Solar panel manufacturer First Solar plans to build its fifth U.S. factory, the company announced Thursday.
The location of the $1.1 billion plant has yet to be decided, but will expand First Solar's manufacturing capacity by 3.5 gigawatts to reach approximately 14 GW in the U.S. It will manufacture solar panel modules made from components entirely produced in the country.
The new site is slated for completion in 2026 and is expected to create more than 700 jobs.
First Solar's newest site adds to its three existing locations in Ohio, as well as an upcoming $1.1 billion factory in Alabama, announced last November and slated to open in 2025.
"With this investment, we continue to help deliver on the promise of the Inflation Reduction Act, which is to create enduring value for our country," CEO Mark Widmar said in a statement. "By expanding America’s solar manufacturing base, and the value chains that support it, we are working to ensure that the US enters the next decade in a position of strength, fully capable of producing the technology it needs to complete its transition to a sustainable energy future."
The Arizona-based solar manufacturer's push for U.S.-made components is part of its effort to qualify for tax credits from the Inflation Reduction Act. The law provides 30% tax credits for the construction of clean energy manufacturing sites.
First Solar has been busy expanding its domestic manufacturing capacity. In the past year, the company has committed $2.8 billion in U.S. manufacturing investment, including its Alabama site and the expansion of its Ohio facilities.
The company is also building an R&D center in Perrysburg, Ohio, which is expected to open next year.