US Attracts $40 Billion Clean Energy Investments In 3 Months

ACP Counts 22 GW New Solar Cell/Module Manufacturing Capacity Announced In US Since IRA Coming Into Force

US Attracts $40 Billion Clean Energy Investments In 3 Months

The IRA has provided a much-needed boost to the US solar manufacturing scene with as much as 22 GW new capacity being announced since August 2022, according to the ACP. (Source: American Clean Power Association)

  • ACP’s new report claims a total of 22 GW new solar cell or module manufacturing capacity has been announced in the US since August 16, 2022
  • An impact of the IRA, it represents 300% increase in the country’s module manufacturing capacity
  • It wants the government to continue improving trade policies, enacting common sense permitting reform, and finalizing effective tax implementation

A total of 22 GW new solar cell or module manufacturing capacity in the form of 12 new solar production facilities have been announced in the US since August 16, 2022 when the US government cleared its Inflation Reduction Act (IRA), according to the American Clean Power Association (ACP).

This 22 GW represents more than 300% increase in US solar module manufacturing capacity among 20 new clean energy manufacturing facilities announced publicly, as per the new ACP report Clean Energy Investing in America.

According to the association, overall more than $40 billion of new grid-scale clean energy investments have been announced, the same as total investment estimated for all clean energy projects installed in 2021—split evenly between utilities and independent power producers (IPP) since the IRA (see Inflation Reduction Act 2022 Now A Law).

It should lead to the generation of 7,000 new jobs as the clean energy industry builds clean energy utility scale projects and manufacturing facilities, across the nation. Enel North America alone has promised 1,500 jobs with its plans for a 3 GW new solar manufacturing fab here (see More Europeans Heading To US For Solar Manufacturing).

Among other PV manufacturers announcing investment in new solar manufacturing within the country is Hanwha Q Cells that’s currently scouting location for a 9 GW Qcell module manufacturing fab, while Enphase Energy is considering 3 new fabs, as is SolarEdge, along with PV Hardware and recently Canadian Solar (see Canadian Solar Shipped 6 GW Solar Modules In Q3/2022). Seraphim Energy Group and First Solar are also on the list for new fabs (see First Solar Picks Alabama For New US Module Fab).

On the other hand, Heliene, Meyer Burger, Toledo Solar and Mission Solar plan to expand their current production capacity at respective existing locations (see IRA Impact: Mission Solar To Grow Texas PV Capacity).

“As a new era dawns in clean energy, America is laying the foundation to become a manufacturing powerhouse,” said ACP Interim CEO and Chief Advocacy Officer JC Sandberg. “This growing sector will create thousands of good paying jobs in communities across the US and will help reduce dependence on foreign energy sources to meet our domestic needs.”

Sandberg also added, “To ensure the full potential of these investments and facilities, we urge the Administration and Congress to continue improving trade policies, enacting common sense permitting reform, and finalizing effective tax implementation.”

Trade barriers and supply chain constraints pulled down US solar installations in Q3/2022 by 17% YoY to 4.6 GW DC, according to SEIA and Wood Mackenzie. They expect IRA benefits to start coming in from 2024 (see US Solar Power Installations Decline 17% YoY In Q3/2022).

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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