First Solar Obtains $1 Billion Revolving Credit Facility

First Solar Inc. has entered right into a five-year revolving credit score and assure facility for $1 billion. The facility contains as much as $250 million which is out there for the issuance of letters of credit score. J.P. Morgan Chase Bank acted as lead arranger and is administrative agent for the power.

“This agreement underscores First Solar’s bankability and is underpinned by the strong fundamentals that drive our business today,” says Mark Widmar, CEO, First Solar. “This revolving credit facility provides us the financial headroom and flexibility we need, while also balancing our ability to grow in response to demand for our technology.”

First Solar, the one U.S.-based firm among the many world’s ten largest solar producers, has launched into a development technique which is able to add roughly 8 GW DC of recent capability between the second half of 2023 and 2026 when it expects to have a worldwide manufacturing footprint of over 20 GW DC.

First Solar is scheduled to fee a brand new 3.4 GW DC manufacturing facility in India within the second half of this yr whereas anticipating so as to add a brand new 3.5 GW DC manufacturing facility in Alabama in late 2024 and increasing its present footprint in Ohio by 0.9 GW DC by 2026. It can also be investing as much as $370 million to assemble a brand new analysis and improvement heart in Perrysburg, Ohio, which is predicted to be commissioned in 2024.

“J.P. Morgan is proud to support First Solar’s efforts to accelerate the transition to a low-carbon economy,” says Mike Lister, head of J.P. Morgan Energy Power & Renewables Corporate Banking.

Additional banks collaborating within the facility embrace joint lead arrangers Bank of America, Citibank, Credit Agricole CIB and PNC Bank. Participating lenders are BNP Paribas, Goldman Sachs Bank USA, HSBC Bank USA, MUFG Bank, Standard Chartered Bank and Truist Bank.

Image by jcomp on Freepik.

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