US-based 1366 Technologies to invest $300 mn for solar module in India

25 Jun 2021 CW Team

US-based 1366 Technologies plans to invest $300 million to set up a 2 GW solar wafer and cell manufacturing facility in India under the production-linked incentive (PLI) scheme by the government.

India has a domestic manufacturing capacity of 3 GW for solar cells and 15 GW for solar modules. The PLI scheme of Rs 4,500 crore is a part of the domestic content requirement strategy. It is expected to add 10 GW of integrated solar PV capacity by bringing a direct investment of about Rs 17,200 crore.

The investors associated with 1366 Technologies are North Bridge Venture Partners and Polaris Partners. They have received funds of $200 million from both equity and non-dilutive resources.

1366 Technologies Chief Executive and Founder Frank van Mierlo, told the media that the capital markets are very friendly towards technologies, and in two years, the solar modules sold in India should be manufactured domestically. The production of modules will be the most profitable part of the supply chain, and many people are interested due to its underlying market dynamics.

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Also read: Asia Pacific to double to $1.3 trillion RE investments by 2030: Woodmac

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