US bank lends $ 500 million for First Solar’s 3 GW plant in India – pv magazine International
From pv magazine india
The International Development Finance Corp. (DFC) of the United States has approved up to $ 500 million in debt financing for thin-film module maker First Solar. The DFC funding will support a vertically integrated 3.3 GW solar module manufacturing facility that First Solar plans to build in the Indian state of Tamil Nadu.
The foundation stone for the First Solar plant was recently laid in Pillaipakkam, Tamil Nadu. First Solar is the only US company among the 10 largest solar energy manufacturers in the world. It announced plans to build the plant in India in July, shortly after unveiling plans for a new $ 680 million plant in Ohio that will add 3.3 GW of new domestic manufacturing capacity to United States by 2023. The company plans to reach 16 GW of global production. manufacturing capacity in 2024.
âThis transaction represents another important step in the United States’ effort to create alternative supply chains – and to articulate a vision of climate finance that guides our development mission,â said Dev Jagadesan, Interim CEO of DFC.
Mark Widmar, CEO of First Solar, said India aims to “supercharge” the development of a domestic PV panel manufacturing industry. “DFC’s intention to support this facility has the potential to create a high-visibility, repeatable model to enable the clean energy ambitions of like-minded nations through American innovation, ingenuity and competitiveness.” âWidmar said.
This investment will foster DFC’s commitment to diversify supply chains. First Solar produces thin film solar panel modules, which do not use polysilicon. The company, which was the first of the world’s 10 largest solar power manufacturers to join the Responsible Business Alliance, will replicate its transparency and traceability protocols in India, amplifying efforts to improve transparency in the supply chain. supply across the renewable energy sector, the DFC said.
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