FSLR - First Solar secures $1B revolving credit line

2023-07-06 16:48:36 ET

First Solar ( NASDAQ: FSLR ) said Thursday it entered into a five-year revolving credit and guarantee facility for $1B, including $250M available to issue letters of credit, with J.P. Morgan Chase acting as lead arranger and administrative agent.

First Solar ( FSLR ) noted it is scheduled to commission a new 3.4 GWDC manufacturing facility in India in this year's H2, add a new 3.5 GWDC factory in Alabama in late 2024, and expand its existing footprint in Ohio by 2026.

The company also is spending as much as $370M on building a new research and development center in Ohio, which is expected to be commissioned in 2024.

"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," First Solar ( FSLR ) CEO Mark Widmar said.

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