First Solar is investing big money in clean energy.
Key details
First Solar, an American manufacturer of solar panels, is planning to invest $1.2 billion in U.S. solar-panel manufacturing.
First Solar intends to spend $1 billion to build a fourth domestic factory in the U.S. southeast, with an annual capacity of 3.5 gigawatts.
The factory is expected to begin operations by 2025.
The company also will invest $185 million to upgrade its Northwest Ohio manufacturing plants, according to Barron’s.
Why it’s news
Recently, President Joe Biden signed a climate and healthcare law called the Inflation Reduction Act. The new bill includes a $369-billion investment in climate and energy policies.
The billions in climate and energy investment will boost renewable energy infrastructure in manufacturing, like solar panels and wind turbines, and include tax credits for electric vehicles and measures to make homes more energy efficient. Democrats say the bill will lower greenhouse gas emissions by 40%.
Earlier in the summer the Company said it was unlikely that it would build its next plant in the U.S., but with the passing of the Inflation Reduction Act the company will receive big grants for its U.S. advancements in clean energy.
“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,” says First Solar CEO Mark Widmar.
