Investing in America’s Clean Energy Future: Vikram Solar and Partners Plan a $1.5 Billion Solar Manufacturing Operation

Renewable energy is rapidly becoming the primary energy source. According to the International Energy Agency, renewable energy is expected to account for 80% of new electricity generation capacity in the next five years. A significant part of this growth will be solar energy, which is becoming more competitive with fossil fuels and is increasingly being adopted by individuals, businesses, and governments. As a result, Vikram Solar, Phalanx Impact Partners, and Das & Co. have announced a $1.5 billion joint venture to invest in a vertically integrated solar manufacturing operation in the United States.

Vikram Solar, Phalanx Impact Partners, and Das & Co. are collaborating to create VSK Energy LLC, a new majority U.S.-owned and operated solar manufacturing company. The partnership aims to leverage Vikram Solar's 17 years of solar manufacturing experience, Phalanx Impact Partners' sustainability-focused private equity, and Das & Co.'s broad network and expertise in the solar industry in the United States, India, and emerging markets.

With two projects planned, VSK Energy is committed to producing American-made solar panels and equipment, reducing U.S. dependence on foreign suppliers that currently dominate the solar market. The first phase of the investment will be a $250 million solar photovoltaic module manufacturing facility in Brighton, Colorado. The new factory will initially have a capacity of 2 GW in solar PV modules, with planned expansion up to 4 GW, and is expected to commence operations in 2024, creating over 900 direct jobs with an average salary of more than $70,000 and over 200 construction jobs.

The second phase of investment would complete VSK's vertical integration of the solar manufacturing process with the development of a factory in a southern U.S. state to produce solar ingots, cells, and wafers with a planned annual capacity of 4 GW. VSK Energy intends to invest up to $1.25 billion in the new factory. The new factory is expected to commence operations in 2025, creating over 1,500 direct jobs and over 1,000 construction jobs.

In addition, this joint venture also has blueprints to develop a resilient American solar panel and equipment supply chain, which further strengthens America's energy security by reducing foreign dependency in the long run.

The partnership's efforts will be supported by Mortenson Properties and Hyde Development, who will supervise the engineering and construction of both phases of the investment. Mortenson is a leading solar engineering, procurement, construction, and commercial contracting firm, with nearly 70 years of experience building large, complex facilities and has been a national leader in the renewable energy space for over 25 years. The company has over 13 years of solar energy construction experience and has installed solar projects across 17 states in the United States, providing more than 9 GWs of generation. To construct both phases of VSK Energy's planned investment, Mortenson intends to hire hundreds of team members from the local communities involved in the project.

The VSK partnership aims to promote increased U.S. green energy independence, accelerate the energy transition in the United States, reduce foreign dependency, and create lasting value for investors. These investments are more than financial commitments; they are a testament to their belief in the transformative power of sustainable technologies and the solar industry. By helping to shape the clean energy future of the United States, they are positively influencing the communities where these facilities will operate.

In conclusion, VSK Energy's $1.5 billion investment is a major step towards achieving solar technology self-sufficiency, reducing foreign dependency, fortifying America's energy security, and propelling large-scale solar deployment. The partnership's initiatives and investments will help drive the solar industry forward and set a new benchmark for innovation and efficiency in solar manufacturing in the United States.