First Solar Secures $1 Billion Revolving Credit Facility
06 Julho 2023 - 5:05PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20230706738811/en/
Media Reuven Proença
First Solar Media reuven.proenca@firstsolar.com
Investors Robyn Remes
First Solar Investor Relations investor@firstsolar.com
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