(The Center Square) – A Vietnamese solar energy company is locating a $294 million plant in North Carolina, one it says will create more than 900 new jobs.
Boviet Solar will be in the Pitt County seat of Greenville. It builds solar panels and photovoltaic cells for commercial, residential and industrial customers in the U.S., the state said. The new 1 million square-foot plant will boost the company’s manufacturing capacity.
The company has been approved for state job development investment grants of $8.279 million over 12 years, a news release said.
Democratic Gov. Roy Cooper earlier in the week touted a proposed budget amendment that “stops tax giveaways for corporations.” He has been against Republican majorities in the General Assembly easing the pain of taxpayers through tax reform over the last decade, including the switch to a flat tax in 2015 and business income tax reform in 2021 that will phase out the tax altogether over the next five years.
“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 in a statement.
The plant’s employees, including engineers and production workers, will be paid average salaries that are higher than the average of $50,937 paid in Pitt County, according to the state.
“The project’s projected return on investment of public dollars is 47%, meaning for every dollar of potential cost to the state, the state receives $1.47 in state revenue,” according to the release.
“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,” said Jimmy Xie, general manager of Boviet Solar. “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.”
Pitt County Commissioner Anne Floyd Huggins said, “We are not only announcing the selection of Pitt County for a new industry that will bring strong economic growth to our community, but we are celebrating the collaboration that has developed and will continue to develop among Pitt County, our partners and this esteemed company.”
The announcement was the latest in a string of new projects for North Carolina in the clean-energy field.
North Carolina leads the nation in clean energy private-sector investments since passage of the $891 billion Inflation Reduction Act of 2022, according to a recent report by nonprofit E2. Since passage, $10.1 billion in clean energy projects have been announced in electric vehicle manufacturing, electricity transmission and distribution and battery storage, the group said.
David Beasley is a contributor at The Center Square.
Originally published by The Center Square. Republished with permission.
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