First Solar Releases Study Analyzing Economic Impact of American Manufacturing and Supply Chain Investments
26 Fevereiro 2024 - 7:45AM
Business Wire
- First Solar forecast to support over 30,000 direct, indirect,
and induced jobs representing approximately $2.8 bn in labor income
in 2026.
- Study reveals that every First Solar job in 2026 is expected to
support 7.3 jobs across the nation.
- Solar manufacturer expected to add $5 bn in value and over $10
bn in output to 2026 US economy.
First Solar, Inc. (Nasdaq: FSLR) released what is believed to be
the first comprehensive economic analysis of a vertically
integrated solar manufacturer’s value chain in the United States.
The study, commissioned by First Solar and conducted by the
Kathleen Babineaux Blanco Public Policy Center at the University of
Louisiana at Lafayette, used IMPLAN economic software to analyze
First Solar’s actual and forecasted US spending in 2023 and 2026
when the company expects to have 14 gigawatts (GW) of annual
nameplate capacity across Alabama, Louisiana, and Ohio.
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First Solar released what is believed to
be the first comprehensive economic analysis of a vertically
integrated solar manufacturer’s value chain in the United States.
(Photo: Business Wire)
The study found that in 2023:
- First Solar supported an estimated 16,245 direct, indirect, and
induced jobs across the country, representing $1.59 billion in
annual labor income. With 2,700 employees and almost $490 million
in direct labor income, every non-construction First Solar job
supported six direct, indirect, and induced jobs across the US
economy, and every dollar directly spent on wages created $3.3 in
labor income.
- The fully vertically integrated solar manufacturer, which
exited 2023 with over 6 GW of annual nameplate capacity, added
$2.75 billion in value and $5.32 billion in output to the US
economy during the year, including direct, indirect, and induced
effects.
- The company’s construction activity in Alabama, Louisiana, and
Ohio supported an estimated 5,765 direct, indirect, and induced
jobs, representing over $600 million in labor income. Its
construction activity is estimated to have added over $900 million
in economic value and almost $2 billion in economic output in
2023.
Analyzing First Solar’s forecasted US spending in 2026, the
study projects that:
- With the company expected to directly employ 4,100 people, it
would support an estimated 30,060 direct, indirect, and induced
jobs across the country in 2026. The study estimates that every
First Solar job will support 7.3 jobs across the country,
representing an estimated total labor income of $2.78 billion
including direct, indirect, and induced effects.
- First Solar would add an estimated $4.99 billion in value and
$10.18 billion in output to the US economy in 2026 alone. The
findings are based on the company’s expectation that it will have
14 GW of operational nameplate capacity in the US in 2026 and
include direct, indirect, and induced effects.
The study’s findings are unique to First Solar, which operates
fully vertically integrated solar manufacturing facilities that
produce thin film photovoltaic (PV) solar panels in a single
process that integrates the manufacturing of wafers and cells. The
process allows the company to transform a sheet of glass into a
fully functional solar panel in approximately four hours.
Additionally, First Solar relies primarily on an American value
chain for the raw materials, including glass and steel, that enable
its US manufacturing operations.
“This report reflects the real value of solar technology made in
America for America, with materials sourced from businesses across
the country, and not simply assembled here using imported
components,” said Mark Widmar, chief executive officer, First
Solar. “We know that our investments, catalyzed by the Inflation
Reduction Act, are enabling jobs and bringing prosperity to
communities in places such as Lawrence County, Alabama, Iberia
Parish, Louisiana, and Crawford County, Pennsylvania, and this
report helps quantify the extent of our contribution to the US
economy in real terms.”
In addition to expanding its Ohio footprint to over 7 GW of
annual nameplate capacity this year, the solar technology and
manufacturing company expects to invest over $2 billion in new
manufacturing facilities in Alabama and Louisiana, which are
expected to come online in 2024 and 2026, respectively.
Additionally, First Solar is investing up to $450 million in
R&D infrastructure in Perrysburg, Ohio, which is expected to be
operational in 2024.
The full study is available at www.firstsolar.com/USeconomy.
About First Solar, Inc.
First Solar is a leading American solar technology company and
global provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film PV
modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV modules. From raw material
sourcing and manufacturing through end-of-life module recycling,
First Solar’s approach to technology embodies sustainability and a
responsibility towards people and the planet. For more information,
please visit www.firstsolar.com.
For First Solar Investors
This press release contains various “forward-looking statements”
which are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements concerning
1) the expectation that First Solar’s Ohio manufacturing footprint
will exceed 7 GW of annual nameplate capacity in 2024; 2) the
expectation that First Solar will invest over $2 billion in two new
manufacturing facilities in Alabama and Louisiana; 3) the
expectation that First Solar will have over 14 GW of annual
nameplate capacity by 2026; 4) the expectation that First Solar’s
new R&D center in Ohio will be completed in 2024 at an
investment of up to $450 million; and 5) expected economic impacts
of First Solar’s forecasted US spending, including direct,
indirect, and induced jobs, estimated labor income and value and
output contributions to the US economy. These forward-looking
statements are often characterized by the use of words such as
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“seek,” “believe,” “forecast,” “foresee,” “likely,” “may,”
“should,” “goal,” “target,” “might,” “will,” “could,” “predict,”
“continue” and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on First Solar’s current expectations and First
Solar’s projections about future events and therefore speak only as
of the date of this release. You should not place undue reliance on
these forward-looking statements. First Solar undertakes no
obligation to update any of these forward-looking statements for
any reason, whether as a result of new information, future
developments or otherwise. These forward-looking statements involve
known and unknown risks, uncertainties, and other factors that may
cause First Solar’s actual results, levels of activity,
performance, or achievements to differ materially from those
expressed or implied by these statements. These factors include,
but are not limited to, the matters discussed under the captions
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” of our most recent
Annual Report on Form 10-K and our subsequently filed Quarterly
Reports on Form 10-Q, as supplemented by our other filings with the
Securities and Exchange Commission. This press release contains
references to data and information generated by an economic study
conducted by the Kathleen Babineaux Blanco Public Policy Center at
the University of Louisiana at Lafayette. The economic study is
based on numerous assumptions, estimates and other data as more
fully described in the report summarizing the study’s findings,
which is available at www.firstsolar.com/USeconomy.
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version on businesswire.com: https://www.businesswire.com/news/home/20240226265115/en/
Media Reuven Proença
First Solar Media reuven.proenca@firstsolar.com
Investors Richard
Romero First Solar Investor Relations
investor@firstsolar.com
First Solar (NASDAQ:FSLR)
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