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Area Development - Site Selection, Facility Planning and Workforce Development

Vietnam-Based Boviet Solar Plans Greenville, North Carolina, Production Operations

05/01/2024
Boviet Solar, a renewable energy company, plans to establish its North American solar panel manufacturing operations in Greenville, North Carolina. The $294 million project is expected to create 908 jobs in Pitt County.

The new 1-million-square foot facility will increase the company’s global capacity to produce high-end solar panels and PV modules. Production is scheduled for the first quarter of 2025.

“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.

The project is being supported, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. 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.

“North Carolina is a leading state for STEM talent and has the largest manufacturing workforce in the southeastern United States,” noted 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 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.

“Since last year, our team has worked extremely hard with our partners at Pitt County and City of Greenville along with Boviet representatives and federal and state agencies to get this project to the finish line. Thanks to the work of many, a recently vacated building has been brought back to life and will soon be humming with production once again,” added Josh Lewis, President and CEO of the Greenville ENC Alliance. “The substantial capital investment and annual wages that this project will inject into the economy will ensure continued economic vibrancy in Greenville-Pitt County in the years ahead.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina (EDPNC), 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.

Boviet Solar Technology Co. Ltd., is a part of Boway Corporation and a Tier 1 solar technology company that specializes in the manufacturing of Monocrystalline PERC cells, Monofacial and Bifacial PV modules, as well as solar project development. Boviet Solar works with IPPs, EPCs, project developers, solar installers, and contractors. The company has commercial, industrial, and residential customers in the U.S.

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