India-based Waaree Energies has announced plans to invest up to $1 billion to build a state-of-the-art factory in Texas.
The solar panel maker plans to take advantage of the soaring demand for clean energy in the US.
This move follows the enactment of President Joe Biden’s groundbreaking climate change legislation, which provides incentives and tax breaks for clean energy initiatives.
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It marks a major stride in India’s burgeoning solar manufacturing sector as it collaborates with the US to rival China in the clean energy space.
The upcoming facility in Brookshire, Texas is slated to commence operations in late 2024.
Waaree expects the facility will evolve into one of the largest solar factories in the US by 2027, boasting an annual production capacity of 3 gigawatts (GW) initially, with plans to expand to 5 GW.
1,500 new jobs
The venture is projected to generate over 1,500 jobs in Houston, with additional plans to integrate a solar cell facility by 2025.
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The company is supported by a long-term supply agreement with SB Energy, an environmentally conscious developer backed by Japan’s Softbank Group.
Waaree aims to contribute critical technologies that enhance American solar production, reducing dependence on overseas sources and fortifying domestic employment.
Sunil Rathi, interim CEO of Waaree Solar Americas, said: “By setting up the new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong U.S. jobs.”
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Aligned with Biden’s Inflation Reduction Act, Waaree’s US-based solar project developers benefit from supplementary subsidies for utilizing domestically produced equipment, with additional incentives for the manufacturers.
Most components in Waaree’s solar modules will be manufactured in the US, reinforcing the company’s dedication to supporting local industries.
This strategic move by Waaree follows the lead of a Vikram Solar-backed venture earlier this year, which pledged a $1.5 billion investment in the US solar supply chain.
