First Solar is investing $1.2 billion in the development of solar photovoltaic modules. These will be made in the United States and produced responsibly.
An expansion in favor of sustainable development
The investment pursues a desire to support the U.S. energy transition. The development and expansion of solar projects is a valuable aid to the decarbonization of the country. First Solar wants to bring 10 GW of generating capacity to the U.S. market.
It also states that it wants to contribute to the goals set by the Inflation Reduction Act enacted by Joe Biden. The plan calls for a 40% reduction in greenhouse gases by 2030. Thus, measures have been taken to push the population and companies to move towards a more sustainable consumption.
Mark Widmar, CEO of First Solar, comments on this trend:
“By passing the Inflation Reduction Act, Congress and the Biden-Harris administration have entrusted our industry with the responsibility of enabling America’s clean energy future and we must respond to this in a timely and sustainable manner.”
As such, First Solar is looking to increase its production of solar modules in the United States. To do this, it is counting on the construction of a 4th production plant. The company is planning a $1 billion investment in the new plant, which is expected to be operational in 2025. This is in parallel with several investments to modernize and expand its pre-existing production facilities in Ohio.
First Solar’s successive expansions in Ohio will have benefited from a total investment of approximately $3 billion. As a result, the company will be able to accommodate a cumulative annual generation of more than 7 GW by 2025.
First Solar a Major Player in the United States
In addition, the company’s development in the United States will create 850 jobs. As a result, the total number of direct jobs in the U.S. will rise to more than 3,000 in four different states by 2025. This will make First Solar the largest employer in the U.S. solar manufacturing industry.
The company is also the only U.S.-based company among the top 10 solar manufacturers in the world.
Recently, the company has experienced strong demand for its thin-film photovoltaic solar modules. These secure long-term supply for customers, which stimulates demand.
In addition, First Solar is not just expanding in Ohio. In fact, it currently operates plants in Vietnam and Malaysia. It plans to build its first plant in India by 2023.
