First Solar sells $700 million in tax credits, boosting U.S. manufacturing and marking a significant industry milestone.

First Solar, a U.S. thin-film solar module manufacturer, has closed two tax credit transfer agreements to sell $500 million and $200 million of Inflation Reduction Act advanced manufacturing tax credits. The tax credits were generated from the sale of solar modules produced in 2023 by First Solar in the United States, including at its new factory in Ohio. Fiserv, a global provider of payments and financial services technology solutions, will pay $0.96 per $1 of tax credits to First Solar during the first half of 2024, inclusive of fees and commissions paid by the placement agent. The deal marks one of the first major sales of 45x tax credits and is expected to boost U.K. manufacturing.