US silicon wafer maker 1366 Technologies and First Solar are among 15 companies that are considering total investments of around $3 billion to build solar equipment manufacturing facilities capitalizing on the Indian government’s initiative to push local manufacturing.
Prime Minister Narendra Modi has said India will not be able to fully use its solar power potential unless it develops better solar panel, battery and storage manufacturing capacity.
While Vikram Solar is planning to reach a 5GW capacity over the next three years, Acme Solar is interested to build a 1.5GW solar module manufacturing capacity.
ReNew Power plans to set up a 2GW solar cell and module manufacturing facility in India and Adani Solar, which has a 1.5GW solar cell and modules manufacturing capacity, is building another 2GW capacity.
“Vikram Solar presently has 1.2GW of solar module capacity. We are expanding our capacity in Tamil Nadu by building about 3GW of manufacturing plant, consisting of solar modules, solar cells and solar wafer, the entire value chain,” said Saibaba Vutukuri, CEO of Vikram Solar, in an emailed response.
“ReNew Power’s plan to set up a 2GW manufacturing facility for solar modules as well as solar cells is very much on track. We are in advanced negotiations with a few shortlisted states to set up the facility, and hope to conclude the discussions soon,” said Sumant Sinha, CMD, ReNew Power in an emailed response.