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Ohio lends US$15m for ISOFOTON’s solar panel plant

The State of Ohio is providing three loans totalling US$15 million to ISOFOTON North America to develop a solar photovoltaic (PV) panel manufacturing plant in Napoleon, Ohio, USA.

By Kari Williamson

The Spanish solar PV panel manufacturer announced the plans to invest US$31.2m in its first plant in the USA this summer.

The Ohio Financing Advisory Council and the Ohio Air Quality Development Agency have both approved three loans for the solar PV panel facility. Additionally, the Ohio Development Department has declared its desire to support ISOFOTON with additional credits and incentives totalling another US$15.8m.

The Napoleon solar PV plant project could create over 300 jobs over the next three years.

Ángel Luis Serrano, ISOFOTON CEO, says: “The awarding of this loan will provide our Napoleon project with significant backing. The project will require significant investment from our company, and thanks to this backing we expect operations to begin at the start of next year. We are very grateful to the State of Ohio for the confidence they have entrusted in the ISOFOTON project, and we hope to hold an inauguration event at the new plant within the coming weeks".

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