Three loans worth $15 million have been granted to the company by the Ohio Financing Advisory Council and the Ohio Air Quality Development Agency. Furthermore, the Ohio Development Department reportedly declared its support for Isofoton with additional credits and incentives totaling another $15.8 million.
Isofoton said it will use the funds to build the manufacturing plant in Napoleon. It did not say what the annual capacity is expected to be, or when construction will commence.
Overall, the Spanish photovoltaic company said it intends to invest USD31.2 million in the plant. Operations are expected to begin next year.
"The Napoleon project will create over 300 jobs over the next three years, with Isofoton being the only solar panel manufacturer in North East Ohio to use crystalline silicon technology," it said in a statement.
CEO Ángel Luis Serrano added that an inauguration event will be held in the next few weeks to mark the event.