers of modules and systems , which may result in additional pressure on demand and average selling prices . in the aggregate , we believe manufacturers of solar cells and modules have significant installed production capacity , relative to global demand , and the ability for additional capacity expansion . accordingly , we believe the solar 54 industry may from time to time experience periods of structural imbalance between supply and demand ( i.e . , where production capacity exceeds global demand ) , and that such periods will also put pressure on pricing , which may be exacerbated by the covid-19 pandemic 's disruption of the global economy . additionally , intense competition at the system level may result in an environment in which pricing falls rapidly , thereby potentially increasing demand for solar energy solutions but constraining the ability for project developers and diversified module manufacturers to sustain meaningful and consistent profitability . in light of such market realities , we continue to focus on our strategies and points of differentiation , which include our advanced module technology , our manufacturing process , our diversified capabilities , our financial viability , and the sustainability advantage of our modules and systems . story_separator_special_tag while some of these orders permit the continuation of essential business operations , or permit the performance of minimum business activities , these orders are subject to continuous revision or may be revoked or superseded , or our understanding of the applicability of these orders and exemptions may change at any time . in addition , due to contraction of the virus , or concerns about becoming ill from the virus , we may experience reductions in the availability of our operational workforce , such as our manufacturing personnel . as a result , we may at any time be ordered by governmental authorities , or we may determine , based on our understanding of the recommendations or orders of governmental authorities or the availability of our personnel , that we have to curtail or cease business operations or activities altogether , including manufacturing , fulfillment , project development , construction , operating or maintenance operations , or research and development activities . at this time , such limitations have had a limited effect on our manufacturing facilities and certain project construction activities , and we have implemented a wide range of safety measures intended to enable the continuity of our operations and inhibit the spread of covid-19 at our manufacturing , administrative , and other sites and facilities , including those in the united states , malaysia , and vietnam . to address the near-term business disruption caused by the covid-19 pandemic , many governments have proposed policies or support programs intended to stimulate their respective economies . such support programs may include additional incentives for renewable energy projects , including pv solar power systems , over several years . while we 58 compete in many markets that do not require solar-specific government subsidies or support programs , our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives . systems project pipeline the following tables summarize , as of february 25 , 2021 , our approximately 1.3 gw ac advanced-stage project pipeline . the actual volume of modules installed in our projects will be greater than the project size in mw ac as module volumes required for a project are based upon mw dc , which will be greater than the mw ac size pursuant to a dc-ac ratio typically ranging from 1.1 to 1.4. such ratio varies across different projects due to many factors , including ppa pricing and the location , design , and costs of the system . projects are typically removed from our advanced-stage project pipeline tables below once we substantially complete construction of the project and after substantially all of the associated project revenue is recognized . a project , or a portion of a project , may also be removed from the tables below in the event the project is not able to be sold due to the changing economics of the project or other factors or we decide to temporarily own and operate the project based on strategic opportunities or market factors . projects under sales agreements the following table includes uncompleted sold projects and projects under contracts subject to conditions precedent : replace_table_token_3_th projects with confirmed offtake agreements not under sales agreements replace_table_token_4_th ( 1 ) previously known as the big plain solar project ( 2 ) 150 mw ac of the plant 's capacity is contracted with dow pipeline company ; remaining capacity to be sold on an open contract basis ( 3 ) central coast community energy – 60 mw ac and silicon valley clean energy – 40 mw ac 59 ( 4 ) project included in the sale of our u.s. project development business . refer to item 1 . “ business – offerings and capabilities ” for further information . ( 