First Solar Commits $1 Billion to Build Advanced U.S. Manufacturing Plant
First Solar, the leading American solar panel producer, reveals plans to invest up to $1 billion in a cutting-edge manufacturing facility within the United States.
In a significant shift for the top U.S.-based solar panel manufacturer, First Solar has unveiled plans to invest as much as $1 billion to establish a new manufacturing plant on American soil.
This strategic move follows the enactment of the Inflation Reduction Act of 2022, which offers substantial support for clean energy projects and incentives aimed at boosting domestic production.
The upcoming facility is projected to produce up to 3.5 gigawatts of solar power annually, reinforcing First Solar's commitment to expanding its U.S. operations after years of outsourcing much of its manufacturing to Europe and India due to previous unfavorable domestic policies.
Surge in U.S. Clean Energy Investments
The Inflation Reduction Act has catalyzed a wave of investments in sustainable energy technologies and infrastructure. Recently, Honda announced a $4.4 billion joint venture with South Korea's LG Energy Solutions to construct an electric vehicle battery factory in the U.S., while Tesla partnered with Panasonic to develop a similar facility in Oklahoma.
First Solar's stock (FSLR) has responded positively, rising 0.6% in pre-market trading and boasting a 40% increase year-to-date.
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