A signature Biden law aimed to boost renewable energy. It also helped a solar company reap billions | 26 June 2024 | Executives, officials and major investors in First Solar, the largest domestic maker of solar panels, donated at least $2 million to Democrats in 2020, including $1.5 million to Biden's bid for the White House. After he won was installed as president, the company spent $2.8 million more lobbying his administration and Congress, records show -- an effort that included high-level meetings with top administration officials.The strategy... has also paid massive dividends as First Solar became perhaps the biggest beneficiary of an estimated $1 trillion in environmental spending enacted under the Inflation Reduction Act, a major piece of legislation Biden signed into law in 2022 after it cleared Congress solely with Democratic votes. Since then, First Solar's stock price has doubled and its profits have soared thanks to new federal subsidies that could be worth as much as $10 billion over a decade. The success has also delivered a massive windfall to a small group of Democratic donors who invested heavily in the company.

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