U.S. Solar Company Invests Domestically – News Article #1
The Inflation Reduction Act has spurred quite the commotion among everybody. One CEO took special notice. The recent actions of First Solar Inc. CEO Mark Widmar has the business world whispering. Mark claims that legislation is the biggest reason for the actions he has taken.
According to the Wall Street Journal, on Tuesday, First Solar Inc. announced that they plan to spend roughly $1.2 billion to boost their manufacturing by 75% in the United States. The majority of that spending will go towards building a new factory in the Southeastern United States. The remaining $185 million will go towards expansions for factories in Ohio.
First Solar plans to use the new law and IRS regulations to avoid paying so much in taxes and getting into more incentivized programs. The IRS gives tax credit to companies that manufacture clean-energy equipment and green-power projects using American-made parts.
This is one of many different announcements Mark has made in the past several months. Before any clean-energy policy gained support, Mr. Widmar claimed that they might move more of the company to Europe or India. His most recent comment, “solar is going to be investible again.” Mr. Widmar says the next big steps are hoping that his suppliers hop on board too and invest more domestically.
Monday, September 5th, 2022 @ 4:00 pm
More summary of the story than necessary, Ben. Focus instead on the comment part. Not your thoughts on the content of the story, but how it is written. Why is this news? Who is the audience? Is it objective? Is there anything missing that people ought to know?
The link in the headline is to this post, not to the story.