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First Solar Announces $1B Panel Factory in U.S.

First Solar is experiencing an unprecedented backlog.

First Solar, the largest U.S.-based developer of solar panels, has announced a major investment.

The company says it will spend up to $1 billion on building a panel manufacturing facility in the American Southeast.

First Solar also revealed that it will spend $185 million to upgrade and expand its existing Ohio facilities.

First Solar is experiencing an unprecedented backlog, saying earlier this year it was sold out through 2025.

The company says the passage of the Inflation Reduction Act was a key component in its decision to build another U.S. factory.

CEO Mark Widmar told CNBC that the legislation put the industry in “the best position it ever has been.”

Specifically, the IRA provides tax incentives for solar technology producers as well as consumers, creating a “win-win,” said Widmar.

First Solar hopes to move quickly on the project, with plans to select the location based on a region’s available workforce and how “shovel-ready” the site is.

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