(The Center Square) – A Switzerland-based solar cell manufacturer announced plans to open a facility in Colorado Springs.

Industrial manufacturer Meyer Burger's plant is expected to create 350 jobs and will receive about $89 million in subsidies if it fulfills the job-creation projections, according to Colorado Governor Jared Polis' office. Production of the plant is expected to begin in the second half of 2024.

The plant was originally planned for Germany, but the company pivoted to the U.S. due to the subsidies, the website Electrek reported. 

"The investment is supported by a tax credit under the Inflation Reduction Act and related measures, as well as support from the State of Colorado and the City of Colorado Springs," Meyer Burger said in a news release.

The Colorado Economic Development Commission approved up to $4.9 million in performance-based Job Growth Incentive Tax Credits over an 8-year period. Those incentives are dependent upon Meyer Burger meeting the proposed job and salary requirements.

The Colorado Springs Chamber & EDC along with local development organizations, utilities, and municipal institutions are offering their own $84 million package of subsidies for Meyer Burger.

"Colorado's strong economy and business-friendly environment continues to attract companies to move and grow here, and we are thrilled Meyer Burger has selected Colorado Springs for their expansion," Polis said in a media release. "Their expansion will create more than 350 new good-paying jobs in our state and further position Colorado as a leader in the cleantech industry."

The 350 new jobs will have an average annual wage of $77,842, according to the media release.