Joint venture sets sights on integrated solar production
A new and robust commitment to American solar power, with a joint venture of Vikram Solar, Phalanx Impact Partners, and Das & Co. declaring an investment of up to $1.5 billion for scaling a vertically integrated production of American-made solar. The investment is a strategic move designed to fortify the domestic solar industry and reduce reliance on foreign suppliers.
“With our 17 years of experience in solar manufacturing, combined with the VSK team’s commitment to a clean energy future, we look forward to driving the solar industry forward and setting a new benchmark for innovation and efficiency in solar manufacturing in the United States,”Gyanesh Chaudhary, Founder, Chairman, and Managing Director of Vikram Solar.
Building a resilient American solar panel supply chain
The joint venture leads with the formation of a new U.S. company, VSK Energy LLC. The company’s primary focus is the development of a resilient American solar panel and equipment supply chain. The intended consequence is to significantly cut the U.S. dependence on foreign suppliers currently dominating the solar market.
Colorado: new home for solar PV module production
The first phase of this ambitious investment involves a $250 million development of a solar photovoltaic (PV) module manufacturing facility in Brighton, Colorado. The facility, expected to commence operations in 2024, is set to create over 900 direct jobs and 200+ construction jobs, setting a path towards energy independence and economic stimulation.
Scaling up solar manufacturing
VSK Energy aims to scale up production from an initial capacity of 2 Gigawatts (GW) in solar PV modules to a proposed expansion of up to 4 GW. This planned scale-up positions the venture as a major player in domestic solar manufacturing.
Investment extension and vertical integration
The second phase of investment is geared towards the completion of VSK’s vertical integration of the solar manufacturing process. With a planned investment of up to $1.25 billion, the operation will feature solar ingots, cells, and wafers production. This phase anticipates a generation of over 1,500 direct jobs and 1,000+ construction jobs.
- Total investment: Up to $1.5 billion
- Initial investment: $250 million
- Number of jobs: 900+ direct manufacturing jobs, 200+ construction jobs in phase 1, and over 1,500 direct jobs and over 1,000 construction jobs in phase 2.
- Operation commencement: 2024 (Phase 1), 2025 (Phase 2)
- Manufacturing capacity: 2 GW in phase 1, up to 4 GW upon expansion
Secure the nation’s energy future
This endeavor reflects a notable shift in the long-term strategy for clean energy in the United States. It sends a strong signal to the market and policy makers, highlighting the potential for domestic manufacturing to secure the nation’s energy future. By emphasizing local job creation and reducing dependence on foreign suppliers, this investment seeks to benefit the environment and the economy, paving the way for a sustainable future.