US Govt Backs Qcell's $2.3bn Georgia Solar Factory
- Qcells secures $1.45 billion loan guarantee from US Department of Energy for Georgia expansion, creating jobs and boosting solar manufacturing capacity.
The US Department of Energy has offered a conditional loan guarantee of up to USD 1.45 billion to Qcells, a South Korean solar manufacturer, to support its expansion in Georgia. Qcells' parent company, Hanwha Solutions Corp, has committed to investing USD 2.31 billion in building a solar manufacturing complex in Cartersville, Bartow County, as part of a larger USD 2.5 billion plan for a fully-integrated solar supply chain in the US.
The Cartersville complex, which was completed last year, is already partly operational and aims to increase its annual manufacturing capacity to 3.3 GW next year. The project is expected to create 1,200 jobs during the construction phase and support 1,950 full-time jobs once operational. Additionally, Qcells already has a solar panel factory in Dalton, Georgia, with over 5.1 GW of manufacturing capacity.
What impact will Qcells' expansion in Georgia have on the US solar industry?
- Qcells' expansion in Georgia will significantly increase the US solar industry's manufacturing capacity, helping to meet the growing demand for solar panels in the country.
- The investment from Qcells and Hanwha Solutions Corp will create thousands of jobs in Georgia, both during the construction phase and once the manufacturing complex is fully operational.
- The expansion will also boost the local economy in Cartersville and Dalton, Georgia, by providing new employment opportunities and attracting further investment in the solar industry.
- With the completion of the Cartersville complex and the increase in manufacturing capacity to 3.3 GW, Qcells will be better positioned to compete in the US solar market and contribute to the country's renewable energy goals.
- The expansion in Georgia demonstrates Qcells' commitment to investing in the US solar industry and supporting the transition to clean energy sources.