Vietnam-based Boviet Solar Technology Co. Ltd. (Boviet Solar) will invest $294 million in a photovoltaics (PV) factory in Pitt County, North Carolina, the United States.
In a Friday statement, Boviet Solar said the project, featuring two phases, will be Boviet Solar’s first U.S. manufacturing facility and the second globally, following its successful track record of PV cell and module production in Vietnam.
The facility is expected to have an output of 2GW of solar panels and 2GW of PV cells annually. The official opening and mass production of the factory is scheduled for the first quarter of 2025.
The project is expected to create approximately 908 skilled local jobs and generate a positive economic impact for the area once operations are fully ramped up, Boviet Solar added.
Phase one of the project will utilize an existing building to manufacture solar modules. Phase two will include constructing a 500,000 to 600,000-square-foot factory on 34 acres to manufacture PV cells.
The PV module manufacturing facility will produce Boviet Solar’s TOPCon N-Type cell, and Monofacial and Bifacial PV modules for residential, commercial, industrial, and utility-scale clients in the U.S.
The project is estimated to grow the state’s economy by $2.9 billion and its projected return on investment of public U.S. dollars is 47%, according to the office of North Carolina Governor Roy Cooper.
Founded in 2013 in Vietnam, Boviet Solar has offices in the U.S., Germany, and China, with its global headquarters in Vietnam. As a subsidiary company of China-headquartered new energy business Boway Alloy, it is a top-tier solar technology company that specializes in the manufacturing of monocrystalline, PV cells, and PV modules.
As of 2023, Boviet Solar’s annual PV cell and PV module manufacturing capacity had reached 3GW, and it has shipped a total of 4.4GW since 2013, mainly to the U.S. market.