First Solar Bags $1BN to Fuel Growth

• First Solar Inc. secures USD 1 billion revolving credit facility from JP Morgan Chase Bank to finance expansion in India, Alabama, and Ohio. Facility enables company to open 3.4-GW DC production facility and R&D center, aiming to have over 20 GW DC of factories in 2026.

First Solar Inc has secured a USD 1 billion revolving credit facility to finance its expansion. The five-year debt package was arranged by JP Morgan Chase Bank and includes a capital set aside for issuance of letters of credit. The US thin-film photovoltaics maker plans to open a 3.4-GW DC production facility in India this year and a 3.5-GW DC plant in Alabama in late 2024. It is also investing USD 370 million to open a research and development center in Perrysburg, Ohio, in 2024. The company hopes to have more than 20 GW DC of factories at the end of 2026.

What Expansion Plans Does First Solar Have?

• VSK Energy LLC provides a unique opportunity for First Solar Inc to finance their expansion projects.
• Through the revolving credit facility, First Solar Inc can have access to USD 1 billion in capital for their expansion.
• This credit facility will also provide First Solar Inc with the capacity to issue letters of credit.
• The credit facility makes it easier for First Solar Inc to invest in its 3.4-GW DC production facility in India, 3.5-GW DC plant in Alabama, and research and development center in Perrysburg, Ohio.
• The revolving credit facility allows First Solar Inc to have access to capital when they need it, giving them a competitive edge in the industry.
• The credit facility also allows First Solar Inc to remain solvent and establish long-term relationships with potential investors.
• Through this facility, First Solar Inc has the ability to remain competitive in the market and reach their goals of producing more than 20 GW of factories by the end of 2026.