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First Solar (NASDAQ:FSLR) -3% in Wednesday’s trading after a report by the Associated Press examined its ties to the Biden administration, saying the company stands to reap huge benefits from laws and regulations drafted and implemented by politicians it has backed.
The report said First Solar (FSLR) executives and investors donated at least $2M to Democrats in 2020, and then spent another $2.8M lobbying the Biden administration.
First Solar (FSLR) representatives and lobbyists met at least four times in late 2022 and 2023 with Biden officials, including John Podesta, who was serving a key role in the implementation of the Inflation Reduction Act, according to the report, which does not accuse the company of breaking any laws.
First Solar (FSLR) may be the single largest beneficiary from IRA subsidies, standing to gain as much as $10B, the report said.
In a response to the report, First Solar (FSLR) CEO Mark Widmar noted some company rivals with ties to China: “Unlike others who routinely spend substantially more lobbying on behalf of Chinese companies that circumvent U.S. laws and deepen strategic vulnerabilities, our interests lie in a diverse, competitive domestic solar manufacturing base supporting American jobs, economic value, and energy security.”
