Maxeon will invest $1 billion to build a 3 GW TOPCon cell and module plant in the US.

Maxeon Solar Technologies' first U.S. facility will be located in Albuquerque, New Mexico. The new 3 GW plant will produce TOPCon photovoltaic silicon cells and Maxeon's proprietary tandem cell high-performance solar modules.

The new facility will produce millions of solar modules annually for the growing utility-scale solar power and distributed generation markets in the U.S.

New Mexico Gov. Michelle Lujan Grisham said: "This private investment demonstrates that our state programs, combined with President Biden's Inflation Reduction Act, open the way for New Mexico to grow a clean energy economy and create strong workforce in the future."

The total investment in the project is expected to exceed $1 billion, Maxeon suggested. The company is currently in the due diligence phase of the loan application, and the site selection for the project is an important milestone in completing the loan process in the process of applying to the U.S. Department of Energy (DoE) Office of Loan Programs.

"Thanks to the support of the Biden administration, the United States is now poised to relocate and expand the domestic solar supply chain," said Maxeon CEO Bill Mulligan. "We see a tremendous opportunity to help the nation advance its clean energy plan, and have a strong impact on the local economy.”

Maxeon has selected a 160-acre site in the Mesa Del Sol community for a solar cell manufacturing plant, panel assembly plant, warehouse and administrative offices. Maxeon reported that its new facility is expected to be the first large-scale cell and module manufacturing facility in New Mexico. While the planned capacity of the plant is 3 GW, the company said it is possible to increase it to 4.5 GW in the future.