Biden's Solar Fortune: First Solar's Strategy Pays Billions

Joe Biden's campaign promises on climate change led major solar industry player, First Solar, to invest significantly in his election. Post-victory, First Solar's focused lobbying efforts bore fruit, securing lucrative subsidies and tax credits under the Inflation Reduction Act. This has significantly boosted the company's stock and profits.

Joe Biden's campaign promises to combat climate change have garnered financial support from First Solar, a leading solar panel manufacturer. The company contributed $1.5 million to Biden's 2020 campaign and spent an additional $2.8 million lobbying his administration. This strategic move has paid off, with First Solar becoming a significant beneficiary of the $1 trillion in environmental spending under the Inflation Reduction Act, signed into law in 2022.

Since the enactment of the legislation, First Solar has seen its stock price double and its profits surge. The company now benefits from substantial federal subsidies potentially worth up to $10 billion over a decade. The boom has enriched a select group of Democratic donors who invested heavily in First Solar.

As Biden and Democrats tout this legislation as a milestone in green energy and economic uplift, First Solar's experience underscores how targeted lobbying and campaign contributions can yield vast returns. White House spokesperson Angelo Fernández Hernández affirmed Biden's commitment to an ambitious climate agenda, while First Solar CEO Mark Widmar highlighted the new subsidies' role in expanding domestic operations and criticized competitors linked to China.