First Solar pledges big U.S. factory expansion thanks to climate law

  • Source: Reuters
  • by: Nichola Groom
First Solar pledges big U.S. factory expansion thanks to climate law
Aug 30 (Reuters) - First Solar Inc (FSLR.O) will spend $1.2 billion to expand its solar panel manufacturing operations in the United States, creating hundreds of jobs including with a new factory in the Southeast, the company said on Tuesday.

It is among the first major corporate investments announced following the Inflation Reduction Act (IRA), a $430 billion package of policies aimed at combating climate change that President Joe Biden signed into law this month.

The IRA includes new tax credits for U.S.-made solar products, supporting Biden's goal of decarbonizing the electricity sector by 2035 with clean energy technologies made by American workers.

The announcement is an about-face for the largest U.S. solar panel maker, which said earlier this summer it was unlikely to build its next factory in the United States due to the lack of federal support.

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