First Solar sells $700M in tax credits
In Louisiana, Louisiana Illuminator reported that a major American solar manufacturer is selling $700 million worth of tax credits the company earned under the Biden administration’s Inflation Reduction Act (IRA), marking the first significant transfer of its kind in the solar industry. First Solar Inc. said it struck two separate deals to sell $500 million and up to $200 million to the financial tech provider Fiserv Inc., headquartered in Wisconsin. Under the terms of the deals, Fiserv will pay 96 cents per $1 of tax credits. The influx of cash is expected to strengthen First Solar’s liquidity as it expands its manufacturing footprint with a $1.1 billion investment on a new facility in Louisiana, in addition to other investments in Alabama and Ohio, the report stated. The company earned the tax credits by selling photovoltaic solar modules it produced in 2023 with domestic components at its factories in Ohio and California, the report added.
