Qcells’ Historic Investment Supported by Conditional Commitment for a Loan from the U.S. Department of Energy
Loan would support Qcells’ first-of-its-kind solar supply chain facility in Cartersville, Georgia
WASHINGTON, – Aug. 8, 2024 – Today, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO), announced a conditional commitment for a loan guarantee of up to $1.45 billion to support Qcells’ highly anticipated solar supply chain manufacturing facility in Cartersville, Georgia.
Upon finalization, the Loan Programs Office, a premier public financing partner for high-impact, large-scale energy infrastructure projects in the U.S., would support Qcells, a global leader in complete clean energy solutions and the largest silicon-based solar panel manufacturer of its kind in the Western Hemisphere, as it pursues the construction of a facility that will manufacture the full solar supply chain.
In a historic first, Qcells’ facility in Cartersville will manufacture ingots, wafers, cells, and finished panels at a multi-gigawatt scale. Qcells is investing more than $2.5 billion to boost domestic solar manufacturing and innovation to support and accelerate the U.S. clean energy transition. Qcells’ total domestic manufacturing investment is $2.8 billion.
In response to today’s announcement, Qcells issued the following statement:
“Qcells’ highly anticipated, integrated supply chain facility in Cartersville, Georgia, has made significant progress. By the end of this year, Qcells will produce the full solar supply chain, from ingot to finished panel, all under one roof in Georgia. We have made such ambitious investments because we believe onshoring solar manufacturing is key to building a sustainable, secure and independent energy future in the U.S. The ongoing support for our investments, stemming from the Inflation Reduction Act and the efforts of local to federal officials, affirms the importance of this critical industry and the need for a whole of government approach to see domestic solar manufacturing succeed long term.”
Between Qcells’ factory in Dalton and progress in Cartersville, the company’s full annual solar production capacity in Georgia is anticipated to reach 8.4 GW by the end of this year, which is enough solar to power nearly 1.3 million homes a year. According to a Chmura JobsEQ Q4 2023 report, provided by the Cartersville-Bartow County Department of Economic Development, Qcells has created 3,800 direct jobs and nearly 7,000 jobs total (direct, indirect, and induced jobs) in Bartow and Whitfield counties.
Qcells’ substantial investments are moving forward amid a difficult market landscape. Over the past year, nearly a two-year oversupply of solar panels accumulated in U.S. warehouses, causing solar panel prices to nosedive. The artificially low-priced panels are hurting solar manufacturers around the world. In May 2024, President Biden directly addressed the surging imports and plunging prices impacting U.S. solar manufacturers. Given this reality, the Biden Administration has taken steps to support domestic manufacturers including ending the bifacial exclusion from tariffs under Section 201 of the Trade Act of 1974, promising to monitor import surges, enforce trade laws, and provide additional guidance on the domestic content bonus established in the Inflation Reduction Act (IRA) and more. It is clear the industry will need continued support to see a level playing field. The Department of Energy’s LPO is critical to supporting the onshoring of domestic solar manufacturing as efforts to level the playing field continue.
While this conditional commitment indicates DOE’s intent to finance the project, the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
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About Qcells
Qcells is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells and modules, portfolio of intelligent storage systems, and growing international pipeline of large-scale renewable energy projects. Qcells also provides renewable electricity retail services and packages to end customers across the world. The company is headquartered in Seoul, South Korea (Global Executive HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, and South Korea. Qcells offers Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting and large-scale solar power plants. Through its growing global business network spanning North America, Europe, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: https://us.qcells.com/
Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media Contacts
Marta Stoepker, Sr. Director of Corporate Communications
Qcells North America [email protected]