First Solar investing $1.2 billion to expand USA factory footprint

Well let’s hear it for the idea of First Solar building in the USA.

 

Tue, August 30, 2022, 5:47 AM·3 min read

Well folks according to Akiko Fujita over at Yahoo News there’s some good solar News coming to the USA. For First Solar (FSLR) is making a $1.2 billion investment. All into expanding its factory footprint in the United States. That’s providing a tailwind to President Biden’s push to accelerate domestic manufacturing and reduce America’s reliance on Chinese supply chains.

As I reported before!

So First Solar Inc. (FSLR) is the largest U.S. solar-panel maker. They are boosting its efforts to install systems at industrial sites. Furthermore, warehouses as utilities demand for smaller solar farms.

Pursuing smaller projects and customer-sited systems may increase sales as much as 36 percent. That’s expected over the next three years. This comes from Chief Executive Officer Jim Hughes.

The largest solar manufacturer headquartered in the U.S., First Solar plans to invest $1 billion in a new fully vertically integrated factory based in the Southeast and an additional $185 million for upgrading and expanding its existing footprint in northwest Ohio.

Commercial real estate “Efforts to capture the power of the sun at a reasonable cost continue to evolve, positioning solar energy as one of the hottest topics around the world and creating the need for straightforward information and perspectives that improve upon the renewable energy exchange of ideas,” says Michael Gorton, CEO and president of Principal Solar, Inc. “By defining the issues, collecting and distributing information, the Definitive Solar Library will serve as a valuable educational outpost for leaders of government, business and academia. It will also be accessible to consumers who want to join the dialogue.” In conjunction with launch of the Library, Principal Solar today released two white papers:

The move allows the company to expand its solar capacity in the U.S. to 10 gigawatts over the next three years — enough to produce a solar panel every 1.6 seconds, according to First Solar CEO Mark Widmar.