Benzinga | Aug 17, 2021 05:59PM EDT

First Solar Starts Building Third Ohio Facility, Expects To Create 1,200 Jobs

First Solar Inc (NASDAQ:FSLR) has began constructing its third manufacturing facility in Ohio worth $680 million as planned.

The new 3.3-gigawatt facility will likely commence operations in the first half of 2023.

The facility will scale the company's Northwest Ohio footprint to a total annual capacity of 6 GW, becoming the largest fully vertically integrated solar manufacturing complex outside China.

It has the potential to create over 700 permanent jobs and 500 construction jobs.

According to the Biden administration, solar could constitute over 40% of U.S. electricity by 2035, Reuters reports.

Earlier First Solar planned to invest $684 million in a 3.3 GW photovoltaic thin film solar module manufacturing facility in India.

FSLR Price Action: FSLR shares lost 3.43% Tuesday, closing at $93.51.