First Solar Secures $1 Billion Revolving Credit Facility

First Solar, Inc. (Nasdaq: FSLR) announced that on June 30, 2023, it entered into a five-year revolving credit and guarantee facility for $1 billion. The facility includes up to $250 million which is available for the issuance of letters of credit. J.P. Morgan Chase Bank acted as Lead Arranger and is Administrative Agent for the facility.

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First Solar, America's largest solar manufacturer, announced that on June 30, 2023, it entered into a five-year revolving credit and guarantee facility for $1 billion. (Photo: Business Wire)

Additional banks participating in the facility include Joint Lead Arrangers Bank of America, Citibank, Credit Agricole CIB, and PNC Bank, as well as participating lenders BNP Paribas, Goldman Sachs Bank USA, HSBC Bank USA, MUFG Bank, Standard Chartered Bank, and Truist Bank.

“This agreement underscores First Solar’s bankability and is underpinned by the strong fundamentals that drive our business today,” said Mark Widmar, chief executive officer, First Solar. “We are focused on exiting this decade in a stronger position than we entered it and liquidity is a crucial differentiator that we intend to maintain. 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 only US-headquartered company among the world’s ten largest solar manufacturers, has embarked on a strategy of unprecedented growth which will add approximately 8 gigawatts (GWDC) of new capacity between the second half of 2023 and 2026 when it expects to have a global manufacturing footprint of over 20 GWDC.

First Solar is scheduled to commission a new 3.4 GWDC manufacturing facility in India in the second half of this year while expecting to add a new 3.5 GWDC factory in Alabama in late 2024 and expanding its existing footprint in Ohio by 0.9 GWDC by 2026. It is also investing up to $370 million in constructing a new research and development center in Perrysburg, Ohio, which is expected 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,” said Mike Lister, Head of J.P. Morgan Energy Power & Renewables Corporate Banking. “We’re focused on helping clients meet the world’s need for secure, reliable and affordable energy, while advancing long-term clean energy solutions to reduce our global carbon footprint.”

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film PV modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV modules. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This press release contains various “forward-looking statements” which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning 1) our intention to invest in a 3.5 GWDC manufacturing facility in Alabama and our expectation that this facility will be commissioned by late 2024; 2) our plan upgrade and expand our Northwest Ohio manufacturing footprint by approximately 0.9 GWDC by 2026; 3) our intention to invest up to $370 million in a dedicated R&D innovation center in Perrysburg, Ohio and our expectation that this innovation center will be commissioned in 2024; 4) our expectations that our new 3.4 GWDC manufacturing facility in India will begin operations in the second half of 2023; and 5) our forecast that our investments will raise our annual worldwide manufacturing capacity to over 20 GWDC by 2026. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on First Solar’s current expectations and First Solar’s projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. First Solar undertakes no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause First Solar’s actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

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