First Solar to Sell Fiserv Up to $700 Million in IRA Tax Credits

2023-12-28 15:55:37

Under the terms of two separate agreements signed by the two companies, First Solar is expected to receive a tax credit of $0.96 for every $1 of tax credits in the first half of 2024.

Dec. 27

(Reuters)-First Solar, a U.S. solar panel manufacturer, said on Wednesday that Plans to sell up to $700 million in tax credits accumulated this year from sales of photovoltaic (PV) solar modules to the payments company Fiserv (FI. N)

First Solar is one of the companies that qualified for a tax credit to produce clean energy components under the new Inflation Reduction Act (IRA) guidelines.

The 45x credit, also known as the Advanced Manufacturing Production Tax Credit, is available for every product manufactured domestically in the United States to incentivize the transition to clean energy and reduce reliance on Chinese-made parts.

Under the terms of two separate agreements signed by the two companies, First Solar is expected to receive $0.96 for every $1 in tax credits in the first half of 2024.

The deal comes weeks after the US Treasury Department announced guidelines for manufacturers wanting to claim tax credits for the production of clean energy components such as solar panels and batteries.

The new rules clarify components eligible for the tax credit, such as inverters and photovoltaic solar equipment.

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First Solar to Sell Fiserv Up to $700 Million in IRA Tax Credits

Under the terms of two separate agreements signed by the two companies, First Solar is expected to receive a tax credit of $0.96 for every $1 of tax credits in the first half of 2024.

2023-12-28 15:55:37

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