First Solar entered into a five-year revolving credit and guarantee facility for $1 billion. The facility includes up to $250 million which is available for the issuance of letters of credit. JPMorgan Chase Bank acted as lead arranger and is administrative agent for the facility.
Additional banks participating in the facility include joint lead arrangers Bank of America, Citibank, Credit Agricole CIB and PNC Bank, as well as participating lenders BNP Paribas, Goldman Sachs Bank, HSBC Bank, MUFG Bank, Standard Chartered Bank and Truist Bank.
“This agreement underscores First Solar’s bankability and is underpinned by the strong fundamentals that drive our business today,” Mark Widmar, CEO of First Solar, said. “We are focused on exiting this decade in a stronger position than we entered it and liquidity is a crucial differentiator that we intend to maintain. This revolving credit facility provides us the financial headroom and flexibility we need, while also balancing our ability to grow in response to demand for our technology.”
“J.P. Morgan is proud to support First Solar’s efforts to accelerate the transition to a low-carbon economy,” Mike Lister, head of energy power and renewables corporate banking at J.P. Morgan, said. “We’re focused on helping clients meet the world’s need for secure, reliable and affordable energy, while advancing long-term clean energy solutions to reduce our global carbon footprint.”