First Solar’s minimum EBITDA eliminated, required liquidity doubled

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – First Solar, Inc. entered into a fifth amendment on Jan. 20 to its amended and restated credit agreement dated Oct. 15, 2010 with JPMorgan Chase Bank, NA as administrative agent to modify some financial covenants, including removing the company’s requirement to maintain a minimum consolidated EBITDA.

The amendment also increases the liquidity required to be maintained to $800 million from $400 million, according to an 8-K filing with the Securities and Exchange Commission.

First Solar is a Tempe, Ariz.-based provider of photovoltaic solar power systems.

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