A new US-India joint venture will spend $1.5B to build US solar factories

New US-India joint venture VSK Energy has announced it will invest up to $1.5 billion to develop a vertically integrated solar manufacturing operation in the US, and it’s starting in Colorado.

VSK Energy is made up of India-headquartered global solar module maker Vikram Solar and New York-based investors Phalanx Impact Partners and Das & Co.

The first of two planned projects is a $250 million PV module factory in Brighton, Colorado (pictured above). The new factory is expected to create over 900 direct jobs and over 200 construction jobs. VSK Energy expects the factory to come online in 2024 with an initial capacity of 2 gigawatts (GW) in solar PV modules and a planned expansion of up to 4 GW.

The plan for the second stage is to complete VSK’s vertical integration of the solar manufacturing process. It intends to develop a factory in a southern state to produce solar ingots, cells, and wafers with a planned annual capacity of 4 GW.

VSK Energy plans to invest up to $1.25 billion in the new factory, which is expected to come online in 2025 following the evaluation and finalization of available federal, state, regional, and local incentives for the project. The new factory is expected to create over 1,500 direct jobs and over 1,000 construction jobs.

Sriram Das, co-chairman of VSK Energy, said:

The passage of the Inflation Reduction Act was a landmark moment for the clean energy future of the United States. 

The Biden administration and Congress have called for immediate action and, through our partnership in VSK, we are taking a decisive step toward achieving solar technology self-sufficiency, fortifying America’s energy security, and propelling large-scale solar deployment.

I am also particularly proud to bring together leaders from both the United States and India to make this investment and commitment to America’s clean energy future.

Read more: This artsy 1,000 W rollout solar awning can power your RV

Photo: Brighton, Colorado, Chamber of Commerce

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