Boviet Solar, a global renewable energy company, will create 908 new jobs in Pitt County, Governor Roy Cooper announced today. The company will invest more than $294 million to locate its first North American solar panel manufacturing facility in the City of Greenville.
“It’s great to welcome Boviet Solar to North Carolina,” said Governor Cooper. “This decision has proven yet again that North Carolina is a hub for clean energy, offering advanced manufacturers a skilled workforce, an excellent quality of life, and affordable communities to support its work in sustainability.”
Founded in Vietnam, Boviet Solar is a Tier 1 solar technology manufacturer of high-quality solar panels and photovoltaic cells. The company is a leader in solar project development with commercial, industrial, and residential customers in the U.S. The new facility in Pitt County will increase the company’s global capacity to produce high-end solar panels and PV modules in a 1-million-square foot advanced manufacturing facility.
“Our dreams of producing our PV modules in the U.S. finally come to realization. We are proud of bringing our manufacturing excellence to our most important solar market, creating jobs, and making a positive impact on North Carolina’s economy. We are committed to expanding solar as a widely used renewable energy source in the U.S. and delivering locally made, top-performing PV modules to accelerate the advent of the global renewable revolution,” said Jimmy Xie, General Manager of Boviet Solar.
“North Carolina is a leading state for STEM talent and has the largest manufacturing workforce in the southeastern United States,” said N.C. Commerce Secretary Machelle Baker Sanders. “As we continue to transition to a clean energy economy, we are committed to being first in talent and providing the research and workforce training partnerships that innovative companies need for today and tomorrow.”
The North Carolina Department of Commerce led the state’s efforts to support Boviet Solar’s location to North Carolina.
New positions being created by the company will range from engineers and production workers to administrative and management personnel with annual wages exceeding the Pitt County average salary of $50,937.
Boviet Solar’s project will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $2.9 billion. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,279,000 spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
The project’s projected return on investment of public dollars is 47 percent, meaning for every dollar of potential cost to the state, the state receives $1.47 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“Today marks a significant milestone for Pitt County and the entire state of North Carolina,” said N.C. Senator Kanie D. Smith. “Our region is flourishing, attracting new businesses thanks to our robust, skilled workforce and the talented individuals who call Eastern North Carolina home. The people of our county are ready to seize these exciting new opportunities and continue to drive the growth that has made our state the place to be."
“I am thrilled to welcome Boviet’s multimillion-dollar investment to Greenville,” said N.C. Representative Gloristine Brown. “We appreciate the strong local, regional, and state collaboration that helped bring this project to fruition and that will empower our future growth.”
In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, North Carolina Community College System, Golden LEAF Foundation, Electricities of North Carolina, Greenville Eastern North Carolina Alliance, Pitt County, Greenville Utilities Commission, and City of Greenville.