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Canadian Solar (NASDAQ:CSIQ) +1.5% pre-market Monday after unveiling plans to spend $800M to build a solar photovoltaic cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana.
The company said the plant will produce PV cells with an annual output of 5 GW, equivalent to ~20K/day high-power modules, with production planned to begin by year-end 2025.
Canadian Solar (CSIQ) said cells produced at the Jeffersonville plant will be used at its previously announced 5 GW module assembly plant in Mesquite, Texas.
“This is the second of the anticipated long-term investments we expect to make in the U.S. as we think strategically about a local, sustainable and clean energy supply chain and to fulfill the long-term requirements of the local-content rules” of the Inflation Reduction Act, the company said.