5 ) contracted but not specified . project sale completed in february 2021 . ( 6 ) approximately 70 mw ac of the plant 's capacity is contracted under various ppas ; remaining capacity to be sold on an open contract basis ( 7 ) the project 's ppa was terminated in february 2021. we continue to market the project for sale . ( 8 ) 11 mw ac has been contracted with tokyo electric power company . the remaining 149 mw ac has secured feed-in-tariff rights , and the related ppas for such projects will be executed at a later date . results of operations the following table sets forth our consolidated statements of operations as a percentage of net sales for the years ended december 31 , 2020 , 2019 , and 2018 : replace_table_token_5_th segment overview we operate our business in two segments . our modules segment involves the design , manufacture , and sale of cdte solar modules to third parties , and our systems segment includes the development , construction contracting and management , operation , maintenance , and sale of pv solar power systems , including any modules installed in such systems and any revenue from energy generated by such systems . net sales modules business we generally price and sell our solar modules on a per watt basis . during 2020 , longroad energy , nextera energy , and softbank each accounted for more than 10 % of our modules business net sales , and the majority of our solar modules were sold to integrators and operators of systems in the united states and france . substantially all of our modules business net sales during 2020 were denominated in u.s. dollars and euro . we recognize revenue for module sales at a point in time following the transfer of control of the modules to the customer , which typically occurs upon shipment or delivery depending on the terms of the underlying contracts . the revenue recognition 60 policies for module sales are further described in note 2 . “ summary of significant accounting policies ” to our consolidated financial statements . systems business during 2020 , goldman sachs

liquidity and capital resources as of december 31 , 2020 , we believe that our cash , cash equivalents , marketable securities , cash flows from operating activities , contracts with customers for the future sale of solar modules , and advanced-stage project pipeline will be sufficient to meet our working capital , capital expenditure , and systems project investment needs for at least the next 12 months . as needed , we also believe we will have adequate access to the capital markets . in addition , we have availability under our revolving credit facility , under which we have made no borrowings as of december 31 , 2020. we monitor our working capital to ensure we have adequate liquidity , both domestically and internationally . we intend to maintain appropriate debt levels based upon cash flow expectations , our overall cost of capital , and expected cash requirements for operations , such as systems project development activities in certain international regions . however , our ability to raise capital on terms commercially acceptable to us could be constrained if there is insufficient lender or investor interest due to company-specific , industry-wide , or broader market concerns , such as a tightening of the supply of capital due to the covid-19 pandemic and related containment measures . any incremental debt financings could result in increased debt service expenses and or restrictive covenants , which could limit our ability to pursue our strategic plans .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we believe that our cash , cash equivalents , marketable securities , cash flows from operating activities , contracts with customers for the future sale of solar modules , and advanced-stage project pipeline will be sufficient to meet our working capital , capital expenditure , and systems project investment needs for at least the next 12 months . as needed , we also believe we will have adequate access to the capital markets . in addition , we have availability under our revolving credit facility , under which we have made no borrowings as of december 31 , 2020. we monitor our working capital to ensure we have adequate liquidity , both domestically and internationally . we intend to maintain appropriate debt levels based upon cash flow expectations , our overall cost of capital , and expected cash requirements for operations , such as systems project development activities in certain international regions . however , our ability to raise capital on terms commercially acceptable to us could be constrained if there is insufficient lender or investor interest due to company-specific , industry-wide , or broader market concerns , such as a tightening of the supply of capital due to the covid-19 pandemic and related containment measures . any incremental debt financings could result in increased debt service expenses and or restrictive covenants , which could limit our ability to pursue our strategic plans .
