Biden Administration Announces $375 Million Funding for Renewable Energy Projects

The Biden administration announced $375 million in funding for renewable energy projects, primarily through the Inflation Reduction Act (IRA), with significant investments in rural electrification and battery storage projects across the U.S. Concurrently, First Solar, a major player in the solar industry, has significantly benefited from the IRA, having lobbied extensively and donated to Biden's 2020 campaign, resulting in substantial profits and stock price increases. The company received federal subsidies potentially worth up to $10 billion over a decade, driven by lucrative tax credits. This highlights how legislative efforts to boost renewable energy can also provide considerable financial returns to well-connected firms.