First Solar nails $63 million loan from Mizuho Bank
The deal is First Solar’s third loan facility with Mizuho Bank, but is the first syndicated solar project development loan facility that the Tokyo-based lender has arranged, according to an online statement. In February, it agreed to provide First Solar with JPY 27 billion of non-recourse project debt financing for 59.5 MW of PV capacity in Ishikawa prefecture, Japan.
First Solar’s net sales rose sharply in the first quarter to $892 million, despite shipping just 400 MW. It is still in the midst of shifting to its new Series 6 modules, which has involved the closure of thin-film module production lines in the U.S. and Malaysia. It aims to start installing its new Series 6 lines in both countries in the third quarter, with a planned commercial rollout from the second quarter of next year.
The Arizona-based company has been particularly active in the Australian market this year, with deals to supply more than 250 MW at three different locations. Those projects include a 48.5 MW installation in New South Wales, in addition to 140 MW and 63 MW arrays in Queensland.