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 Suspicious Activity Report : at this time , such limitations have had limited effect on our series 6 manufacturing facilities . however , these orders are subject to continuous revision , and our 53 understanding of the applicability of these orders and any potential exemptions may change at any time . to enable the continuity of our operations , we have implemented a wide range of safety measures intended to inhibit the spread of covid-19 at our manufacturing , administrative , and other sites and facilities . following an evaluation of the long-term cost structure , competitiveness , and risk-adjusted returns of our o & m services business , we received an offer to purchase certain portions of the business and determined it is in the best interest of our stockholders to pursue this transaction . as a result , in august 2020 we entered into an agreement with clairvest for the sale of our north american o & m operations . the completion of the transaction is contingent on a number of closing conditions , including the receipt of certain third-party consents and other customary closing conditions . assuming satisfaction of such closing conditions , we expect the sale to be completed in the first half of 2021. following an evaluation of the long-term cost structure , competitiveness , and risk-adjusted returns of our u.s. project development business , we have determined it is in the best interest of our stockholders to pursue the sale of this business . on january 24 , 2021 , we entered into an agreement with omers for the sale of our u.s. project development operations , which comprises the business of developing , contracting for the construction of , and selling utility-scale pv solar power systems . the transaction includes our approximately 10 gw ac utility-scale solar project pipeline , including the advanced-stage horizon , madison , ridgely , rabbitbrush , and oak trail projects that are expected to commence construction in the next two years ; the 30 mw ac barilla solar project , which is operational ; and certain other equipment . in addition , omers has agreed to certain module purchase commitments . the completion of the transaction is contingent on a number of closing conditions , including the receipt of regulatory approval from ferc , the expiration of the mandatory waiting period under u.s. antitrust laws , a review of the transaction by cfius , and other customary closing conditions . assuming satisfaction of such closing conditions , we expect the sale to be completed in the first half of 2021. in january 2020 , we entered into a memorandum of understanding ( “ mou ” ) to settle a class action lawsuit filed in 2012 in the united states district court for the district of arizona ( hereafter “ arizona district court ” ) against the company and certain of our current and former officers and directors ( the “ class action ” ) . pursuant to the mou , we paid a total of $ 350 million to settle the claims brought on behalf of all persons who purchased or otherwise acquired the company 's shares during a specified period , in exchange for mutual releases and a dismissal with prejudice of the complaint upon court approval of the settlement . the settlement contained no admission of liability , wrongdoing , or responsibility by any of the parties . the arizona district court entered an order in june 2020 that granted final approval of the settlement and dismissed the class action with prejudice . in june 2020 , we entered into an agreement in principle to settle certain claims filed in 2015 in the arizona district court by putative stockholders that opted out of the class action ( the “ opt-out action ” ) . in july 2020 , the parties executed a definitive settlement agreement pursuant to which we agreed to pay a total of $ 19 million in exchange for mutual releases and a dismissal with prejudice of the opt-out action . the agreement contained no admission of liability , wrongdoing , or responsibility by any of the parties . in july 2020 , first solar funded the settlement and the parties filed a joint stipulation of dismissal . in september 2020 , the arizona district court entered an order dismissing the case with prejudice . market overview the solar industry continues to be characterized by intense pricing competition , both at the module and system levels . in particular , module average selling prices in many global markets have declined in recent years and are expected to continue to decline in the future . furthermore , the covid-19 pandemic has adversely affected certain purchasers of modules and systems , which may result in additional pressure on demand and average selling prices . in the aggregate , we believe manufacturers of solar cells and modules have significant installed production capacity , relative to global demand , and the ability for additional capacity expansion . accordingly , we believe the solar 54 industry may from time to time experience periods of structural imbalance between supply and demand ( i.e . , where production capacity exceeds global demand ) , and that such periods will also put pressure on pricing , which may be exacerbated by the covid-19 pandemic 's disruption of the global economy . additionally , intense competition at the system level may result in an environment in which pricing falls rapidly , thereby potentially increasing demand for solar energy solutions but constraining the ability for project developers and diversified module manufacturers to sustain meaningful and consistent profitability . in light of such market realities , we continue to focus on our strategies and points of differentiation , which include our advanced module technology , our manufacturing process , our diversified capabilities , our financial viability , and the sustainability