Current:Home > Finance$1.1 billion solar panel manufacturing facility planned for Louisiana’s Iberia Parish -Aspire Money Growth
$1.1 billion solar panel manufacturing facility planned for Louisiana’s Iberia Parish
View
Date:2025-04-20 11:35:19
BATON ROUGE, La. (AP) — The largest solar energy manufacturer in the Western Hemisphere is planning to build a $1.1 billion facility in southwest Louisiana, the governor’s office said.
First Solar’s site will be located at the Acadiana Regional Airport in Iberia Parish, Edwards’ office said Thursday in a news release. The project is expected to create about 700 jobs and have an annual payroll of at least $40 million, officials said.
“First Solar’s selection of Iberia Parish for its newest solar panel production facility leaves no doubt that Louisiana is leading the global energy transition, and creating good-paying jobs as a result,” Gov. John Bel Edwards’ office said. “It is proof positive that Louisiana’s ‘all-of-the-above’ approach to energy is growing and diversifying our economy.”
The facility will produce high-performance photovoltaic solar modules that are expected to be made with all U.S.-made components, the governor’s office said. The project is expected to be completed in the first half of 2026.
“We are pleased to partner with Louisiana as we lean into our commitment to creating enduring value for America by expanding our solar manufacturing footprint and the domestic value chains that enable it,” said First Solar Chief Executive Officer Mark Widmar. “Louisiana’s ability to deliver the talent we need stood out, thanks to its extensive workforce development initiatives and the presence of academic institutions such as the University of Louisiana at Lafayette, which now features a world-class solar energy lab.”
The state offered the company an incentives package that included performance-based grants for site development and infrastructure improvements totaling $30 million. Iberia Parish and the Iberia Economic Development Authority are also committing to fund water and wastewater infrastructure.
Iberia Parish President M. Larry Richard, in a news release, said the project is a “game-changer.”
“We appreciate First Solar’s major investment and look forward to welcoming this international organization to the nation’s energy corridor,” Richard said.
Founded in 1999, First Solar is a leading American-based energy technology company and global provider of eco-efficient solar modules. The company is unique among the world’s 10 largest solar panel manufacturers as the only company with a U.S. headquarters and without a base of operations in China.
veryGood! (82)
Related
- McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
- Taylor Swift drops Christmas merchandise collection, including for 'Tortured Poets' era
- Georgia remains part of College Football Playoff bracket projection despite loss
- San Antonio Spurs coach Gregg Popovich had mild stroke this month, team says
- This was the average Social Security benefit in 2004, and here's what it is now
- What do nails have to say about your health? Experts answer your FAQs.
- Jason Statham Shares Rare Family Photos of Rosie Huntington-Whiteley and Their Kids on Vacation
- Kathy Bates likes 'not having breasts' after her cancer battle: 'They were like 10 pounds'
- Senate begins final push to expand Social Security benefits for millions of people
- Gun groups sue to overturn Maine’s new three-day waiting period to buy firearms
Ranking
- Can Bill Belichick turn North Carolina into a winner? At 72, he's chasing one last high
- Full House's John Stamos Shares Message to Costar Dave Coulier Amid Cancer Battle
- Get $103 Worth of Tatcha Skincare for $43.98 + 70% Off Flash Deals on Elemis, Josie Maran & More
- American arrested in death of another American at luxury hotel in Ireland
- John Galliano out at Maison Margiela, capping year of fashion designer musical chairs
- US overdose deaths are down, giving experts hope for an enduring decline
- NFL coaches diversity report 2024: Gains at head coach, setbacks at offensive coordinator
- 2025 NFL mock draft: QBs Shedeur Sanders, Cam Ward crack top five
Recommendation
Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
Just Eat Takeaway sells Grubhub for $650 million, just 3 years after buying the app for $7.3 billion
Kate Hudson and Goldie Hawn’s SKIMS Holiday Pajamas Are Selling Out Fast—Here’s What’s Still Available
Prosecutors say some erroneous evidence was given jurors at ex-Sen. Bob Menendez’s bribery trial
Questlove charts 50 years of SNL musical hits (and misses)
Record-setting dry conditions threaten more US wildfires, drinking water supplies
Mega Millions winning numbers for November 12 drawing: Jackpot rises to $361 million
Forget the bathroom. When renovating a home, a good roof is a no-brainer, experts say.