A new solar company is expected to generate almost 1000 new jobs in North Carolina’s clean energy sector.
Big News for NC
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The Vietnamese solar producer Boviet Solar has announced plans to establish its first North American manufacturing plant in the Pitt County seat of Greenville, North Carolina, in one of the biggest single job announcements for any state so far this year.
908 New Jobs for Pitts County
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In their news release, the company declared that their $294 million plant would bring 908 new jobs to the county by 2028.
Governor Celebrates the News
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State Governor Roy Cooper hailed the news in a public appearance in Greenville on Friday, saying that the new development was “proof” of North Carolina’s most attractive qualities for business investment.
“A Hub for Clean Energy”
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“This decision has proven yet again that North Carolina is a hub for clean energy, offering advanced manufacturers a skilled workforce, an excellent quality of life, and affordable communities to support its work in sustainability,” Cooper said.
Expanding North American Operations
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The company, which was founded in 2013, manufactures solar panels and photovoltaic cells that turn sunlight into energy. They already have offices across the US, Germany, and China, and their products are in use across the US.
First in America
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The new manufacturing plant will be the company’s first in North America and is estimated to cover up to 1 million square feet in Greenville. It will expand its manufacturing capacity worldwide.
Investment Grants Roll in
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Boviet was also approved for North Carolina state job development investment grants worth $8.3 million, as part of a $16.4 million incentive package.
Across 12 Years
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The incentive package will be paid out if the company hits its 908 hiring targets, and the $8.3 million will be paid across 12 years in the form of tax benefits.
More Local Grants
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A number of other considerable grants were given to Boviet for the development project, including $1.8 million for worker training, $2 million from the Golden Leaf Foundation, and further incentives of $18 million from Pitt County and Greenville.
$3 Billion Boost to State Economy
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All in all the company will receive $34.6 million in state and local incentives. The manufacturing plant is expected to boost the state economy by $3 billion, according to state officials.
Above Average Wages
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The 908 estimated jobs should be in place by 2028, and these positions will receive average wages of $52,879, as part of the state grant agreement. It is slightly above the average wage for Pitt’s County.
Governor Advocates for Renewable Energy
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It’s great news for Governor Cooper, who has placed considerable emphasis on attracting renewable energy projects to the state since his ascendence to office in 2017.
Clean Energy Moves in
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Throughout the duration of his two terms as governor North Carolina has seen a number of clean energy companies moved into the southeastern state.
$3 Billion in Overall Incentives
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It’s an attractive location for many of these companies since the state has offered $3 billion in taxpayer-funded incentives in order to generate more jobs in the clean energy sector for state residents under Gov. Cooper.
“Proud of Bringing Manufacturing Excellence”
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The governor also shared a comment from Boviet CEO Jimmy Xie, who said “We are proud of bringing our manufacturing excellence to our most important solar market, creating jobs, and making a positive impact on North Carolina’s economy.”
“Committed to Expanding Solar”
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“We are committed to expanding solar as a widely used renewable energy source in the U.S. and delivering locally made, top-performing PV modules to accelerate the advent of the global renewable revolution,” he continued.
Phoenix and Atlanta Also Considered
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Prior to choosing their location in Pitt’s County, Boviet also considered sites in Phoenix and Atlanta.
More Favorable Circumstances
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However, the company opted for North Carolina because of its favorable real estate and labor costs, state incentives, and infrastructure.
Second Vietnamese Company
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In an interesting turn, Boviet is not the only Vietnamese company to invest in North Carolina. EV manufacturer VinFast is also working on a manufacturing plant in Chatham County, located in central NC.
Vinfast Plant
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The VinFast plant is expected to take up 780,000 square feet in the town of Moncure. The project received $1.2 billion in incentives in 2022 and is expected to generate thousands of jobs.
The post North Carolina’s Solar Boom: Vietnamese Firm Creates 900 Jobs first appeared on Mechanic Insider.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
