First Solar to sell up to $700 million in IRA tax credits to Fiserv by 2023
Feb 05,2024 | DAXTROMNSOLAR
First Solar, the American manufacturer of photovoltaic (PV) solar panels, has announced a deal to sell up to $700 million in federal renewable energy tax credits to Fiserv, a global provider of financial services technology. The tax credits, called investment tax credits (ITCs), were initially designed to incentivize the adoption of renewable energy sources, such as solar power, by providing tax benefits to those who invest in them.
Under this agreement, First Solar will transfer the ITCs to Fiserv, allowing the financial services company to claim the tax credits and effectively reduce its tax liabilities. Fiserv plans to use the credits to lower their carbon footprint and transition to clean energy solutions for their operations. This transaction will help First Solar raise capital to invest in expanding its manufacturing capabilities and developing new solar technologies.
This collaboration between First Solar and Fiserv represents a significant milestone in the renewable energy sector. By leveraging the tax credits, Fiserv not only demonstrates its commitment to sustainability but also sets an example for other financial institutions to follow suit. The increased demand for renewable energy credits will further drive investments in the development and implementation of clean energy solutions.
As the global focus on reducing carbon emissions intensifies, collaborations like this one are crucial for accelerating the adoption of renewable energy sources. Transitioning to clean energy is not only beneficial for the environment but also for businesses, as it helps them become more resilient to future energy market volatility and fluctuations in energy prices. It is encouraging to see companies like Fiserv taking proactive steps to incorporate sustainable practices into their operations.
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