First Solar Inc. plans to expand its German manufacturing plant in Frankfurt an der Oder – doubling local production capacity and creating several hundred new jobs.
The company, which already employs more than 600 associates in Frankfurt to manufacture its thin-film solar modules, says it is in advanced talks with the German regional and federal authorities to obtain the necessary regulatory permits and financial framework for the expansion.
The expansion would be the first major foreign direct investment in the German green technology sector this year, according to First Solar. It would double the annual capacity of the manufacturing plant to around 446 MW by the fourth quarter of 2011 from 223 MW. The expansion also helps the company increase its natural income hedge against euro/dollar exchange rate risk by producing more in Germany for European customer demand, First Solar adds.
SOURCE: First Solar