First Solar Receives $500Mn Debt Financing Approval For Its Tamil Nadu Manufacturing Facility

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First Solar will begin its new venture in India through the vertically integrated photovoltaic (PV) solar module manufacturing facility in Tamil Nadu

First Solar’s debt financing for building its manufacturing plant in Tamil Nadu has been approved by the US International Development Finance Corporation (DFC). The debt financing approved is up to $500 million, DFC said.

First Solar, which is America’s largest solar company, will begin its new new venture in India through the vertically integrated photovoltaic (PV) solar module manufacturing facility in Tamil Nadu, with a projected annual capacity of 3.3 gigawatts (GW).

It will boost solar panel manufacturing capacity for a key ally and help mobilize the industry to take up better standards that align with US values, said Dev Jagadesan, DFC’s Acting Chief Executive Officer.

“Like the United States, India has recognized that it must shape its own sustainable energy future, and has sought to supercharge the expansion of its domestic solar manufacturing capacity,” said Mark Widmar, Chief Executive Officer, First Solar.

First Solar announced its intent to build the India facility in July 2021, shortly after it unveiled plans for a new $680 million factory in Ohio that will add 3.3GW of new domestic manufacturing capacity in the US by 2023 while creating over 700 new manufacturing jobs. The company expects to reach 16GW of global manufacturing capacity in 2024.

First Solar produces ‘thin film’ solar panel modules, which do not use polysilicon. The company will replicate its transparency and traceability protocols in India, amplifying efforts to boost supply chain transparency throughout the renewable energy sector, DFC said in a statement.

Prime Minister Narendra Modi has launched a comprehensive effort to install 500GW of renewable power generation in India, which “will help save lives by reducing pollution in major cities and contributing to the response to the climate crisis,” the company said.

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