Nearly 200 clean energy projects were announced in 2023, with $64B in private investments

(Image by Markus Spiske from Pixabay.)

Businesses announced eight new large-scale clean energy projects in December, bringing the total number of major clean energy and clean vehicle projects announced in 2023 to 196, according to the latest monthly analysis of private sector announcements from E2. The eight new projects are expected to result in more than $1.8 billion in private-sector investments and create at least 2,600 jobs in five states.

Including December’s projects, E2 in 2023 tracked nearly $64 billion in announced private-sector investments to build major new clean energy projects, including factories to make solar panels, batteries, and electric vehicles, as well as major renewable energy developments. The nearly 200 projects are spread across 39 states and Puerto Rico and are expected to create at least 61,000 new jobs — primarily in manufacturing and the electric vehicle sector.

Manufacturing projects accounted for seven of the eight December announcements, with three solar and EV manufacturing projects. Three projects are being constructed in Ohio and two in South Carolina. The largest investment was Waaree Energies’ $1 billion, which will help construct its first U.S. solar factory in Brookshire, Texas.

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“Every month we are seeing the spark ignited by the Inflation Reduction Act and other federal policies continue to heat up the economies of local communities nationwide,” said Bob Keefe, E2’s executive director. “These policies are working – and now so is America. Clean energy is driving the biggest economic revolution we’ve seen in generations. That’s good news for workers and local economies in red states, blue states, and in every region of America.”

The projects announced throughout 2023 build on the growth in the nation’s clean energy sector that began with the passage of the Inflation Reduction Act (IRA) in 2022. In all, at least 274 large-scale clean energy projects have been announced in 41 states and Puerto Rico since the IRA passed, according to E2’s analysis. Companies announced at least 95,000 new jobs and more than $110 billion in capital investment in these projects since President Biden signed the law. (These figures reflect ongoing revisions to previous months’ announcement totals).

December 2023 announcements

The projects announced in 2023 are expected to account for $63 billion in investment, E2 said, creating at least 61,000 jobs; although about one-third of the announcements did not include job creation and/or private investment figures.

Georgia had the most total announcements in 2023 at 22, followed by Texas at 15, Michigan at 14, South Carolina at 13, North Carolina at 12, and Tennessee at 10.

North Carolina has the highest amount of anticipated capital investments at $11.2 billion, followed by Georgia at $6.9 billion, Indiana at $5.8 billion, South Carolina at $5.7 billion, Michigan at $5.7 billion, and Nevada at $5.5 billion.

The sector with the most announced projects was the EV industry with 85, followed by solar at 53, and battery/storage at 41. More than 80% of all projects and 95% of capital investments were in the manufacturing industry.