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First Solar announces new U.S. panel factory following the Inflation Reduction Act


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WWW.CNBC.COM

CEO Mark Widmar told CNBC the Inflation Reduction Act was the key catalyst for building another factory in the U.S.

 

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First Solar, the largest solar panel manufacturer in the U.S., said Tuesday that it will build a new panel factory in the U.S.


CEO Mark Widmar told CNBC the recently passed Inflation Reduction Act was the key catalyst that prompted the company to choose the U.S. for its new facility.

 

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The company will invest up to $1 billion in the new factory, which it plans to build in the Southeast of the U.S. The newly announced plant will be the panel maker’s fourth fully integrated U.S. factory.


First Solar also said Tuesday that it will spend $185 million upgrading and expanding its existing facilities in Ohio. 

 

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Widmar said First Solar wants to move quickly when building out its new factory. One of the company’s considerations is a site that’s as close to shovel-ready as possible. Other factors include the type and availability of workers in the area.

 

First Solar is aiming to have identified the site by the end of the current quarter.

 

 

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