First Solar plans $1.1 billion investment in fifth U.S. panel factory

on Thursday announced plans to spend up to $1.1 billion on what will be its fifth U.S. factory to meet booming demand for American-made solar panels.expansion

"By expanding America's solar manufacturing base, and the value chains that support it, we are working to ensure that the U.S. 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," First Solar Chief Executive Mark Widmar said in a statement.

It has yet to select a location for the factory, which will begin production in 2026 and create 700 jobs. First Solar currently produces panels in Ohio and will open anU.S. solar project developers have flocked to First Solar's cadmium telluride products in part because the technology does not rely on polysilicon, a raw material primarily made in China and used in the vast majority of panels. First Solar has an order backlog of 78 GW, the company said.

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