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Aerial view of sheep grazing next to photovoltaic cell solar panels on October 9 in Thirumani village, Karnataka, India. Photo: Abhishek Chinnappa/Getty Images

The U.S. International Development Finance Corporation (DFC) will provide up to $500 million in debt financing for the U.S. company First Solar's plan to build a major module factory in India.

Why it matters: The DFC said its the largest debt financing transaction in its history. And the WSJ delves into the geopolitics of the deal, noting it's "putting American taxpayer money behind a bid to weaken China’s dominance of the solar industry’s supply chain."

The big picture: The announcement says most of the facility's output is expected to be used in India's growing solar market and notes India is a "key partner to the U.S. in the Indo-Pacific region."

What they're saying: “This transaction represents another milestone in the United States effort to drive alternative supply chains — and to articulate a vision for climate finance that drives our development mission," said Dev Jagadesan, the DFC's acting CEO, in a statement.

Go deeper

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.
Kate Marino, author of Markets
3 hours ago - Economy & Business

Omicron outbreaks were bad for business in January

Data: New York Federal Reserve Bank; Chart: Axios Visuals

Emerging anecdotal evidence shows just how hard the recent rise in COVID-19 cases hit businesses in early January — but that hasn't hurt some business leaders’ longer-term views of their companies' prospects.

Why it matters: Increasingly, the economic recovery has come in fits and starts that move in tandem with new peaks in cases. Look no further than the thousands of canceled flights and shuttered Broadway theaters in the wake of the Omicron variant's spread over the last few months.

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