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In response to industrial incentives in U.S. President Joe Biden’s historic climate change package, Maxeon Solar announced on Thursday that it will invest more than $1 billion in the construction of a solar cell and panel facility in Albuquerque, New Mexico.
The investment is the most recent by a foreign producer looking to take advantage of the Inflation Reduction Act’s incentives to increase domestic supplies of renewable energy components and compete with China. In the past year, the Act was passed.
According to a statement from the Singapore-based corporation, a 3 GW facility that will operate in 2025 and add 1,800 jobs is in the works. It is dependent on the company’s ability to obtain the finance it needs through a loan-guarantee programme for clean energy projects run by the U.S. Department of Energy.
The 160-acre location in the Mesa del Sol district of Albuquerque will house Maxeon’s first US factory. Currently, Mexico, Malaysia, and the Philippines are where it makes panels.
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A plan that would expand the facility to 4.5 GW is being considered by Maxeon in light of expected customer demand. Later this year, it will make a final decision.
Politicians in New Mexico welcomed the news of the factory, which would be the state’s first significant solar manufacturing facility in a state that is highly dependent on the lucrative oil and gas sector.
According to the American Clean Power Association, businesses have announced investments totalling more than $270 billion in clean energy projects and industrial facilities since the IRA’s adoption.
Democratic presidential candidate Joe Biden travelled to the crucial state on Wednesday to promote a factory that produces wind energy and was funded in part by IRA incentives.
His campaign for reelection in 2024 has made the law, which was approved without the support of Republicans, a focal point.
In 2020, SunPower, a U.S. residential solar installer, spun off Maxeon. A long-term supply arrangement between the two businesses exists for Maxeon’s high-efficiency panels.
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Source: Reuters
