India's Waaree to invest $1 bln in Texas solar panel factory

Waaree Technologies

21/12/2023 10:00

Dec 21 (Reuters) - India's top solar panel maker Waaree
Energies  WAAN.NS  on Thursday said it would invest up to $1
billion to build a factory in Texas to take advantage of soaring
U.S. demand for clean energy.
    The announcement is the latest major corporate commitment to
solar manufacturing since passage of U.S. President Joe Biden's
landmark climate change law last year which offers subsidies and
tax breaks for clean energy projects.
    India's solar manufacturing industry is growing rapidly and
just beginning to use its know-how in the United States, with
both countries looking to build a clean energy sector to compete
with China. 
    Waaree said that by 2027 its planned Brookshire, Texas
facility will be one of the largest solar factories in the U.S.,
with an annual capacity of 3 gigawatts (GW) of panels when it
opens in late 2024, then expanding to 5 GW.
    The Houston-area factory will create more than 1,500 jobs,
it said. The company aims to add a solar cell facility by 2025.
        Waaree's plans are supported by a long-term supply
agreement with SB Energy, a clean energy developer backed by
Japan's Softbank Group  9984.T .
    "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," Sunil Rathi, interim CEO of Waaree
Solar Americas said in a statement. "We are committed to the
U.S. and its growing demand for clean energy."
    Under Biden's Inflation Reduction Act, solar project
developers receive additional subsidies for using American-made
equipment, and producers also receive new incentives.
    Most major components in Waaree's solar modules will be made
in the U.S., the company said.
    Waaree's move to manufacture in the U.S. comes after a
venture backed by India's Vikram Solar earlier this year said it
would invest $1.5 billion in the U.S. solar supply chain. 
    Waaree has made inroads into the U.S. market already this
year by supplying 4 GW of solar modules from its factory in
India.

 (Reporting by Nichola Groom; Editing by Sonali Paul)
 ((nichola.groom@thomsonreuters.com))