Largest U.S. solar panel maker to spend up to $1 billion on new factory in Southeast

Aug. 30 (UPI) -- The nation's largest solar panel manufacturer announced on Tuesday that it will invest up to $1 billion in building a new factory, its fourth, to be located somewhere in the Southeast.

First Solar, which is the United States' largest developer of the green energy panels, said that the plan directly supports "the country's transition to a decarbonized future and enabling the fight against climate change."

A key factor in the plan, the company said, is the new Inflation Reduction Act -- a sweeping legislative package that incentivizes domestic manufacturing. Congress passed the bill and President Joe Biden signed it last week.

"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.

"This investment is 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."

First Solar estimates that its factory project will create about 850 manufacturing jobs.

The company also said it plans to invest $185 million to expand its production footprint in northwestern Ohio.

"First Solar will invest in expanding the capacity of its two operating facilities in Perrysburg and Lake Township," the company said in a statement. "The company will also expand its third Ohio factory, expected to be commissioned in the first half of 2023.

"The expansion will increase First Solar's total investment in its Ohio manufacturing facilities to over $3 billion."

The Inflation Reduction Act contains billions in funding to fight climate change and aims to reduce greenhouse gases by 40% by the end of the 2020s. Some experts have said the law is the most consequential piece of environmental legislation in recent memory.