First Solar, Inc. engages in two Tax Credit Transfer Agreements, selling around $700 million of 2023 Inflation Reduction Act tax credits to Fiserv, Inc. at $0.96 per $1. Citigroup Global Markets, Inc. acts as the first-of-its-kind credit transfer placement agent. The agreements follow the US Department of Treasury’s proposed rulemaking on Section 45X credits, impacting First Solar’s 2023 earnings by up to $28 million.
First Solar pioneers $700M tax credit transfer with Fiserv
This impact will result in a reduction of diluted earnings of up to $0.26 per share for the year. Illustration from First Solar.
The sale of Westbridge’s 75% stake in Sunnynook Solar to METLEN was completed, set to power 50,000 Alberta homes. (Image Source: Pixabay)
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