advantage of our modules and systems . story_separator_special_tag while some of these orders permit the continuation of essential business operations , or permit the performance of minimum business activities , these orders are subject to continuous revision or may be revoked or superseded , or our understanding of the applicability of these orders and exemptions may change at any time . in addition , due to contraction of the virus , or concerns about becoming ill from the virus , we may experience reductions in the availability of our operational workforce , such as our manufacturing personnel . as a result , we may at any time be ordered by governmental authorities , or we may determine , based on our understanding of the recommendations or orders of governmental authorities or the availability of our personnel , that we have to curtail or cease business operations or activities altogether , including manufacturing , fulfillment , project development , construction , operating or maintenance operations , or research and development activities . at this time , such limitations have had a limited effect on our manufacturing facilities and certain project construction activities , and we have implemented a wide range of safety measures intended to enable the continuity of our operations and inhibit the spread of covid-19 at our manufacturing , administrative , and other sites and facilities , including those in the united states , malaysia , and vietnam . to address the near-term business disruption caused by the covid-19 pandemic , many governments have proposed policies or support programs intended to stimulate their respective economies . such support programs may include additional incentives for renewable energy projects , including pv solar power systems , over several years . while we 58 compete in many markets that do not require solar-specific government subsidies or support programs , our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives . systems project pipeline the following tables summarize , as of february 25 , 2021 , our approximately 1.3 gw ac advanced-stage project pipeline . the actual volume of modules installed in our projects will be greater than the project size in mw ac as module volumes required for a project are based upon mw dc , which will be greater than the mw ac size pursuant to a dc-ac ratio typically ranging from 1.1 to 1.4. such ratio varies across different projects due to many factors , including ppa pricing and the location , design , and costs of the system . projects are typically removed from our advanced-stage project pipeline tables below once we substantially complete construction of the project and after substantially all of the associated project revenue is recognized . a project , or a portion of a project , may also be removed from the tables below in the event the project is not able to be sold due to the changing economics of the project or other factors or we decide to temporarily own and operate the project based on strategic opportunities or market factors . projects under sales agreements the following table includes uncompleted sold projects and projects under contracts subject to conditions precedent : replace_table_token_3_th projects with confirmed offtake agreements not under sales agreements replace_table_token_4_th ( 1 ) previously known as the big plain solar project ( 2 ) 150 mw ac of the plant 's capacity is contracted with dow pipeline company ; remaining capacity to be sold on an open contract basis ( 3 ) central coast community energy – 60 mw ac and silicon valley clean energy – 40 mw ac 59 ( 4 ) project included in the sale of our u.s. project development business . refer to item 1 . “ business – offerings and capabilities ” for further information . ( 5 ) contracted but not specified . project sale completed in february 2021 . ( 6 ) approximately 70 mw ac of the plant 's capacity is contracted under various ppas ; remaining capacity to be sold on an open contract basis ( 7 ) the project 's ppa was terminated in february 2021. we continue to market the project for sale . ( 8 ) 11 mw ac has been contracted with tokyo electric power company . the remaining 149 mw ac has secured feed-in-tariff rights , and the related ppas for such projects will be executed at a later date . results of operations the following table sets forth our consolidated statements of operations as a percentage of net sales for the years ended december 31 , 2020 , 2019 , and 2018 : replace_table_token_5_th segment overview we operate our business in two segments . our modules segment involves the design , manufacture , and sale of cdte solar modules to third parties , and our systems segment includes the development , construction contracting and management , operation , maintenance , and sale of pv solar power systems , including any modules installed in such systems and any revenue from energy generated by such systems . net sales modules business we generally price and sell our solar modules on a per watt basis . during 2020 , longroad energy , nextera energy , and softbank each accounted for more than 10 % of our modules business net sales , and the majority of our solar modules were sold to integrators and operators of systems in the united states and france . substantially all of our modules business net sales during 2020 were denominated in u.s. dollars and euro . we recognize revenue for module sales at a point in time following the transfer of control of the modules to the customer , which typically occurs upon shipment or delivery depending on the terms of the underlying contracts . the revenue recognition 60 policies for module sales are further described in note 2 . “ summary of significant accounting policies ” to our consolidated financial statements . systems business during 2020 , goldman sachs

