Solar module manufacturer Rayzon Solar says it is set to become the 1st Indian company to manufacture solar panels in the US with a 500 MW facility as part of its capacity expansion plans that also include adding 1 GW capacity within India.
Currently, Rayzon operates 1.5 GW annual production capacity in India's Gujarat. It started with 40 MW in 2017, which gradually increased to 150 MW in 2019 and 300 MW in 2020, according to the company's announcement on its LinkedIn account.
Going forward, it plans to expand its Indian annual production capacity to 2.5 GW, eventually scaling up to an overall 5 GW by 2025.
Rayzon's current product portfolio rolls out high efficiency poly and monocrystalline solar modules. It counts over 17 countries as export markets for its Made in India solar panels. The company is also present in rooftop solar and EPC space.
The US' Inflation Reduction Act (IRA) is attracting solar investors from across the globe to set up/expand their manufacturing units there including European players as Enel Green Power, Meyer Burger, and Chinese companies as JA Solar, LONGi, among others. According to the US Department of Energy (DOE), 25 manufacturing facilities have been announced across the US supply chain since the act was passed representing more than 105 GW manufacturing capacity (see US DOE RFI For Solar Manufacturing Workforce). Rayzon's US expansion may be a start for other Indian manufacturers to follow suit.