$500 mn funding for solar module project in T.N. gets DFC green light
The Hindu
Debt financing for First Solar’s new venture in the State
The U.S. International Development Finance Corporation (DFC) has announced that it has approved up to U.S. $500 million of debt financing for First Solar, Inc. to support the company’s previously announced vertically integrated photovoltaic (PV) solar module manufacturing facility in Tamil Nadu, with a projected annual capacity of 3.3 gigawatts (GW).
The debt financing would be subject to negotiations of definitive agreements between the DFC, America’s development bank and First Solar, the largest American solar manufacturing company.
“The DFC is thrilled to be in a position to support First Solar’s new venture in India, which will boost solar panel manufacturing capacity for a key ally and help mobilise the industry to take up better standards that align with the U.S. values,” said Dev Jagadesan, DFC’s Acting Chief Executive Officer in a press release. “This transaction represents another milestone in the U.S.’ effort to drive alternative supply chains and to articulate a vision for climate finance that drives our development mission.”
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