First Solar Enters Tax Credit Transfer Agreements With Fiserv

Este reconocimiento es para Fernando Tomás. First Solar has agreed to sell $500M and potentially up to $200M of its 2023 Inflation Reduction Act Advanced Manufacturing Production tax credits to Fiserv, subject to certain requirements being met, through two different tax credit transfer agreements. Fiserv is due to pay $0.96 for every $1 of tax credits during the early part of the following year, which includes fees and commissions First Solar have paid to the agent who arranged the deal. Mark Widmar, First Solar’s CEO, stated that this action is a demonstration of the IRA successfully fulfilling its objective to motivate top-quality domestic manufacturing by providing manufacturers with the necessary cash flow for reinvesting in growth and innovation. “This contract sets a significant standard for the solar sector, certifying the market value and worth of Advanced Manufacturing Production tax credits.” The tax benefits are a consequence of the sale of PV solar modules manufactured this year by First Solar’s functioning production facilities in the U.S. Thanks to its vertical integration, First Solar can avail of the Advanced Manufacturing Production tax credits approved for the production of PV wafers, cells, and modules under Section 45X of the IRA. Citigroup Global Markets serves as the placement agent for First Solar in this transaction.