First Solar has entered into two separate tax credit transfer agreements to sell $500M and up to $200M of 2023 Inflation Reduction Act Advanced Manufacturing Production tax credits to Fiserv, subject to satisfaction of certain conditions.
Under the terms of the agreements, Fiserv will pay $0.96 per $1 of tax credits to First Solar during the first half of next year, inclusive of fees and commissions paid by First Solar to the placement agent.
“This is the IRA delivering on its intent, which is to incentivize high value domestic manufacturing by providing manufacturers with the liquidity they need to reinvest in growth and innovation,” says Mark Widmar, First Solar CEO. “This agreement establishes an important precedent for the solar industry, confirming the marketability and value of Advanced Manufacturing Production tax credits.”
The tax credits result from the sale of PV solar modules produced this year by First Solar’s operational manufacturing footprint in the U.S. As a result of its vertical integration, First Solar is eligible for Advanced Manufacturing Production tax credits allowed for the production of PV wafers, cells, and modules under Section 45X of the IRA.
Citigroup Global Markets is the placement agent for First Solar on the transaction.
The post First Solar Enters Tax Credit Transfer Agreements With Fiserv appeared first on Solar Industry.
First Solar Enters Tax Credit Transfer Agreements With Fiserv
Can’t swear that this is true but hoping so.
We must never forget.
The more visibility and the more frequent reminders we can get on this catastrophe in U.S. history the better.
It’s almost funny when we hear that California is a socialist state, or a police state (due to our environmental restrictions), or that people are leaving in droves to go to Texas or Florida. When I come across people who say this, I wonder: have you ever actually been to California?
Do you know that the garden-variety 3 BR, 2 BA house here lists at about $1.2 million, where, if it were moved to, say, the Midwest, it would be worth perhaps $2500,000? Why do you think that could possibly be? Maybe the law of supply and demand doesn’t apply to the Marxist part of the nation?
Perhaps it’s because Californians are offered fantastic economic opportunities. We develop and implement ideas that improve the lives of everyone on Earth, and that we profit greatly from our undertakings.
Something for the MAGA crowd to consider.
The main way governments create wealth is by educating people so that they can become productive members of society. They also build roads and airports and maintain law and order so that honest businesses can thrive.
Anyone living now who believes that Elon Musk and Jeff Bezos are creating wealth for anyone but themselves is a total fool.
A ton of people bought into the concept expressed here in the mid-20th Century, but no semi-intelligent person today believes that tax breaks for billionaires/trillionaires generates a nickel for the common person.
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