Solar company made billions from ‘Inflation Reduction Act’ and donated millions to Biden and Democratic campaigns

First Solar: The Democrat Party’s Green Energy Darling

In the world of green energy, there is a significant focus on wealth redistribution. This is evident in the case of First Solar, a company closely aligned with the Democrat Party, which generously supported Democrats in 2020. The company poured $2 million into Democratic coffers, including a hefty $1.5 million contribution to the Biden campaign.

Upon Biden’s ascension to the presidency, First Solar ramped up its lobbying efforts, spending an additional $2.8 million to influence the administration and Congress. This strategic move paid off handsomely when Biden signed the controversial “Inflation Reduction Act” into law in 2022, leading to a surge in First Solar’s stock price and profits.

Political Influence and Financial Gains

First Solar’s cozy relationship with the Democrats has deep roots, dating back to the Obama administration. The company benefitted from substantial government subsidies under Obama’s green energy initiatives, much like Solyndra, which infamously received $500 million in federal loans before declaring bankruptcy.

Under the Biden administration, First Solar continued to thrive, capitalizing on the political landscape to secure lucrative federal subsidies and tax credits. The company’s stock price soared, enriching a group of Democratic donors who had invested heavily in First Solar.

Legislative Maneuvering and Financial Windfalls

The passage of the Inflation Reduction Act was a game-changer for First Solar, enabling the company to capitalize on tax credits aimed at boosting domestic clean energy manufacturing. These credits, designed to enhance U.S. competitiveness against Chinese companies, provided a significant revenue stream for First Solar.

Notably, First Solar sold approximately $650 million worth of tax credits to a tech company, resulting in a substantial cash influx. This financial maneuvering benefited the company’s investors, including major Democratic donors who saw their investments skyrocket along with First Solar’s stock price.

Strategic Lobbying and Political Connections

First Solar’s influence extended to high-level meetings with administration officials, including Clinton-era figure John Podesta, who oversaw environmental provisions of the Inflation Reduction Act. The company’s CEO and chief lobbyist were actively engaged in shaping legislation to maximize financial returns for First Solar and its backers.

Additionally, the company’s lobbying efforts were bolstered by Democratic mega donors like Jim Simons, whose financial contributions played a role in resurrecting the Inflation Reduction Act. Simons’ hedge fund, Renaissance Technologies, strategically invested in First Solar, reaping substantial profits as the company’s stock price surged.

Read More of this Story at – 2024-06-29 01:02:02

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