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Korean Solar Company Plans to Construct $2.5 Billion Plant in Georgia

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Under the laws, businesses receive a tax credit at every stage of the availability chain. The act includes an estimated $30 billion in production tax credits to speed up manufacturing of solar panels, wind turbines, batteries and for the processing of critical minerals. The law also offers an investment tax credit to corporations that construct factories that produce electric vehicles, wind turbines and solar panels.

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Those and other provisions are intended to cut back reliance on China, which dominates the availability chain for crucial raw materials and components for batteries and solar panels. Along with the fear that the US was losing ground in vital technologies, lawmakers have also been concerned that some Chinese producers are using forced labor.

“I wrote and passed into law laws precisely intended to draw any such manufacturing,” Mr. Ossoff said in an interview. “It’s the most important solar manufacturing in U.S. history coming to Georgia. This economic and geostrategic competition will proceed, but my law has brought the US back into the fight to secure our energy independence.”

Lawmakers and administrations from each parties have long sought to spice up a domestic solar manufacturing industry, including by imposing tariffs and other restrictions on imported solar panels. But such efforts have, to date, achieved only modest results. A lot of the solar panels installed in the US are imported.

The brand new plant “will bring back our supply chains so we aren’t reliant on other countries, lower the associated fee of fresh energy, and help us combat the climate crisis,” Mr. Biden said in an announcement. “And, it’ll be certain that we manufacture cutting-edge, solar technology here at home.”

The Qcells project and others could reduce U.S. reliance on imports, but not quickly. China and other Asian countries have had an enormous head start in assembling panels and producing the parts that go into them. Governments there have also used subsidies, energy policy, trade agreements and other tactics to assist domestic producers.

While the Inflation Reduction Act has spurred recent investment, it has also raised tensions between the Biden administration and U.S. allies like France and South Korea.

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