The U.S. Dept. of Energy has closed on its $1.45 billion loan to support Qcells’ solar supply chain manufacturing facility in Cartersville, Georgia. The Loan Programs Office (LPO) first announced the loan in August.
The LPO provides financing for high-impact, large-scale energy infrastructure projects in the United States. Qcells is the largest silicon solar panel producer in the Western Hemisphere and is currently constructing an all-inclusive solar panel production facility in Georgia. The site will produce silicon ingots, wafers, cells and completed panels.
Qcells has committed to investing $2.8 billion into the facility. Including its other panel manufacturing facilities in Dalton, Georgia, Qcells will reach 8.4 GW of annual panel production within the state.
“Since Qcells opened its doors in Dalton, Georgia in 2019, Qcells has invested billions of dollars in creating a full solar supply chain, resulting in thousands of American jobs, progress toward energy independence and lower energy costs,” said Qcells in a statement. “The Dept. of Energy’s backing highlights the importance of this critical industry, and the collective effort needed to ensure American manufacturers have a chance to compete on a global scale and see long-term success.”
In addition to boosting domestic solar manufacturing and innovation to accelerate the U.S. clean energy transition, Qcells’ investments will create an estimated 4,000 American jobs. Further stimulating the local economy, nearly 50% of the construction work has been awarded to local contractors. The finalized loan is offered through LPO’s Title 17 Clean Energy Financing Program, which includes financing opportunities for innovative energy and supply chain projects and projects that reinvest in existing energy infrastructure.
