FCC

Vikram Solar JV to invest in new US factories

2023-06-26

A new venture backed by solar panel maker Vikram Solar said it will invest up to $1.5 billion in the US solar energy supply chain, beginning with a factory in Colorado next year. The newly formed company, VSK Energy, aims to leverage India's extensive solar manufacturing know-how in the US push to build a clean energy manufacturing sector to compete with China.

VSK is a joint venture between Kolkata-based Vikram and two New York-based partners - sustainability-focused private equity firm Phalanx Impact Partners and Das & Co, an investment and development company with solar holdings in US and India.

The company will begin producing modules in Brighton, Colorado, next year and plans to open a second facility in an undisclosed southern state in 2025 that will produce cells, wafers and ingots, the building blocks for solar panels.