Chaudhary driving US industry forward in solar manufacturing
Vikram Solar, Phalanx Impact Partners, and Das & Co have formed a new US joint venture and majority US-owned and operated company, VSK Energy LLC (VSK), with plans to invest up to US$1.5 billion to develop a vertically integrated solar manufacturing operation in Colorado.
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.
As part of its planned investment, VSK Energy is highly committed to developing a resilient American solar panel and equipment supply chain and reducing U.S. dependence on foreign suppliers who currently dominate the solar market.
The first phase of the investment consists of a US$250 million investment to develop an American solar photovoltaic (PV) module manufacturing facility in a recently completed building at 76 Commerce Center in Brighton, Colorado, which is owned by Mortenson Properties and Hyde Development.
The new factory is expected to create over 900 direct jobs with an average salary of more than US$70,000 and over 200 construction jobs. VSK Energy expects the facility to commence operations in 2024 with an initial capacity of 2 Gigawatts (GW) in solar PV modules and planned expansion of up to 4 GW.
“Colorado is one of the top states in the country for solar production so this expansion in Brighton will help build upon our plans to achieve 100% renewable energy by 2040, create more than 900 new good-paying jobs for Coloradans and contribute to our state’s thriving economy,” said Colorado Governor Jared Polis.
The planned second phase of investment would complete VSK’s vertical integration of the solar manufacturing process with the development of a factory in a Southern US state to produce solar ingots, cells, and wafers with a planned annual capacity of 4 GW.
VSK Energy intends to invest up to US$1.25 billion in the new 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.
The new factory is expected to create over 1,500 direct jobs and over 1,000 construction jobs.
“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,” said Gyanesh Chaudhary, Founder, Chairman, and Managing Director of Vikram Solar.
Doug Bennett, Partner and Co-Founder of Phalanx Impact Partners, commented on 22 June, “The VSK partnership embodies the Phalanx commitment to promoting increased U.S. green energy independence.
“By establishing a vertically integrated solar panel manufacturing operation to produce American-made solar equipment, we are accelerating the energy transition in the United States, reducing foreign dependency and creating lasting value for both our investors and the planet.”
Alex Hung, Partner and Co-Founder of Phalanx Impact Partners, elaborated, “This investment is more than a financial commitment; it’s a testament to our belief in the transformative power of sustainable technologies and the solar industry.
“With this VSK project, we are not only helping to shape the clean energy future of the United States but also positively influencing the communities where these facilities will operate.” Fiinews.com
