First Solar to get USD-500m DFC loan for 3.3-GW module manufacturing facility in India

• The United States International Development Finance Corporation (DFC) will certainly provide as much as USD 500 million (EUR 442.8 m) in the red to First Solar Inc (NASDAQ: FSLR) to back its plan for a 3.3-GW DC thin-film solar module factory in India.

The extension of the loan was accepted on Tuesday, the federal government agency said. It noted that the bargain will mark its largest solitary debt funding transaction to date.

As revealed this summer, First Solar plans to pour some USD 684 million to develop a brand-new production facility so as to broaden its international nameplate production capacity to 16 GW DC in 2024. The vertically integrated photovoltaic or pv (PV) module factory will be located in the state of Tamil Nadu and also is anticipated to come to be functional in the 2nd fifty percent of 2023.

For the Indian site, the United States firm will certainly use the innovative manufacturing template that was developed for a job of the exact same size in Ohio.

First Solar generates thin-film PV modules in a completely incorporated process that utilizes its proprietary Cadmium Telluride (CadTel) semiconductor technology without hing on Chinese c-Si supply chains. The company has production bases in the United States, Vietnam as well as Malaysia.