Chennai: US International Development Finance Corporation (DFC) has announced it approved up to $500 million of debt financing for First Solar, Inc, the largest American solar manufacturing company, subject to negotiations of definitive agreements.
The DFC financing will support the companyās previously announced vertically integrated photovoltaic (PV) solar module manufacturing facility in Tamilnadu, with a projected annual capacity of 3.3 gigawatts (GW).
‘DFC is thrilled to be in a position to support First Solarās new venture in India, which will boost solar panel manufacturing capacity for a key ally and help mobilize the industry to take up better standards that align with U.S. values,’ said Dev Jagadesan, DFCās acting chief executive officer.
‘This transaction represents another milestone in the United States effort to drive alternative supply chains ā and to articulate a vision for climate finance that drives our development mission.’