Inflation Reduction Act

Since August 2022 there have been 12 new solar PV manufacturing facilities announced in the US that represent 22GW of module and cell production capacity, according to a report by American Clean Power (ACP).

Solar PV capacity is expected to almost treble over the 2022-2027 period, growing by 1.5TW and will surpass coal as the largest source of power capacity worldwide, according to a report from the IEA.

The Internal Revenue Service (IRS) has issued a wage and apprentice guidance under the Inflation Reduction Act (IRA) that is set to start for US projects initiated in 30 January 2023.

Enel North America intends to build a solar cell and module manufacturing facility in the US with an initial capacity of at least 3GW.

Array Technologies has posted strong financial results with Q3 revenue driven up by STI Norland’s acquisition and strong organic growth within its legacy business.

Energy technology company AES Corporation has signed 1.6GW of renewable PPAs during Q3 2022, bringing the total to 3.2GW this year.

Toledo Solar is looking into expanding its manufacturing capacity in Europe, with an initial annual capacity of 400MW of thin-film modules.

US-based PV module manufacturer Mission Solar Energy will ramp up its manufacturing capacity to 1GW in the US to meet industry demands for 2023 and beyond.

NextEra Energy has reported better-than-expected financial results for Q3 2022 despite the damage wrought by hurricane Ian as it continued to buildout its renewable energy pipeline and seeks to take advantage of the Inflation Reduction Act (IRA).

The US residential solar market saw its fifth consecutive record for both customer additions and quarterly installations in Q2 of this year as high energy prices and inflationary pressures caused demand to spike.