US’s largest photo voltaic panel maker to open a brand new 3.7-GW manufacturing facility

First Photo voltaic (Nasdaq: FSLR), the US’s largest photo voltaic panel maker, introduced it would open a brand new 3.7-gigawatt (GW) manufacturing facility within the US to complete manufacturing of its Sequence 6 modules began at its abroad factories.

Manufacturing is anticipated to launch on the finish of 2026 and ramp up by the primary half of 2027, First Photo voltaic stated in a convention name with traders after it launched its Q3 monetary report. The brand new manufacturing facility’s location remains to be being negotiated and can be introduced at a later date.

The corporate’s plan for the brand new manufacturing facility aligns with its technique to develop US manufacturing manufacturing and reshore provide chains. The Biden administration accelerated renewable vitality development by the Inflation Discount Act by providing manufacturing tax credit, such because the 45X credit score, to spice up home manufacturing.

The Trump administration additionally goals to cut back dependence on foreign-made merchandise, however it’s overtly hostile towards the renewable vitality business and has canceled lots of Biden’s tax credit, incentives, and mortgage packages, as a substitute throwing its weight behind fossil fuels. Earlier this yrFirst Photo voltaic lobbied Congress and the Trump administration to retain the manufacturing tax credit beneath the Inflation Discount Act. The 45X tax credit are nonetheless intact, and First Photo voltaic expects the Sequence 6 modules completed on the new manufacturing facility to qualify for the 45X tax credit.

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First Photo voltaic CEO Mark Widmar stated on the convention name, “This exercise locations us uniquely on the intersection of a number of of the administration’s key priorities, together with these associated to home manufacturing job creation, American vitality and vitality affordability, and serving among the many technology options that allow the US to win the factitious intelligence race towards China.”

Learn extra: US reshores complete photo voltaic provide chain – as Trump places $31B in danger

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