Hanwha Qcells Secures $1.45B Loan for U.S. Solar Manufacturing, Creating Thousands of Jobs
Hanwha Qcells has secured a $1.45 billion loan guarantee from the U.S. Department of Energy (DOE) to fund its solar manufacturing project in the U.S. The project, based in Georgia and Oregon, will create thousands of jobs near me and significantly boost solar panel production.
The Georgia facility, the largest ingot and wafer plant in the U.S., will produce 3.3 GW of solar panels annually, enough to power half a million American households. It will be the first fully integrated silicon-based solar manufacturing facility in over a decade. The project is expected to create about 1,200 construction jobs near me and 1,650 full-time operations jobs near me for Cartersville residents.
The DOE's Loan Programs Office (LPO) offered the loan guarantee through its Title 17 Clean Energy Financing Program. The project will benefit from the 45X Advanced Manufacturing Production Tax Credit and the IRA's domestic content 10% tax credit bonus. An economic review estimates the investment will create nearly 6,800 jobs near me and have a potential sales output of more than $2 billion in Bartow and Whitfield Counties. The project is also expected to reduce emissions from power generation by more than 5 million tons per year.
About 40% to 50% of the construction work was awarded to local contractors, including those from Atlanta, Georgia and Chattanooga, Tennessee. The loan will fund Qcells' Georgia facility, which will produce ingots, wafers, cells, and finished solar modules.
The DOE's loan guarantee supports Qcells' solar manufacturing project, which will significantly increase U.S. solar panel production and create thousands of jobs near me. The project is expected to have a substantial positive impact on the environment and the local economy.
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