July 28 (Reuters) - First Solar Inc (FSLR.O) will consider expanding its U.S. manufacturing operations if proposed climate change legislation that would subsidize solar equipment production is signed into law, its chief executive said on Thursday.
The comments by the top U.S. solar panel maker marked a reversal for CEO Mark Widmar, who had said in recent weeks that his company was unlikely to build its next factory in the United States due to a lack of federal incentives for solar manufacturing. read more
Widmar's statement came a day after Senate Democrats said they had reached a deal on a wide-ranging spending bill -- the Inflation Reduction Act -- that would raise corporate taxes and invest in energy technologies, including domestic production of solar panels.
"In light of these latest developments, and should the Inflation Reduction Act pass with consistent language on solar-related tax credits, we plan to pivot quickly to re-evaluate U.S. manufacturing expansion," Widmar said on a conference call with Wall Street analysts after the company's quarterly results.
Earlier this month, Widmar told Reuters that the collapse of a deal to pass climate change legislation in Congress was a major blow to efforts to wean the U.S. solar industry off its reliance on China. read more
First Solar produces panels at factories in Ohio and Asia. A new factory would take about 24 months to come online, Widmar said.
Some 90% of U.S. solar panels are made overseas, a fact that has challenged the industry in the last two years amid pandemic-related supply chain disruptions, tariff threats and increased border scrutiny from concerns about ties to forced labor.
As a result, developers have flocked to First Solar, and the company said on Thursday that it was sold out through 2024. Earlier in the day, the company said it had entered into a 2.4 gigawatt supply deal with project developer Intersect Power for projects that will come online between 2025 and 2027.
Reporting by Nichola Groom; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles.
"Factory" - Google News
July 29, 2022 at 05:17AM
https://ift.tt/wEK6Ut7
First Solar will consider U.S. factory expansion if Democrat spending bill passes-CEO - Reuters
"Factory" - Google News
https://ift.tt/gijRpW1
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "First Solar will consider U.S. factory expansion if Democrat spending bill passes-CEO - Reuters"
Post a Comment