Reviving U.S. Solar Manufacturing: Suniva’s Resurgence
Joe Biden’s groundbreaking climate law has paved the way for the revival of Suniva, a leading U.S. solar manufacturer. Thanks to the incentives provided by President Biden’s landmark legislation, Suniva will restart its Georgia cell factory next year.
From Bankruptcy to Success
Suniva, once plagued by bankruptcy and stiff competition from cheap imports, is poised for a major comeback. The company filed for trade remedies six years ago to combat its inability to compete with low-priced solar panels primarily from China.
A Promising Future
Suniva plans to begin production of solar cells at its Norcross, Georgia facility in the spring of next year. With an initial capacity of 1 gigawatt per year, the company aims to power approximately 173,000 homes. The factory’s first phase will create up to 240 jobs.
Securing the Market
Suniva is actively engaged in advanced negotiations with potential customers, ensuring a significant portion of its supply is contracted before the factory’s opening. The company has already received a $110 million financing commitment from New York investment fund Orion Infrastructure Capital (OIC) for its expansion.
A Boost from the Inflation Reduction Act
Subsidies provided by the Inflation Reduction Act (IRA) have been instrumental in Suniva’s resurgence. The IRA offers a 10% tax credit for facilities using American-made equipment, in addition to the existing 30% tax credit for renewable energy facilities. This creates a favorable environment for projects utilizing domestically-produced solar cells.
An Industry Reborn
John Podesta, a White House senior advisor on clean energy policy, hailed Suniva’s revival as a testament to the power of the Inflation Reduction Act. The resurgence of the American solar industry marks a significant milestone in the nation’s pursuit of sustainable energy solutions.
Italy’s Enel and South Korea’s Hanwha have also recently announced plans to establish solar cell manufacturing facilities in the United States.
Source: Reuters
Read More of this Story at www.reuters.com – 2023-10-11 18:53:00
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