First Solar announces fifth U.S.
manufacturing facility
![](images/images_08_08_2023/FirstSolar_Assoc_PBG_2100-1200x801.jpg)
Image: First Solar
First Solar, major producer of thin-film solar
panels, has announced plans to add a fifth manufacturing facility in
the United States, investing $1.1 billion in 3.5 GW of annual
production capacity. Once operational in 2026, the factory is expected
to contribute to the company’s 14 GW in the U.S. and 25 GW globally.
The factory will produce First Solar’s Series 7 modules, which are
expected to be manufactured with 100% U.S.-made components identified
in the current domestic content guidance issued by the US Department
of Treasury.
The company has over 78 GW in its order backlog, driving the addition
of more factories. First Solar continues to book module orders well
into the future as demand for U.S.-made solar components remains red
hot due to domestic manufacturing incentives created by the Inflation
Reduction Act and an increased emphasis on renewables in utilities and
corporate procurement plans.
Mark Widmar, chief executive officer, First Solar celebrated the
company’s growth, highlighting, “the industry’s strongest balance
sheet, a repeatable vertically integrated manufacturing template, and
a proven technology platform.”
Over the last year, First Solar has announced over $2.8 billion in
capital investment in 7.9 GW of manufacturing capacity additions, all
in the United States. The company previously announced an
approximately $1.3 billion investment in a new 3.5 GW manufacturing
facility in Alabama and a 0.9 GW expansion of its existing
manufacturing footprint in Ohio, both of which are expected to be
completed at the end of 2024.
“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,” said Widmar.
First Solar currently has 2,500 employees across the country. The
company estimates that the new facility will add over 700 new jobs,
which when combined with the 850 new manufacturing jobs expected to be
created in Alabama and Ohio and over 100 new R&D jobs planned in Ohio,
takes its total number of direct jobs in the U.S. to over 4,000 people
across the country by 2026. The company said the newest facility, of
which the location is yet to be disclosed, will be contingent on
necessary permits and approvals.
First Solar released its Q2 earnings report for 2023. Highlights
included:
Net sales of $811 million, $262 million growth quarter-over-quarter
Net income per diluted share of $1.59, up from $0.40 in the previous
quarter
Net cash balance of $1.5 billion, decrease from $2 billion in previous
quarter
YTD net bookings of 21.1 GW; 8.9 GW in Q2
“The second quarter of the year continued the steady progress
established in the first, as we ramped up production and delivery of
our next-generation Series 7 modules, reinforced our global leadership
in thin film PV with a strategic acquisition, and continued our strong
bookings and ASP momentum,” said Widmar on the earnings call.
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