SolarCity is gearing up for a massive hiring spree in Buffalo, New York. The residential solar installer is setting up the world’s largest solar panel factory in Buffalo. Daniel Harvey, who is heading SolarCity’s hiring efforts in the city, told Buffalo News that the company would start hiring this fall.
SolarCity to start filling jobs this fall
The San Mateo-based company expects to create 1,460 jobs in Buffalo. Approximately the same number of jobs will be created by SolarCity’s suppliers. Harvey said SolarCity would fill 100 to 200 jobs this fall, and hire more in 2016. The company is currently working with the New York state officials to chalk out plans for recruitment sessions and job fairs. Having its service providers and suppliers nearby will help SolarCity meet its ambitious goal of significantly reducing the cost of solar panels.
For now, SolarCity employs only five people in Buffalo. Recruitment for approximately 1,000 production jobs will begin later this year or in early 2016. Harvey said hiring would continue as SolarCity starts and gradually increases its production at the plant. SolarCity’s massive solar panel plant is part of Governor Andrew Cuomo’s Buffalo Billion program.
SolarCity to report Q2 results on July 29
Under the terms of the agreement, the New York state would pump $750 million to build the factory and purchase its equipment. SolarCity will rent the manufacturing plant for just $1 per year from the state for a 10-year term. In return, the largest U.S. residential solar installer has promised to bring $5 billion of investment and create 2,900 jobs over the next 10 years. If SolarCity doesn’t meet its investment or job creation targets for any of the 10 years, it will be subject to $41.2 million penalty for that year.
Separately, SolarCity said Tuesday that it would release its fiscal second-quarter results after the market close on Wednesday, July 29. Analysts polled by Thomson Reuters expect the company to report $90.18 million in revenue, up 47% from $61.34 million in the same quarter last year. However, its quarterly losses are expected to widen from 96 cents a share to $1.57 per share.