A new US joint venture of Vikram Solar, Phalanx Impact Partners and Das & Co. announced plans to invest up to $1.5 billion to develop a vertically integrated solar manufacturing operation called VSK Energy in the US that is expanding rapidly Working to build a resilient American Improve the supply chain for solar panels and equipment and reduce US reliance on foreign suppliers.
The first phase of the $250 million investment will see the development of an American solar panel manufacturing facility in a recently completed building in Colorado, a state with ambitious goals powered entirely by renewable energy by 2040. The commissioning of this plant is planned for 2024; Creation of over 900 direct and 200 construction jobs. Based on an initial capacity of 2 GW in solar module production, the plan is to increase production to 4 GW.
The second phase of the project has an investment volume of up to 1.25 billion US dollars. The fund will be used to complete the vertical integration of the solar production process by VSK Energy. This includes the development of a facility in a southern US state to manufacture solar bars, cells and wafers with an expected annual capacity of 4 GW. Operation of the new facility is expected to start in 2025. This follows an evaluation and finalization process of potential federal, state, regional and local incentives for the project. The company expects the factory to create over 1,500 direct and over 1,000 construction jobs.
The Inflation Reduction Act was also the reason for founding this joint venture. “The Biden administration and Congress have called for immediate action, and through our partnership with VSK, we are taking a critical step toward achieving solar self-sufficiency, strengthening America’s energy security, and advancing solar adoption at scale,” said Sriram Das, Managing Director of Das & Co. and Co-Chairman of VSK Energy.
Headquartered in India, Vikram Solar is a Tier 1 manufacturer specializing in the manufacture of high efficiency solar modules and comprehensive EPC solutions with a broad presence in 32 countries.
With our 17 years of solar manufacturing experience combined with the VSK team’s commitment to a clean energy future, we look forward to advancing the solar industry and setting a new benchmark for innovation and efficiency in solar manufacturing in the United States .
– said Gyanesh Chaudhary, Founder, Chairman and CEO of Vikram Solar.