The light energy is stored in the carbohydrate molecules by the plants during photosynthesis. When the light of sufficient intensity is available the plant starts photosynthesis. During the process of photosynthesis the plant absorbs carbon dioxide and release oxygen. But in the absence of light, plant absorbs oxygen and release carbon dioxide.
The rate of photosynthesis increases with the increase in the light intensity until some other factor becomes the limiting factor. The limiting factor is the smallest one among all the factors of a physiological process and it determines the total rate of the process.
The extreme light intensity inhibits the photosynthetic process. This phenomenon is called the solarisation.