Tesla and Panasonic to build $750m next-gen solar factory in NY, creating thousands of jobs

An agreement has occurred between Tesla Motors and Panasonic that will see a factory built in Buffalo, New York, focused on the production of solar panels.  The panels will span from solar rooftops to non-roof oriented paneling.

The production will begin in mid 2017.  New York state has offered to pay $750 million of the start-up costs to build and outfit the plant, while Panasonic will cover the capital costs for manufacturing.  The new facility will provide 1,400 new jobs, 500 of which are manufacturing.

In addition to solar paneling, the companies will be focused on producing next-generation technology.

The investment is the centerpiece of New York Gov. Andrew Cuomo's "Buffalo Billion" program to revitalize the upstate region's largest city.

Solar City, a subsidiary of Tesla, has pledged to spend $5 billion over the next 10 years in New York state.  The investments will hire nearly 1,500 workers at the Buffalo plant for five years and employing at least 2,000 more people across New York in exchange for use of the state-owned plant.

The companies had been in consideration for a joint venture.  It was only when the state committed the funds that they went ahead with the deal.