First Solar to invest $1.1 billion in fifth US panel factory

First Solar Inc. plans to spend as much as $1.1 billion on a new US manufacturing site, a sign that president Joe Biden’s Inflation Reduction Act is boosting domestic clean energy industry.

The plant will be able to produce panels capable of generating 3.5 gigawatts of solar power per year upon completion in 2026, according to a statement Thursday. The company hasn’t yet picked a location for what will be its fifth US factory.

Aided by incentives from the IRA, the biggest US panel maker has now committed $2.8 billion in the past year to expand US production. The new plant will give First Solar total annual capacity of 14 gigawatts in the US and 25 gigawatts globally.

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Source: Bloomberg

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