The Inflation Reduction Act Is Very Good At One Thing: Making Billionaires Richer by chrishelman
he nation’s biggest solar panel maker, First Solar, sells $3.5 billion a year of its “thin-film” solar panels made with exotic “cadmium telluride” semiconductors that work well in hot and humid regions and in low light.
Ebrahimi can thank West Virginia Senator Joe Manchin for his recent good fortune. Manchin’s Inflation Reduction Act, signed into law last August, seems destined to both create a bunch of new green billionaires – and further enrich existing ones. Between now and 2031, the bill calls for spending an additional $100 billion on health care, plus nearly $400 billion in grants, loans and tax breaks to underwrite the green energy revolution..
Lightsource has operations in 18 countries, but right now is focused on the U.S., where naturally it gets its own bite at the green subsidy apple. According to industry data from the National Renewable Energy Lab, the all-in costs for Lightsource to build out those 4 gigawatts of First Solar panels will be on the order of 70 cents per watt, roughly $2.8 billion. But the IRA will defray at least 30% of that, more than $800 million.
Other tycoons set to benefit from America’s big green subsidy boom include Michael Polsky, 74, whose Chicago-based Invenergy is a leading wind and solar developer. Last year Polsky sold a chunk of his company to Blackstone for $3 billion. In recent months they spent $800 million of that cash on winning bids to lease federal waters off California and the eastern seaboard where they intend to build hundreds of 500-foot-tall wind turbines.
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