U.S. International Development Finance Corporation (DFC) has approved $500 million of Debt Financing for First Solar. The financing is provided for the solar module manufacturing facility in Tamil Nadu, India. The facility has an annual capacity of 3.3 gigawatts (GW).
As per Dev Jagadesan, DFC’s Acting Chief Executive Officer, DFC is excited to support the First solar venture in India to increase the PV manufacturing capacity.
This investment will diversify the DFC supply chain and help expand its portfolio. Prime Minister Modi has launched a comprehensive effort to install 500GW of renewable power generation in India, which will help save lives by reducing pollution in major cities and contributing to the response to the climate crisis.
This financing is also an example of how President Biden’s Build Back Better World (B3W) Initiative will narrow the global infrastructure gap while creating opportunities for American businesses and combatting the climate crisis.
First Solar produces “thin-film” PV panel modules, which do not use polysilicon. First Solar, the first of the world’s ten largest manufacturers to join the Responsible Business Alliance. It will replicate its industry-leading transparency and traceability protocols in India. They will amplify efforts to boost supply chain transparency throughout the renewable energy sector.
Reference: dfc.gov