First solar to invest $684 mn for solar manufacturing module in India
POWER & RENEWABLE ENERGY

First solar to invest $684 mn for solar manufacturing module in India

First Solar, a solar module manufacturer based in the United States, announced plans to invest $684 million in India to build a new vertically integrated photovoltaic (PV) thin-film solar module manufacturing facility.

First Solar plans to build a new manufacturing facility with a 3.3 GW capacity in Tamil Nadu, pending permitting and approval of Indian government incentives that are satisfactory to the company. In the second half of 2023, the facility is expected to be operational.

The company would become India's largest solar module manufacturer with this 3.3 GW capacity module manufacturing facility. This announcement may prompt Chinese module manufacturers to reconsider their strategies and consider investing in module production in India.

First Solar expects its module manufacturing capacity to double to 16 GWdc in 2024 as a result of its expansion in India and the United States.

The facility will be built with advanced manufacturing technology similar to the one used at the company's recently announced facility in Ohio, according to the company. Artificial intelligence, internet of things connectivity, and machine-to-machine communication will be used to provide the facility with a high level of automation, precision, and continuous improvement.

First Solar has supplied a total of 1.94 GW of solar modules to projects in India, according to Mercom's India Solar Market Leaderboard 2021. After North America, India is the company's second-largest market.

First Solar's net sales in the first quarter of 2021 totalled $803.4 million, up to $194 million from the previous quarter. In a year-over-year comparison, net sales increased by 51%. The company then stated that by the end of 2021 and 2022, it aims to reach a nameplate module manufacturing capacity of 8.7 GWdc and 9.4 GWdc, respectively.

The media had previously reported that IDFC Alternatives' India Infrastructure Fund II (IIF II) had entered into definitive agreements with First Solar Power India and its affiliates to acquire seven operating solar projects with a total capacity of 190 MW across the Indian states of Andhra Pradesh and Telangana through its wholly-owned subsidiary Vector Green Energy.

Image Source


Also read: Rajasthan Electronics invites bids for solar PV projects in Jaipur

Also read: IREDA floats tender for solar manufacturing modules under PLI scheme

banner1

First Solar, a solar module manufacturer based in the United States, announced plans to invest $684 million in India to build a new vertically integrated photovoltaic (PV) thin-film solar module manufacturing facility. First Solar plans to build a new manufacturing facility with a 3.3 GW capacity in Tamil Nadu, pending permitting and approval of Indian government incentives that are satisfactory to the company. In the second half of 2023, the facility is expected to be operational. The company would become India's largest solar module manufacturer with this 3.3 GW capacity module manufacturing facility. This announcement may prompt Chinese module manufacturers to reconsider their strategies and consider investing in module production in India. First Solar expects its module manufacturing capacity to double to 16 GWdc in 2024 as a result of its expansion in India and the United States. The facility will be built with advanced manufacturing technology similar to the one used at the company's recently announced facility in Ohio, according to the company. Artificial intelligence, internet of things connectivity, and machine-to-machine communication will be used to provide the facility with a high level of automation, precision, and continuous improvement. First Solar has supplied a total of 1.94 GW of solar modules to projects in India, according to Mercom's India Solar Market Leaderboard 2021. After North America, India is the company's second-largest market. First Solar's net sales in the first quarter of 2021 totalled $803.4 million, up to $194 million from the previous quarter. In a year-over-year comparison, net sales increased by 51%. The company then stated that by the end of 2021 and 2022, it aims to reach a nameplate module manufacturing capacity of 8.7 GWdc and 9.4 GWdc, respectively. The media had previously reported that IDFC Alternatives' India Infrastructure Fund II (IIF II) had entered into definitive agreements with First Solar Power India and its affiliates to acquire seven operating solar projects with a total capacity of 190 MW across the Indian states of Andhra Pradesh and Telangana through its wholly-owned subsidiary Vector Green Energy. Image Source Also read: Rajasthan Electronics invites bids for solar PV projects in Jaipur Also read: IREDA floats tender for solar manufacturing modules under PLI scheme

Related Stories

Gold Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram