June 3 (Renewables Now) - Photovoltaic (PV) inverters maker SMA Solar Technology AG (ETR:S92) is planning to build a new gigawatt factory and double the production capacity at its German headquarters to nearly 40 GW by 2024 amid projections for growth in the green energy sector.

The German manufacturer will build the new production facilities on an area of 47,000 sq m in Niestetal near the city of Kassel, central Germany, with construction scheduled to start in late 2022. The new capacity will be used to produce systems for large-scale photovoltaic (PV) power plants, SMA Solar said on Thursday.

The new factory will have the potential to be scaled up in future as demand grows.

“Building this new factory will help us safeguard supply chains and gain greater independence from ever-changing trade conditions. Greater customer proximity will be an important driver especially in the large-scale PV power plant segment," said chief executive Juergen Reinert.

The expansion will strengthen SMA Solar's operations in the home market, creating more than 200 new jobs. It will also make the manufacturer more flexible to raise production capacity anytime at lower costs and risks.

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