According to a previous report here on PVBUZZ MEDIA, the City Council for Jacksonville, Florida voted 19-0 to approve an economic development agreement for nearly $25 million in city-backed financial incentives for a super secret manufacturing company to set up shop in the city.
It has now been confirmed that this so-called project, code-named “Project Volt”, referred to the China-based solar panel manufacturer Jinko Solar.
The hiring of over 800 employees and an investment of over $410 million into two facilities in North and West Jacksonville by 2019 in exchange for the incentives, was pledged.
Latest reports indicate that JinkoSolar will only invest $50 million to build the factory, and create 200 jobs.
A news release from Florida’s Governor Rick Scott, states that the new facility will create 200 new manufacturing jobs and will begin production of high-efficiency solar panels later this year.
It adds that once the facility is fully operational, it will have the capacity to build 400 MW of solar modules annually.
The company anticipates using the Port of Jacksonville for a large volume of importing and exporting activities.
Although this is really good news for U.S. manufacturing, one can’t help but wonder how a supposed $410 million investment became $50 million.