First Solar sells up to $870M in Section 45X tax credits to Visa for $616M fixed plus variable tranche

FIRST SOLAR, INC.

Fixed tranche: $645M tax credits sold for $615.975M, representing 4.5% discount.
Variable tranche: up to $225M additional tax credits at $0.955/dollar, payment due Feb 28, 2025.
First payment of $400M received Dec 6, 2024; second payment of $215.975M due Dec 30, 2024.
Tax credits generated from production at three specified facilities (Ohio and Alabama) in 2024.

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