US novice NuSun primes USD 9m PV panels factory in Indiana

(ADPnews) - Dec 9, 2010 - US photovoltaic (PV) start-up NuSun Inc said Tuesday that it will invest USD 8.9 million (EUR 6.7m) in its first manufacturing and assembly centre in Columbus, Indiana.

The company's plans, estimated to create up to 240 new jobs by 2014, will be backed up by the city, the Bartholomew County and the Columbus Redevelopment Commission, which have pledged USD 325,000 in combined Economic Development Income Tax (EDIT) and Tax Increment Fund (TIF) support. In addition, the city will also dish out USD 500,000 under the Lawrenceburg Regional Economic Development grant programme. Moreover, the Indiana Economic Development Corporation has also offered NuSun up to USD 2.25 million in performance-based tax credits and up to USD 100,000 in training grants.

An extra USD 600,000 is being considered by the Indiana Office of Community and Rural Development (OCRA) to equip the facility. In preparation for the OCRA grant application, the city and NuSun have inked a deal, which points out the creation of up to 80 jobs during the first two years. Nevertheless, local leaders are looking to entice up to 240 jobs by 2014 by offering the local portion of funds as a performance-based forgivable loan over a 10-year period.

The factory, planned to be set up in the Woodside South Industrial Park, is anticipated to start production in mid-2011.

(USD 1.0 = EUR 0.755)

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