First Solar To Invest Up To $1.2 Bln To Boost Photovoltaic Solar Modules; Stock Up

(RTTNews) - First Solar, Inc. (FSLR), a maker of solar panels, said on Tuesday that it plans to invest up to $1.2 billion to boost production of American-made responsible photovoltaic or PV solar modules.

The move is anticipated to expand the company's ability to produce solar modules for the American solar market to over 10 gigawatts (GW) DC by 2025.

As part of its latest plan, the firm aims to build its fourth, fully vertically integrated domestic factory, with an annual capacity of 3.5 GWDC, in the U.S. Southeast. It also intends to invest up to $1 billion in the new factory, which is expected to be operational in 2025.

The company will invest $185 million to upgrade and expand its Northwest Ohio production footprint.

First Solar will invest in expanding the capacity of its two operating facilities in Perrysburg and Lake Township, Ohio, by 0.6 GWDC to 3.6 GWDC of annual Series 6 module capacity.

The company will also expand its third Ohio factory, expected to be commissioned in the first half of 2023, to 3.5 GWDC of annual Series 7 module capacity. The expansion will increase First Solar's total investment in its Ohio sites to over $3 billion, with a cumulative annual production capacity of over 7 GWDC by 2025.

Mark Widmar, CEO of First Solar, said: "…We are proud of the fact that our manufacturing presence in the U.S. is expected to directly and indirectly support over 18,000 jobs across the country by 2025, while our manufacturing investment will add an estimated $3.2 billion in value to the US economy, reflecting the impact of solar manufacturing on our country."

First Solar, Inc. is trading up by 4.50 percent at $127.17 on the Nasdaq.