A maker of thin-film solar panels, First Solar is the largest solar manufacturer in the Western Hemisphere, headquartered in Phoenix, Arizona. Its panels use cadmium telluride coated onto glass in a process closer to making flat-screen TVs than to cutting silicon wafers. The company began in 1990 as Solar Cells, Inc., founded by glass-industry inventor Harold McMaster, and was renamed First Solar in 1999 after a new ownership group took over.
First Solar enters $1.5B unsecured revolving credit facility, terminates existing secured credit agreement
On February 13, 2026, First Solar entered a five-year senior unsecured revolving credit facility with an aggregate principal amount of $1.5 billion, including a $450 million letter of credit sub-limit.
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The credit facility can be increased by up to an additional $1 billion, subject to lender commitments, and may be extended for up to two one-year periods.
Borrowings are for working capital and general corporate purposes, with interest rates based on Term SOFR or an alternate base rate plus margins tied to the company's net leverage ratio or public debt rating.
The credit agreement includes financial covenants requiring a maximum net leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00.
Concurrently, First Solar terminated its existing senior secured revolving credit agreement dated June 30, 2023, and related collateral security arrangements were released.
1.01 Entry into a Material Definitive Agreement · 1.02 Termination of a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
First Solar sells up to $775M in 45X tax credits to digital payments firm
On October 20, 2025, First Solar entered into two Tax Credit transfer agreements with a leading digital payments company.
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Under the Fixed Transfer Agreement, First Solar will sell $600 million of Section 45X advanced manufacturing production tax credits for $573 million, payable in two installments due October 31 and December 29, 2025.
Under the Variable Transfer Agreement, First Solar may sell up to $175 million of additional tax credits at $0.955 per $1.00, with payment due February 27, 2026.
The tax credits arise from 2025 U.S. production and sale of certain module components.
The agreements include customary conditions precedent, covenants, indemnification, and termination provisions.