First Solar announced plans Tuesday to invest up to $1.2 billion for scaling up its US solar panel production.
Up to $1 billion will go toward building a new solar panel factory somewhere in the Southeast, the largest US solar panel manufacturer said in a press release.
The new fully integrated factory, set to be First Solar’s fourth in America, is expected to start operations in 2025, contingent upon permitting and pending government approvals.
First Solar will invest $185 million into expanding its three Ohio manufacturing facilities. The company said that its third factory in the state is expected to be commissioned in the first six months of 2023.
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“In passing the Inflation Reduction Act of 2022, Congress and the Biden-Harris administration has entrusted our industry with the responsibility of enabling America’s clean energy future, and we must meet the moment in a manner that is both timely and sustainable,” First Solar CEO Mark Widmar said in a statement.
He called the investment an “important step towards achieving self-sufficiency in solar technology, which, in turn, supports America’s energy security ambitions, its deployment of solar at scale and its ability to lead with innovation.”
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President Biden signed the Inflation Reduction Act into law earlier this month. The law allocates $369 billion toward climate and energy policies and includes a tax credit related to US solar cell production.
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First Solar’s announced investment will add at least 850 new manufacturing jobs, bringing its total number of US employees to over 3,000 by 2025, the company estimated in the release.