Vikram Solar, Phalanx Impact Partners and Das and Co. to Form JV to Outlay USD 1.5 Billion for Solar Manufacturing
The first stage of the investment comprises a USD 250 million outlay to progress an American solar photovoltaic (PV) module manufacturing amenity in a finished building at 76 Commerce Center in Brighton, Colorado, which is run by Mortenson Properties and Hyde Development.
June 23, 2023. By EI News Network
With two proposed projects, VSK expands Vikram Solar's 17 years of solar production experience to the United States with monetary support from sustainability-focused private equity firm Phalanx Impact Partners and Das & Co.’s expansive network and expertise in the solar industry in the United States, India, and rising markets.
Under its proposed investment, VSK Energy is pledged to develop a resilient American solar panel and equipment supply chain and minimise U.S. reliance on foreign suppliers who presently dominate the solar market.
The first stage of the investment comprises a USD 250 million outlay to progress an American solar photovoltaic (PV) module manufacturing amenity in a finished building at 76 Commerce Center in Brighton, Colorado, which is run by Mortenson Properties and Hyde Development.
The new factory is anticipated to generate more than 900 direct job opportunities with an average salary of over USD 70,000 and more than 200 construction jobs.
VSK Energy anticipates the amenity to begin operations in 2024 with a commission capacity of 2 GW in solar PV modules and a proposed expansion of up to 4 GW.
The proposed second phase of outlay would finish VSK's vertical integration of the solar process with the development of a factory in a 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 USD 1.25 billion in the new factory which is anticipated to begin operations in 2025 ensuing 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.
Brad Heitland, Director of Business Development for Mortenson added, "Mortenson is thrilled and honored to spearhead the design and construction of this ambitious and transformative project for VSK Energy.This project represents a remarkable feat of engineering, construction, and a collaborative effort from several organizations across the private and public sectors around the world. It symbolizes a collective dedication to a clean energy future, and as a leader in renewable energy infrastructure engineering, procurement, and construction, Mortenson is ready to leverage our extensive expertise to further grow and strengthen America's position in solar manufacturing."
Sriram Das, Co-Chairman of VSK Energy and Managing Director of Das & Co stated, "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 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."
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