Oil giants seek to build an $8 billion solar panel factory in the US

Axios / Bloomberg News Oil giants are looking to build a solar panel manufacturing plant in the United States, according to a report.

Bloomberg News reports that SolarCity Inc. is working on a plan to build its first solar panel plant in Arizona, as well as in California and Texas.

The solar panel maker has already moved manufacturing to China from the United Kingdom.

The report says SolarCity is also exploring plans to build new facilities in Mexico, Canada, the United Arab Emirates, and India.

SolarCity currently employs about 1,200 workers in the U.S., according to its latest annual report.

The company employs more than 2,000 workers in China.

Bloomberg says SolarTech Inc., a subsidiary of SolarCity, plans to announce plans to expand its solar manufacturing in 2018.

Bloomberg’s report doesn’t indicate whether the solar panel manufacturer will use the $8.3 billion investment to build solar panels, or to manufacture the solar panels themselves.

SolarTech has been focused on building its solar panel business.

Solartech has already invested $5 billion in solar projects in the last 12 months, and has committed to expand solar installations in 2020 to 50 million panels, according the report.

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