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This lecture covers the fundamentals of photovoltaic devices, focusing on the processes of generation and recombination. It explains how charges do not accumulate to infinity, leading to the necessity of recombination. The lecture delves into the net recombination rate, the definition of lifetime, thermalization effects, and the concept of quasi Fermi-levels. It also discusses the implications of quasi Fermi-level splitting, lifetime measurement procedures, and the impact of different recombination processes in semiconductors. The lecture concludes with examples and exercises related to lifetime measurement, radiative recombination, Auger recombination, Shockley-Read-Hall recombination, and surface recombination.