First Solar to Begin Operations of 3.3GW Ohio Facility From 2023

First Solar, Inc. (FSLR) has broken ground on its Ohio-based 3.3-gigawatt (GW) manufacturing facility, which is scheduled to begin operations in the first half of 2023.

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The company engages in designing, manufacturing, marketing and distribution of photovoltaic solar power systems and solar modules.

First Solar has invested about $680 million in the facility. Notably, the facility is expected to raise the scale of First Solar’s Northwest Ohio footprint to a total annual capacity of 6GW. (See First Solar stock charts on TipRanks)

At the facility, the company will be making a thin-film PV module, which is expected to have higher efficiency and wattage in a larger form factor. Upon reaching full production capacity, First Solar expects to produce an anticipated average of one module roughly every 2.75 seconds across its three factories in Ohio.

The CEO of First Solar, Mark Widmar, said, “We’re scaling US cleantech innovation by investing in R&D, ensuring that a uniquely American solar technology that was developed right here in Ohio remains competitively advantaged. And we’re taking it a step further by producing the next generation of solar panels designed and made in the USA for the American solar industry.”

On August 4, Guggenheim analyst Joseph Osha initiated coverage on the stock with a Buy and a price target of $113 (upside potential of 20.8%).

Overall, the Street has a Moderate Buy consensus rating based on 8 Buys, 7 Holds and 2 Sells. The average First Solar price target of $96.60 implies about 3.3% upside potential from current levels.

FSLR scores a 9 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.