Waaree Energies To Invest $1 Bn In Texas Solar Factory To Meet Surging US Demand
Waaree Energies, India's premier solar panel manufacturer, has announced plans to invest up to USD 1 billion in establishing a solar panel factory in Texas.
This significant investment comes as a response to the increasing need for sustainable energy solutions and aligns with the momentum generated by President Joe Biden's landmark climate change legislation, which incentivizes clean energy projects through subsidies and tax breaks.
The proposed facility, located in Brookshire, Texas, is slated to become one of the largest solar factories in the US by 2027. Boasting an ambitious annual capacity of 3 gigawatts (GW) of solar panels upon its launch in late 2024, the facility is set to further expand, reaching an impressive 5 GW.
The Houston-area factory is expected to generate over 1,500 jobs, marking a substantial economic contribution to the region. Additionally, Waaree aims to augment its capabilities by introducing a solar cell facility by 2025.
Waaree's venture is reinforced by a long-term supply agreement with SB Energy, a clean energy developer backed by Japan's Softbank Group. By committing to this initiative, Waaree aims to introduce critical technologies that enhance American solar production, ultimately reducing reliance on overseas sources.
The decision to manufacture in the US is in line with the Biden administration's Inflation Reduction Act, providing additional subsidies to solar project developers opting for American-made equipment. Furthermore, producers stand to benefit from new incentives, reinforcing the attractiveness of domestic solar production.
