Vikram Solar forms JV to build vertically integrated solar manufacturing in the US

Facebook
Twitter
LinkedIn
Reddit
Email
Vikram Solar’s JV in the US will come in two phases, starting with a 2GW module assembly plant in 2024. Image: Vikram Solar.

Indian module manufacturer Vikram Solar has formed a joint venture (JV) with private equity firm Phalanx Impact Partners and venture capital company Das & Co. to develop a vertically integrated solar manufacturing operation in the US.

The newly formed JV – named VSK Energy – will invest up to US$1.5 billion in two phases of construction, with the first phase consisting of a module assembly plant in Brighton, Colorado with a US$250 million investment. Operations are expected to start in 2024 with an initial annual capacity of 2GW with a planned expansion of up to 4GW of annual capacity.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Mortenson will act as the engineering, procurement and commercial (EPC) contractor for both phases of the project.

During the second phase, VSK Energy will complete the vertical integration of the solar manufacturing process with the development of a plant for the production of cells, ingots and wafers with an annual capacity of 4GW. The location for this plant has yet to be revealed but will be in a Southern US state. It is expected to start operations in 2025 with an investment of up to US$1.25 billion.

Gyanesh Chaudhary, founder, chairman and managing director at Vikram Solar, said: “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.”

Since the signing into law of the Inflation Reduction Act, several international players have announced plans to build solar manufacturing plants in the US, among them Qcells parent company Hanwha Solution, expanding its footprint in the US with a fully vertically integrated solar manufacturing supply chain and an investment of US$2.5 billion, and Solar Module Super League (SMSL) member LONGi which partnered with renewables developer Invenergy to develop a module assembly plant in Ohio with a 5GW annual capacity.

“The passage of the Inflation Reduction Act was a landmark moment for the clean energy future of the United States,” said Sriram Das, co-chairman at VSK Energy and managing director at Das & Co. “The Biden Administration and Congress have called for immediate action and through our partnership in VSK, we are taking a decisive step towards 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.”

In India, Vikram Solar was among the companies that was awarded capacity in the second round of the Production Linked Incentive (PLI) for 1GW of solar cells and module capacity.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

November 11, 2024
Between fiscal years 2022 and 2024, India increased its import of solar modules 23-fold, primarily to the US, according to a new report from IEEFA and JMK Research.
November 5, 2024
Solar PV infrastructure company Desert Technologies intends to build a solar cell and module assembly plant in Saudi Arabia.
November 4, 2024
Swedish thin-film solar manufacturer Midsummer has inked a partnership with defence and security company Saab to deliver a 200MW turnkey solar cell factory in Thailand.
November 1, 2024
Swiss-based solar manufacturer Meyer Burger has registered a net loss of CHF317 million (US$365 million) in the first half of 2024, a nearly fivefold increase from H1 2023 when it had a net loss of CHF65 million.
October 31, 2024
Australia’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO), has opened a new AU$6.8 million (US$4.47 million) printed flexible solar cell facility in Victoria.
October 30, 2024
Materials science firm Corning has unveiled plans to build a solar wafer manufacturing plant in the US, according to a local news outlet.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
November 13, 2024
4pm GMT / 8am PST
Solar Media Events
November 19, 2024
Philadelphia, USA
Solar Media Events
November 20, 2024
Zhuhai, China
Solar Media Events
November 21, 2024
London, UK
Solar Media Events
November 26, 2024
Málaga, Spain