German photovoltaic inverter manufacturer, has unveiled a plan to open a production plant in the United States. The project has an initial target of 3.5G W, with opportunities to expand over time,
according to a statement issued on Tuesday.
At present, SMA Solar has begun to find suitable terrain and is working with States in the United States. The project is expected to be located in the first half of 2024 and begin production in 2025.
"The US is a key market and the Inflation Reduction Act (IRA) provides an opportunity for long-term growth," said Juergen Reinert, chief executive of SMA.
According to a recent report by Wood Mackenzie, renewable energy deployment in the United States is expected to nearly triple to 110 GW per year over the next decade, largely due to the implementation of the IRA.
SMA is currently building a new GW plant at its German headquarters , which is expected to double the company's capacity to almost 40 GW . Costing €80 million ( $86.2 million), the plant is expected to be completed and begin delivery in 2025.
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