Philadelphia Solar announces its intention to expand its operations to the United States. The investment aims to serve the large demand and market growth expected of the Biden Administration's extensive support to the U.S. solar industry and manufacturing of solar components including PV panels.
U.S. Imports of PV panels exceeded $8 billion in 2020 according to the U.S.-based Solar Energy Industries Association (SEIA). President Biden announced the intention to "build a more resilient, sustainable economy – one that will put the United States on an irreversible path to achieve net-zero emissions, economy-wide, by no later than 2050… Biden will make a $2 trillion accelerated investment, with a plan to deploy those resources over his first term, setting [the U.S.] on an irreversible course to meet the ambitious climate progress that science demands." The U.S. profound support is expected to create favorable market conditions of which Philadelphia Solar is planning to leverage through FDI.
The new facility is projected to directly create approximately 150 to 250 U.S. jobs, and is expected to produce up to 1 GW capacity, which will be directed mainly to serve large local U.S. demands of suppliers, distributors, developers, and installers.
Furthermore, the additional production capacity from this new facility, is also expected to be exported out of the U.S. through the existing export support mechanisms offered to U.S. manufacturers by Federal and State government agencies.
The factory is expected to begin operations in Q3 2022 and will leverage Philadelphia Solar's existing certifications and strong bankability status, which has been achieved through over 12 years of exporting experience to over 50 countries around the globe including the U.S.