Canadian Solar to invest $800 million to build cell manufacturing plant

(Reuters) – Canadian Solar (NASDAQ:) said on Monday it would invest $800 million to build a solar photovoltaic (PV) cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana.

The company said the plant would produce cells with an annual output of 5 gigawatts (GW), equivalent to about 20,000 high-power modules per day.

The Guelph, Ontario-based company said cells produced at Jeffersonville facility would be used at its 5 GW module assembly plant in Mesquite, Texas, the company’s first manufacturing facility in the U.S., announced in June.

Shares in the company, which is exiected to start production at the Jeffersonville facility by the end of 2025, were up 1.56% at $19.51 in premarket trading.