The US-based solar company, The First Solar stated that they would set a new, fully vertically integrated photovoltaic thin-film solar module manufacturing facility in Tamil Nadu. They would invest $684 million, or roughly Rs 4,965 crore (INR) in this project.
According to the company, this project will be operational in the second half of 2023, which will create around 1,000 jobs in the country.
Further, the company also said that the capacity of the facility is estimated to be 3.3 GW. With the expansion of India’s solar manufacturing, the company is expected to increase this capacity to 16 GW by 2024, after which First Solar will become India’s largest solar panel manufacturer.
The Chief Executive Officer of First Solar, Mr. Mark Widmar said, ” India is an attractive market for First Solar, and not simply because our module technology is advantaged in its hot, humid climate. It is an inherently sustainable market, underpinned by a growing economy and appetite for energy, with a well-defined goal that will need over 25 GW of solar to be deployed every year for the next nine years.
India stands apart in the decisiveness of its response to China’s strategy of the state-subsidized global dominance of the crystalline silicon solar supply chain. The country’s comprehensive approach provides the kind of level-playing field needed for non-Chinese solar manufacturers.”
According to the industry analyst, these announcements could prompt leading Chinese module manufacturers, who dominate the Indian market, to consider manufacturing in India because of its ambition of creating 450 GW renewable energy capacity by 2030.
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