GE to to Set Up Solar Panel Plant in Aurora

October 15 00:00 2011

NEW YORK, October 15 ( – General Electric Co (NYSE: GE) plans to invest $300 million and create 355 jobs by opening the country’s biggest Solar Panel Plant in Aurora.

Solar industry has been facing a tough time with a sequence of bankruptcy and falling prices. The latest company to file for bankruptcy is California-based Solyndra and the third panel maker in three months to file bankruptcy.  The new plant will start operating a year earlier than anticipated; first line of panels will come off next year and will be in market by 2013.

GE plans to invest $300 million in this facility and summing its overall solar business investment close to $600 million. The plant will add 355 more jobs to the Denver Suburb of Aurora and will generate power for 80,000 US homes. GE denied the reports of receiving any kind of incentives from the federal government for this project, but plans to expand the plant more than double the size they currently planned by 2014.

Victor Abate, who leads GE’s renewable-energy business, said in an interview, “We want this to be a multibillion segment in GE,” and  “What we have been doing over the past decade is tracking all the technologies in solar and assessing which ones can get to the lowest cost of electricity,”