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First Solar secures term loan for planned 87-MW solar farm in Australia

An Australian subsidiary of First Solar Inc. secured a A$151 million term-loan facility to finance a planned 87-MW solar farm in New South Wales, Australia.

The credit facility consists of a A$140.0 million construction loan, a A$7.0 million goods and service tax loan to fund certain taxes associated with the construction of the project, and a A$4.0 million letter of credit facility.

The construction loan bears interest at a one-month Bank Bill Swap Bid Rate, referred to as BBSY, plus 1.55%, payable monthly. After the completion of the project, the construction loan will be converted into a term loan, bearing interest at the three-month BBSY plus 1.45%, payable quarterly, maturing May 2023.

The good and service tax loan has bears interest at one-month BBSY plus 1.00%, payable monthly, and matures in May 2020. The letter of credit facility bears interest at 1.10%, payable quarterly.

First Solar entered the loan agreement with MUFG Bank Ltd.; Société Générale, Hong Kong branch; and Mizuho Bank Ltd.