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Note 13. Debt (Notes)
 12 Months Ended
Dec. 31, 2024
Debt Instruments [Abstract]  
Debt
13. Debt

Our debt arrangements consisted of the following at December 31, 2024 and 2023 (in thousands):
Balance (USD)
Loan AgreementCurrency20242023
Revolving Credit Facility
USD
$— $— 
India Credit FacilityUSD464,550 500,000 
India JPM Working Capital Facility
INR
28,490 60,827 
India HSBC Working Capital Facility
INR
69,097 — 
India Citibank Working Capital Facility
INR
48,017 — 
India Credit Agricole Working Capital Facility
INR
— — 
Total debt principal610,154 560,827 
Less: unamortized issuance costs(376)(521)
Total debt609,778 560,306 
Less: current portion(236,424)(96,238)
Noncurrent portion$373,354 $464,068 

Revolving Credit Facility

In June 2023, we entered into a credit agreement with several financial institutions as lenders and JPMorgan Chase Bank, N.A. as administrative agent, which provides us with a senior secured credit facility (the “Revolving Credit Facility”) with an aggregate borrowing capacity of $1.0 billion. Borrowing under the Revolving Credit Facility bears interest at a rate per annum equal to, at our option, (i) the Term Secured Overnight Financing Rate (“Term SOFR”), plus a credit spread of 0.10%, plus a margin that ranges from 1.25% to 2.25% or (ii) an alternate base rate as defined in the credit agreement, plus a margin that ranges from 0.25% to 1.25%. The margins under the Revolving Credit Facility are based on the Company’s net leverage ratio or, if the Company elects to switch to a credit ratings-based system after the investment grade ratings trigger date occurs (as defined in the credit agreement), on the Company’s public debt rating.

In addition to paying interest on outstanding principal under the Revolving Credit Facility, we are required to pay an unused commitment fee that ranges from 0.125% to 0.375% per annum based on the same factors discussed above and the daily unused commitments under the facility. We are also required to pay (i) a letter of credit fee based on the applicable margin for Term SOFR loans on the face amount of each letter of credit, (ii) a letter of credit fronting fee as agreed by the Company and such issuing lender, and (iii) other customary letter of credit fees. Our Revolving Credit Facility matures in June 2028. Loans and letters of credit issued under the Revolving Credit Facility are secured by liens on substantially all of the Company’s tangible and intangible assets.

As of December 31, 2024 and 2023, we had no outstanding debt or letters of credit under our Revolving Credit Facility.

India Credit Facility

In July 2022, FS India Solar Ventures Private Limited (“FSISV”), our indirect wholly-owned subsidiary, entered into a finance agreement (the “India Credit Facility”) with the U.S. International Development Finance Corporation for aggregate borrowing of up to $500.0 million for the development and construction of a solar module manufacturing facility in India. Principal on the India Credit Facility is payable in scheduled semi-annual installments beginning in August 2024 through the facility’s expected maturity in August 2029. The India Credit Facility is guaranteed by First Solar, Inc.
India JPM Working Capital Facility

In December 2022, FSISV entered into a working capital facility agreement (the “India JPM Working Capital Facility”) with JPMorgan Chase Bank, N.A. for the issuance of bank guarantees, bonds, and other similar forms of security. During 2023, the India JPM Working Capital Facility was amended to include certain working capital loans of up to INR 6.2 billion ($74.8 million). The outstanding balance matures in the first quarter of 2025. The India JPM Working Capital Facility is guaranteed by First Solar, Inc.

India HSBC Working Capital Facility

In February 2024, FSISV entered into a working capital facility agreement (the “India HSBC Working Capital Facility”) with the Hongkong and Shanghai Banking Corporation Limited, which provides certain working capital loans of up to INR 8.2 billion ($98.4 million). The outstanding balance matures in the first quarter of 2025. The India HSBC Working Capital Facility is guaranteed by First Solar, Inc.

India Citibank Working Capital Facility

In August 2024, FSISV entered into a working capital facility agreement (the “India Citibank Working Capital Facility”) with Citibank, N.A., which provides certain working capital loans of up to INR 4.5 billion ($53.8 million). The outstanding balance matures during the first half of 2025. The India Citibank Working Capital Facility is guaranteed by First Solar, Inc.

India Credit Agricole Working Capital Facility

In August 2022, FSISV entered into a working capital facility agreement (the “India Credit Agricole Working Capital Facility”) with Credit Agricole Corporate and Investment Bank, for the issuance of letters of credit, bank guarantees, and overdraft. During 2024, the India Credit Agricole Working Capital Facility was amended to include certain working capital loans of up to INR 4.0 billion ($46.8 million). The Credit Agricole Working Capital Facility is guaranteed by First Solar, Inc. As of December 31, 2024, there was no balance outstanding on the India Credit Agricole Working Capital Facility.

Interest Rates

As of December 31, 2024, the borrowing rates for our outstanding debt arrangements were as follows:
Loan Agreement
Interest Rate Description
Interest Rate
India Credit FacilityU.S. Treasury Constant Maturity Yield plus 1.75%5.57%
India JPM Working Capital Facility (1)
India Treasury bill rate plus 1.3%
7.81%
India HSBC Working Capital Facility (1)
India Treasury bill rate plus 1.5%
7.96%
India Citibank Working Capital Facility (1)
India Treasury bill rate plus 1.1%
7.53%
——————————
(1)The weighted-average interest rate for our outstanding short-term debt arrangements was 7.79% as of December 31, 2024.

During the years ended December 31, 2024, 2023, and 2022, we paid $36.2 million, $15.0 million, and $11.6 million, respectively, of interest related to our debt arrangements.
Future Principal Payments

At December 31, 2024, the future principal payments on our long-term debt were due as follows (in thousands):
Total Debt
2025$90,899 
202690,899 
202790,950 
202891,000 
2029100,802 
Total long-term debt future principal payments$464,550