Korean firm unveils $2.5B investment in U.S. solar supply chain
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Solar names (NYSEARCA:TAN) are rallying in early trading Wednesday after South Korea's Hanwha Qcells pledged to invest more than $2.5B to build a complete solar manufacturing value chain in the U.S.
Among solar stocks showing gains: SunPower (SPWR) +6.2%, First Solar (FSLR) +2.1%, Maxeon Solar Technologies (MAXN) +5%, SolarEdge Technologies (SEDG) +4.5%, Enphase Energy (ENPH) +3.8%, Sunnova Energy (NOVA) +6.3%, Sunrun (RUN) +5.5%.
QCells' parent company, Hanwha Solutions, said it plans to break ground on a 3.3 GW of ingot, wafer, cell and module manufacturing plant in Georgia in Q1 2023 and reach 8.4 GW of module production in the state by 2024.
The company is planning an expansion to its operations in Dalton, Georgia, to produce an additional 2 GW of modules as well as its previously announced 1.4 GW module fabrication plant in the state.
The Solar Energy Manufacturers for America Coalition called the investment "a very exciting first step in what we believe will be a wholesale revolution in the domestic solar supply chain driven by the extraordinary policies in the Inflation Reduction Act."
The IEA forecasts solar PV capacity will surpass coal by 2027 to become the largest share of power capacity in the world, Yuven Chetty writes in an analysis posted on Seeking Alpha.