India-based solar panel manufacturer Waaree Energies has announced a significant investment of up to $1bn to establish a new factory in Texas, US.
The planned Brookshire facility is set to become what is said to be one of the largest solar factories in the US, reported Reuters.
Go deeper with GlobalData
It will have an initial annual capacity of 3GW of solar modules.
Furthermore, this capacity is expected to expand to 5GW by 2027.
This facility is scheduled to open later next year.
The new factory will also contribute to the local economy by generating more than 1,500 jobs. Additionally, Waaree seeks to incorporate a solar cell facility by 2025.
With this new facility, the company aims to address the increasing demand for clean energy in the US.
The move aligns with the incentives provided by US President Joe Biden’s climate change legislation, which promotes clean energy projects through subsidies and tax breaks.
The company’s expansion into the US market is bolstered by a long-term supply agreement with SB Energy, a clean energy developer with support from Japan’s Softbank Group.
Waaree Solar Americas interim CEO Sunil Rathi said: “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 US jobs.
“We are committed to the US and its growing demand for clean energy.”
