US solar developers to spend $6B to boost domestic panel supplies

The consortium will invest $6B as it recruits solar panel manufacturers in a long-term strategic plan to supply up to 7GW of solar modules per year from 2024

A group of U.S. solar energy project developers on Tuesday said they would jointly spend about $6 billion to support expansion of the domestic solar panel supply chain.

The U.S. Solar Buyer Consortium, which includes developers AES Corporation AES.N, Clearway Energy Group, Cypress Creek Renewables and DE Shaw Renewable Investments, said in a statement that the funds would address current supply chain issues.

Since the start of the pandemic, companies that buy solar panels for large power plants have struggled with global supply chain disruptions that have driven up costs, as well as potential U.S. tariffs on imported panels from Asia. Duties on those products, which supply most U.S. projects, would make solar energy more expensive and less competitive with power produced by fossil fuels.

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Source: VOA News

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