Shares of First Solar (NASDAQ: FSLR) rose 5.6% on Wednesday, furthering a rally in the solar panel manufacturer's stock price since the passage of climate-focused legislation in mid-August.

The Inflation Reduction Act of 2022 was signed into law by President Joe Biden on Aug. 16. The bill includes $369 billion in energy-security and climate-change investments designed to reduce U.S. carbon emissions by approximately 40% by 2030. 

Two weeks later, First Solar announced its plan to build a new panel factory in the U.S. for roughly $1 billion. The new site is projected to produce 3.5 gigawatts (GW) of solar modules annually by 2025. For context, the entire U.S. solar industry generates about 126 GW, according to the Solar Energy Industries Association. 

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Source Fool.com