US provides $1.45b loan to boost domestic solar production

The Biden administration is making a significant investment in domestic solar manufacturing with a $1.45 billion loan to South Korean company Qcells.

The loan will support the construction of a $2.2 billion complex in Georgia, aimed at producing key components for solar panels, including ingots, wafers, and cells.

This project is a crucial step towards establishing a robust domestic solar supply chain, reducing reliance on imports, and creating jobs. Microsoft has already committed to purchasing a substantial portion of the plant’s output.

The loan is contingent on Qcells meeting specific conditions, which the company is confident in fulfilling. However, Qcells has emphasised the need for continued government support to counteract the influx of cheaper solar products from Asia.

The goal is to achieve self-sufficiency in solar panel production by 2026, with the US producing 80 per cent of its own panels.

Senator Jon Ossoff, a strong advocate for clean energy initiatives, hailed the loan as a significant step forward for Georgia’s economy and the nation’s energy independence.

Attribution: AP