US-based First Solar will invest $684 million, or roughly Rs 4,965 crore, in India to build a solar PV (photovoltaic) module manufacturing plant with more than 3 GW (gigawatts) capacity in Tamil Nadu.
First Solar expects the facility to become operational in the second half of 2023, creating 1,000 jobs in the country.
The India expansion is part of the company’s plan to double its manufacturing capacity to 16 GW by 2024 and make it the largest module manufacturer in India.
This is the second announcement of a GW-size domestic solar module making plan following the government’s https://www.cleanfuture.co.in/2021/01/08/performance-link-incentive-scheme/PLI (performance-linked incentive) scheme for promoting domestic manufacturing.
Reliance Industries Ltd had recently announced a $10 billion green energy plan that included setting up giga-size integrated module-making facility.
Industry analysts said these announcements could prompt Chinese module manufacturers, who dominate the Indian market, to consider manufacturing in India in view of its ambition of creating 450 GW renewable energy capacity by 2030.
This is a Syndicate News Feed; edited by Clean-Future Team