First Solar has entered into two Tax Credit Transfer Agreements with Visa Inc. on December 6, 2024, for the sale of manufacturing production tax credits generated from U.S. module component production. The agreements comprise a Fixed Transfer Agreement worth $645 million and a Variable Transfer Agreement for up to $225 million in additional tax credits.Under the Fixed Transfer Agreement, Visa will pay $615.97 million in two installments: $400 million paid on December 6, 2024, and $215.97 million due on December 30, 2024. The Variable Transfer Agreement, with a purchase price of $0.955 per $1.00 of transferred tax credits, has a payment deadline of February 28, 2025.Both agreements are subject to customary conditions, including the absence of default and accuracy of company representations. The tax credits are generated through the production and sale of module components to third parties during 2024, under Section 45X of the Internal Revenue Code.

First Solar has entered into two Tax Credit Transfer Agreements with Visa Inc. on December 6, 2024, for the sale of manufacturing production tax credits generated from U.S. module component production. The agreements comprise a Fixed Transfer Agreement worth $645 million and a Variable Transfer Agreement for up to $225 million in additional tax credits.Under the Fixed Transfer Agreement, Visa will pay $615.97 million in two installments: $400 million paid on December 6, 2024, and $215.97 million due on December 30, 2024. The Variable Transfer Agreement, with a purchase price of $0.955 per $1.00 of transferred tax credits, has a payment deadline of February 28, 2025.Both agreements are subject to customary conditions, including the absence of default and accuracy of company representations. The tax credits are generated through the production and sale of module components to third parties during 2024, under Section 45X of the Internal Revenue Code.