India’s leading solar panel maker Waaree announces a $1 billion investment for a Texas factory amid U.S. clean energy demand.
Waaree Energies, India’s premier solar panel manufacturer, revealed plans to invest up to $1 billion in a Texas factory. This move aims to capitalize on the growing U.S. demand for clean energy.
The decision follows the U.S. climate change law, promoting solar manufacturing with subsidies and tax incentives. President Joe Biden's legislation has spurred significant corporate commitments to solar energy.
India's solar sector is rapidly expanding, now extending its expertise to the U.S. market. This growth is part of a broader effort to rival China's clean energy dominance.
This expansion is bolstered by a long-term agreement with SB Energy, supported by Japan's Softbank Group.
Sunil Rathi, interim CEO of Waaree Solar Americas, stated, “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. We are committed to the U.S. and its growing demand for clean energy.”
Biden's Inflation Reduction Act further encourages solar development in the U.S. It offers additional subsidies for projects using American-made equipment and new producer incentives.
Waaree promises that most major components of its solar modules will be U.S.-made.
This U.S. venture follows a similar $1.5 billion investment by a venture backed by India's Vikram Solar.
Waaree has already begun supplying the U.S. market this year, shipping 4 GW of solar modules from its Indian factory.
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