Hanwha Qcells Secures $1.45B Loan for Georgia's Largest Solar Plant
Hanwha Qcells has secured a significant loan guarantee of $1.45 billion from the U.S. Department of Energy's Loan Programs Office. This backing will support the construction of a major solar manufacturing facility in Georgia, set to create thousands of jobs near me and reduce emissions substantially.
The Georgia facility, the largest of its kind in the U.S., will produce 3.3 GW of solar panels annually. This output is enough to power around half a million American households. The plant will be fully integrated, producing ingots, wafers, cells, and finished solar modules.
The project is expected to reduce power generation emissions by over 5 million tons per year. It will also create about 1,200 construction jobs and 1,650 full-time operations jobs for Cartersville residents. An economic review estimates the project will create nearly 6,800 jobs in Bartow and Whitfield Counties, with a potential sales output of over $2 billion.
The project will benefit from tax credits, including the 45X Advanced Manufacturing Production Tax Credit and the IRA's domestic content 10% tax credit bonus. Around 40% to 50% of the construction work was awarded to local contractors, including those from Atlanta and Chattanooga.
The Department of Energy's Loan Programs Office has played a crucial role in supporting this project through its Title 17 Clean Energy Financing Program. With this backing, Hanwha Qcells' Georgia facility is set to significantly boost U.S. solar manufacturing and contribute to a cleaner energy future.
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