Vikram Solar to manufacture modules, wafers, ingots in the U.S.

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Vikram Solar, an India-based solar module producer, has partnered with investors Phalanx Impact Partners and Das & Co. to create a U.S. joint venture, VSK Energy LLC. The new company plans to invest up to $1.5 billion to develop a vertically integrated solar manufacturing operation.

The first phase of the investment consists of a $250 million investment to establish the Colorado module manufacturing facility in a recently completed building 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 $70,000 and 200 construction phase jobs. VSK Energy expects the facility to commence operations in 2024 with an initial capacity of 2 GW of solar PV modules and planned expansion of up to 4 GW in the coming years.

With two planned projects, VSK extends Vikram Solar’s 17 years of solar manufacturing experience to the U.S. with financial support from sustainability-focused private equity firm Phalanx Impact Partners and Das & Co., a multi-tiered asset manager.

“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.

“Cleantech in Colorado contributes $4.6 billion per year to the state’s economy and employs over 62,000 Colorado workers. By establishing a new solar manufacturing facility in Brighton, VSK will grow this important employment sector and help further Colorado’s commitment to grow clean energy technologies,” said Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade.

The second phase of investment would complete VSK’s vertical integration of the solar manufacturing process with the development of a second U.S. factory in a Southern state to produce solar ingots, cells and wafers with a planned annual capacity of 4 GW and $1.25 billion capital commitment.

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