“Korean solar giant Hanwha Qcells announces $2.5 billion investment in US solar supply chain

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South Korean solar energy company Hanwha Qcells, a division of Hanwha Corp, announced a $2.5 billion investment to expand its manufacturing capacity in the United States. The company plans to expand its existing solar panel factory in Dalton, Georgia, and open a second facility in Cartersville, with production beginning in 2024.

This investment is expected to create 2,500 jobs in the state of Georgia. The move is one of the biggest corporate manufacturing commitments since the passage of U.S. President Joe Biden’s Inflation Reduction Act (IRA), which includes over $300 billion in subsidies to tackle climate change, and aims to boost domestic manufacturing of clean energy products that are currently made primarily in China, such as solar cells and panels.

The White House has touted this announcement as evidence the IRA legislation is working and fulfilling President Biden’s vision for a clean energy future and job creation.