Today, the United States International Development Finance Corporation (DFC) announced approval of up to $500 million of debt financing to First Solar—an investment that will significantly boost the company’s solar panel manufacturing capacity while also generating momentum for ongoing U.S. efforts to develop global supply chains that are free from the use of forced labor.
First Solar is the largest American solar manufacturing company, as well as the only U.S. company among the world’s ten largest solar manufacturers. The loan announced today represents the largest single debt financing transaction ever for the DFC, and will support First Solar’s vertically integrated photovoltaic (PV) solar module manufacturing facility in Tamil Nadu, India, with a projected annual capacity of 3.3 gigawatts. Critically, First Solar produces “thin film” solar panel modules, which do not use polysilicon. This financing will support First Solar in replicating its industry-leading transparency and traceability protocols in India, underscoring the importance of supply chain transparency throughout the renewable energy sector.
As Vice Chair of DFC’s Board of Directors, I am a strong proponent of investments like this that mobilize America’s development resources to sustainably and transparently address the climate crisis while supporting the renewable energy goals of key partners like India.