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DFC invests $500 million in First Solar’s TN facility
DFC provided a $500 million loan to support the establishment of First Solar.
DFC inaugurates solar panel facility in Tamil Nadu / Image @DFCgov
The US International Development Finance Corporation (DFC) has marked a significant milestone with the inauguration of First Solar’s new solar panel manufacturing facility in Tamil Nadu, India.
This move is part of a broader strategy to diversify critical supply chains and spur economic growth in the region.
The DFC provided a substantial $500 million loan to support the establishment of First Solar’s cutting-edge facility, according to a press release by the US Embassy.
The venture aligns with the United States’ commitment to fostering diverse supply chains that not only invest in local communities but also uphold high standards, including robust labor rights, a release stated.
The new facility is part of the collaborative efforts between the United States and India in promoting sustainable practices and achieving climate action goals.
In attendance at the inauguration ceremony were DFC chief executive officer (CEO) Scott Nathan, US ambassador to India Eric Garcetti, US Consul General in Chennai Christopher Hodges, First Solar chief commercial officer Georges Antoun, and Tamil Nadu minister for industries T.R.B. Rajaa.
“The United States is leveraging American innovation and technology to diversify critical energy supply chains around the world and drive economic growth in India,” Scott Nathan emphasized.
He highlighted the $500 million financing as a strong indication of the growing partnership between DFC and India, the latter being DFC’s largest market and a like-minded partner with a dynamic private sector.
“This First Solar production facility will help advance our global transition to cleaner, greener energy,” said Ambassador Garcetti, underscoring the global importance of the initiative.
He commended the collaboration between the US and India across government and private sectors, exemplified by the facility’s establishment.
The facility is expected to boost solar panel manufacturing in India, contributing to the country’s ambitious goal of having clean energy comprising over 50 percent of its generation capacity by 2030.
With DFC’s support, the facility has already created 2,000 jobs during construction and more than 1,100 high-skilled operations jobs, with 40 percent held by women.
DFC’s extensive partnership with the Indian private sector, totaling $3.8 billion in active financing, has positioned India as a hub for financial innovation and manufacturing.
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