First Solar Enters Tax Credit Transfer Agreements With Fiserv






First Solar has entered into two separate tax credit transfer agreements to sell $500M and up to $200M of 2023 Inflation Reduction Act Advanced Manufacturing Production tax credits to Fiserv, subject to satisfaction of certain conditions. 

Under the terms of the agreements, Fiserv will pay $0.96 per $1 of tax credits to First Solar during the first half of next year, inclusive of fees and commissions paid by First Solar to the placement agent.

“This is the IRA delivering on its intent, which is to incentivize high value domestic manufacturing by providing manufacturers with the liquidity they need to reinvest in growth and innovation,” says Mark Widmar, First Solar CEO. “This agreement establishes an important precedent for the solar industry, confirming the marketability and value of Advanced Manufacturing Production tax credits.”

The tax credits result from the sale of PV solar modules produced this year by First Solar’s operational manufacturing footprint in the U.S. As a result of its vertical integration, First Solar is eligible for Advanced Manufacturing Production tax credits allowed for the production of PV wafers, cells, and modules under Section 45X of the IRA. 

Citigroup Global Markets is the placement agent for First Solar on the transaction.










Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top