First Solar subsidiary enters ¥21.5B credit facility for Japan solar plant; project to be sold to PAG Real Assets

FIRST SOLAR, INC.

Project company FS Japan Project 25 GK entered ¥21.5B ($168.1M) credit facility for a 53 MW AC plant in Tochigi, Japan.
Facility includes ¥18.8B term loan, ¥1.9B consumption tax facility, ¥0.8B debt service reserve; interest at TIBOR+0.85%.
Term loan matures April 2040 with bi-annual installments from Oct 2023; consumption tax facility matures Oct 2025.
Credit Facility and project expected to be transferred to PAG Real Assets subsidiary as part of sale of First Solar's Japan development platform.
Facility secured by project assets and equity interests; contains customary covenants and events of default.

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