- Vikram Solar has announced launch of a US solar manufacturing JV with Phalanx Impact and Das & Co
- The JV VKS Energy is to start with a 2 GW module fab in Colorado, to come online in 2024
- Later, it will venture into vertically integrated manufacturing to produce ingot, wafer and cell in an unidentified US state, with 4 GW annual capacity
As the US solar market continues to be a battleground for Chinese companies what with various trade issues, Indian solar manufacturers are quickly stepping into the space. Vikram Solar is the latest Indian solar module maker to expand to the US, with plans to establish vertically integrated annual PV manufacturing capacity of 4 GW in Colorado.
Private equity firm Phalanx Impact Partners and investment firm Das & Co are pouring in financial support for their US joint venture (JV) with Vikram Solar called VSK Energy LLC. The trio expect an investment of $1.5 billion to develop the operation.
VSK will start with an initial 2 GW annual module production capacity with $250 million investment in Brighton, Colorado. It will offer an average salary of more than $70,000 for over 900 jobs the fab helps create. This capacity is expected to come online in 2024.
Vertical integration is to be realized under phase II to develop a factory in a Southern US state to produce solar ingots, cells and wafers with a planned annual of 4 GW. VSK will invest around $1.25 billion in the new factory that it says is expected to come online in 2025. EPC services for both the fabs will be carried out by Mortenson with local hires.
Hailing the Inflation Reduction Act as a landmark moment for the clean energy future of the US, Co-Chairman of VSK Energy and Managing Director of Das & Co, Sriram Das said, “The Biden Administration and Congress have called for immediate action and through our partnership in VSK, we are taking a decisive step towards achieving solar technology self-sufficiency, fortifying America’s energy security, and propelling large-scale solar deployment.”
Vikram Solar operates 4.5 GW annual solar panel manufacturing capacity in India and is also present in the solar EPC and operation and maintenance (O&M) space. It also has a US subsidiary called Vikram Solar US Inc through which it supplies its modules to various PV projects in the country.
In April 2023, Rayzon Solar said it is set to become the 1st Indian solar module maker from India to produce in the US with a 500 MW fab (see First Indian PV Manufacturer Heading To US).