Located in Jeffersonville, Indiana, the PV manufacturing plant will have a daily output of 20,000 high-power modules and will create around 1,200 skilled high-tech jobs once it reaches full capacity.
Production at the facility is expected to begin by the end of 2025.
Thomas Koerner, senior vice president of Canadian Solar, said: “This is the second of the anticipated long-term investments we expect to make in the US as we think strategically about a local, sustainable and clean energy supply chain and to fulfil the long-term requirements of the local-content rules of the recently established IRA.”
Indiana Governor Eric Holcomb added: “Indiana’s strong advanced manufacturing sector positions the state to help lead the global energy transition, developing and powering new solutions in batteries, solar and hydrogen.
“Canadian Solar’s new US location in Jeffersonville will put our skilled Hoosier workforce at the centre of cultivating solar power, making energy-efficient panels more accessible to consumers across the country.”
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Shares in Canadian Solar jumped from $19.38 to $20.01 after the announcement, with the value later dropping to $19.23 at the time of reporting.
Founded in 2001, the company employs over 14,000 people and has approximately 700 MWp of solar power projects in operation.
In July, it launched plans to build a new factory in Hohhot, Inner Mongolia, China. The region covers 1.2 million sq-km and provides a key point for outsourcing natural resources.
At the time of that deal, Investment Monitor Chief Economist Glenn Barklie commented: “Canadian Solar has been an active investor, announcing 30 projects across the Americas, Asia and Europe of late.”