First Solar, a U.S.-based solar module manufacturer, has secured a $1.5 billion revolving credit facility.
The agreement establishes a senior unsecured five-year facility with the option to increase the aggregate commitments under the facility by an additional $1 billion, subject to certain conditions and commitments from debt financing sources.
J.P. Morgan acted as administrative agent for the facility. Paul Hastings advised J.P. Morgan as administrative agent, while Cravath, Swaine & Moore represented First Solar in the transaction.
First Solar develops and manufactures Cadmium Telluride (CdTe) thin-film photovoltaic modules. It states that this technology is designed to deliver performance and reliability across a range of operating conditions.
The company expects to operate approximately 18 GW of annual nameplate solar module production capacity across six manufacturing facilities in Alabama, Louisiana, Ohio, and South Carolina by 2027.
First Solar is also expanding its manufacturing in India with a new factory that is expected to produce PV modules optimized for the country’s operating environment and energy requirements. It has deployed over 2 GW of its solar modules across the country.
In 2023, the company secured a five-year revolving credit and guarantee facility worth $1 billion. The facility includes up to $250 million for issuing letters of credit. JPMorgan Chase & Co. acted as lead arranger and is the administrative agent for the facility.
In 2025, announced debt financing in the solar sector came to $16.1 billion, 14% lower compared to $18.8 billion in 2024. Securitization deals totaled $3.4 billion across nine deals, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In January 2025, REC Silicon, a company that produces advanced silicon materials for the solar and electronics industries and a wholly owned subsidiary of REC Silicon ASA, secured a $40 million term loan with Hanwha International, an affiliate of the company’s two largest shareholders, Hanwha Solutions and Hanwha Corporation.
