Tag: First Solar

One U.S. Solar Company Poised to Rake in $11 Billion in Subsidies

Michigan Star Staff

U.S.-based solar panel manufacturer First Solar may receive up to $11 billion in subsidies from the government thanks to the Inflation Reduction Act (IRA), according to The Wall Street Journal.

The company expects to receive up to $710 million in subsidies this year alone, which is an amount equivalent to nearly 90% of its predicted operating profit for this year, according to the WSJ. Philip Shen, managing partner at investment bank Roth Capital Partners, estimates that the IRA may end up giving First Solar up to $11 billion in subsidies over the course of the next decade.

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Solar Company Joins Multibillion Green Investment Spree in Republican States

Michigan Star Staff

First Solar announced plans to invest $1.2 billion into production of U.S.-made photovoltaic (PV) solar modules in Ohio and the southeastern U.S., joining a growing list of companies developing green energy initiatives in Republican-controlled states.

First Solar announced that it would invest $185 million into “upgrading and expanding” its manufacturing capabilities in three factories in northwestern Ohio, which the company describes as the “largest vertically-integrated complex of its kind in the Western Hemisphere,” as well as investing $1 billion in a new plant in the American Southeast, according to a press release. The solar company is the latest in a slew of billion-plus-dollar investments in green energy initiatives, spearheaded by automakers, seeking to take advantage of tax credits offered under the Inflation Reduction Act by constructing or retrofitting production facilities in Republican-controlled states.

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