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First Solar announces $1.2 billion investment in U.S.

Yahoo Finance's Akiko Fujita breaks down the billion-dollar investment First Solar is making in U.S. manufacturing.

Video Transcript

AKIKO FUJITA: We're going to stay in the energy space here. A big investment in US solar, leading to a big pop for First Solar. The Arizona-based company announcing a $1.2 billion investment to expand its solar manufacturing footprint in the US. Now the investment includes a new factory in the southeastern part of the country, along with an expansion of its facilities in Ohio.

The announcement comes just a week after Congress passed the Inflation Reduction Act, setting aside billions in tax incentives to accelerate the move to clean energy. First Solar says its fourth facility will allow the company to expand capacity to 10 gigawatts, the equivalent of churning out a solar panel every 1.6 seconds. So huge expansion there and worth noting shares in First Solar have skyrocketed in the past month as they benefit from the tailwind provided by the bill.