Germany's Q-Cells, the world's largest solar cell maker, will invest up to $3.5 billion in a new production plant in Mexico, a senior executive said last week.

Q-Cells Vice President Leo van der Holst told a news conference with Mexican President Felipe Calderon that the investment would run over the medium to long term.

"This complex will be Q-Cells' production hub for the Americas," he said.

Q-Cells, which earlier announced it will build its first factory in Asia, is in the middle of a huge ramp-up in capacity as it plans to tap new growth markets.

Its new thin-film module plant in Mexico will be built in the northern state of Baja California, near the U.S. border.

Mexico, the world's No. 6 producer of crude oil, is eager to expand its renewable energy sources amid spiraling costs for refined fuel and natural gas and environmental concerns.

"This investment, the first of its class in Mexico, could create 4,500 new jobs for highly qualified workers," Calderon said.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved