U.S. President Joe Biden has welcomed a plan by South Korean energy company Hanwha Solutions to invest over two-point-five billion dollars in solar panel production in the United States.

Hanwha Q Cells, a unit of Hanwha Solutions under Hanwha Group, announced on Wednesday that it plans to invest three-point-two trillion won to build a new solar panel parts plant in Georgia and expand its existing facility in Dalton, Georgia as the company develops a "solar hub."

In a White House statement on Wednesday, Biden said that the company’s announcement to make the largest solar investment in U.S. history is a "big deal" for Georgia's working class and the American economy.

Calling the investment a "direct result" of his economic plan and the Inflation Reduction Act, Biden said that it will create thousands of good-paying jobs in Georgia, many of which will not require a university-level education.

The U.S. president added that this investment will restore the U.S.' domestic supply chains, lower the cost of clean energy, and help combat the climate crisis.