Indian PV manufacturer Vikram Solar and New York-based private equity firm Phalanx Impact Partners and investment advisor Das & Co. have formed a joint venture to develop vertically integrated solar manufacturing operations in the United States with a planned investment of up to $1.5 billion.
The new U.S. joint venture, VSK Energy, is a majority U.S.-owned and operated company.
The first phase of the investment will entail $250 million to develop an initial solar module capacity of 2 GW with planned expansion of up to 4 GW.
VSK Energy expects the facility to commence production in 2024. This facility will come up in Brighton, Colorado.
The second phase of investment would complete VSK’s vertical integration of the solar manufacturing process with the development of a factory in an unspecified Southern U.S. state to produce solar ingots, cells, and wafers with a planned annual capacity of 4 GW. VSK Energy intends to invest up to $1.25 billion in this factory which is expected to commence operations in 2025 following the evaluation and finalization of available federal, state, regional, and local incentives for the project.
“With two planned projects, VSK extends Vikram Solar’s 17 years of solar manufacturing experience to the United States with financial support from sustainability-focused private equity firm Phalanx Impact Partners and Das & Co.’s extensive network and expertise in the solar industry in the United States, India, and emerging markets,” stated a media release.
Mortenson, a solar engineering, procurement, construction, and commercial contracting firm, will oversee the engineering and construction of both phases of VSK Energy’s planned investment.
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Maybe Vikram Solar will put up a similar facility in India, as India needs it much much more than USA …