First Solar Inc said on Thursday it plans to build two new manufacturing plants to meet strong demand for its thin-film photovoltaic modules, sending its stock up over 2 percent.
The plants are expected to be built in the United States and Vietnam and completed in 2012, said the company, which is the biggest photovoltaic solar maker by market value.
The new plants will increase capacity by nearly 500 megawatts and, combined with expansions at other facilities, will nearly double production capacity from 1.4 gigawatts in 2010 to more than 2.7 gw in 2012.
Each new plant will create approximately 600 "green" jobs and be designed to accommodate additional production capacity. Negotiations and site assessments in both countries are continuing.
The new factories will further extend First Solar's previously announced capacity additions, including eight lines at its Kulim, Malaysia facility, four lines in Frankfurt an der Oder, Germany, and two lines in Blanquefort, France.
Earlier this year the company completed an expansion of its Perrysburg, Ohio, manufacturing plant, which serves as First Solar's primary hub for engineering, research and development.
First Solar stock was up about 2 percent at $139.53 in early Nasdaq trading.
