Waaree Energies WAAN is India’s leading manufacturer of solar panels. NS said on Thursday that it will spend up to $1 billion in manufacturing in Texas to capitalize on the country’s rising demand for sustainable energy.
The declaration is the most significant business commitment to solar manufacturing since the approval of US President Joe Biden’s historic climate change legislation last year, which provides subsidies and tax advantages for renewable energy projects.
India’s solar manufacturing business is quickly expanding, and it is just now starting to apply its know-how in the United States, as both nations seek to establish a clean energy sector to compete with China.
Waaree claims that their proposed Brookshire, Texas plant would be one of the biggest solar factories in the United States by 2027, with an annual capacity of 3 gigatonnes (GW) of panels when it starts in late 2024, then growing to 5 GW.
According to the company, the Houston-area facility will employ over 1,500 people. By 2025, the business hopes to build a solar cell manufacturing plant.
A long-term supply arrangement with SB Energy, a sustainable energy company sponsored by Japan’s Softbank Group 9984.T, supports Waaree’s objectives.
“By establishing a new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong U.S. jobs,” said Sunil Rathi, interim CEO of Waaree Solar Americas. “We are committed to the U.S. and its growing demand for clean energy.“
Solar project developers gain extra subsidies for utilizing American-made equipment under Biden’s Inflation Reduction Act, and manufacturers also earn increased incentives.
According to the corporation, the majority of the main components in Waaree’s solar modules will be manufactured in the United States.
Waaree’s decision to manufacture in the United States comes after a company sponsored by India’s Vikram Solar announced earlier this year that it will spend $1.5 billion on the United States solar supply chain.
Waaree has already made inroads into the US market this year, delivering 4 GW of solar modules from its Indian manufacturing.
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