First Solar announced on Wednesday that it has chosen Alabama as the location for its fourth U.S. project. solar panel manufacturing facility, after the Companies moved production onshore as a result of the Inflation Reduction Act and its incentives for domestic manufacturing.
The Lawrence County facility in North Alabama will cost First Solar approximately $1.1 billion. The company had not yet revealed the location when it first announced its plans for a new facility in August. The Inflation Reduction Act, according to First Solar CEO Mark Widmar, was a major motivator for the company to choose the United States. for its latest factory.
By 2025, the new facility will be producing solar modules at a rate of 3.5 gigawatts annually. Over 700 new jobs will be created at the site, according to the company.
By 2025, First Solar intends to produce solar modules totaling more than 10 gigawatts. Three additional facilities owned by the company are located in Ohio, one of which is expected to open in the first half of 2023. First Solar claims to have invested more than $4 billion in the United States with the announcement of its newest factory in Alabama. manufacturing.
“The passage of the Inflation Reduction Act of 2022 has firmly placed America on the path to a sustainable energy future,” Widmar from First Solar said in a statement on Wednesday.
“This facility, along with its sister factories in Ohio, will form part of the industrial foundation that helps ensure this transition is powered by American innovation and ingenuity,” he added.
According to the Solar Energy Industries Association, the U.S. solar industry currently has a capacity of 126.1 GW, which can power 22 million homes. According to SEIA, the nation added 3.9 GW of solar capacity during the first quarter of this year.
The largest U.S. company is First Solar.-based panel manufacturer and focuses on utility-scale panels. After the IRA rekindled interest in renewable energy companies on Wednesday, First Solar stock reached its highest level since April 2011. Nevertheless, there have been some recent challenges for the company as investors have shifted away from market segments that are focused on growth.
Although other solar stocks and the market as a whole have underperformed, First Solar has maintained its gains. The company’s stock price has increased by more than 80% so far this year. It is based in Arizona. The Invesco Solar Fund has increased 6% this year compared to a 17% decline in the S&P 500.
Other solar firms, such as SolarEdge and Enphase Energy, have stated they are looking into American manufacturing. following the climate bill. Elsewhere in clean energy, battery maker Freyr and lithium miner Piedmont Lithium are among the companies that have announced new facilities.
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