US-based First Solar will have invested $700 million in its upcoming 3.4 giga watt (GW) solar module unit at Sriperumbudur near Chennai by the second half of 2024, its country managing director Sujoy Ghosh told FE. The company has fast-tracked indigenisation of component sourcing to qualify for production linked incentive (PLI) by as early as 2025-end, he said, adding that it has no plan to import materials from China. “We are focused on building our supply chain locally, for the plant to start commercial shipments by this October. The plan is to meet local value addition threshold required under the PLI scheme by the end of 2025,” he said.
