Group backed by Vikram Solar to invest $1.5 bn in new US factories
(Reuters) – A new venture backed by Indian solar panel maker Vikram Solar Ltd said on Thursday it will invest up to $1.5 billion in the US solar energy supply chain, beginning with a factory in Colorado next year.
The newly formed company, VSK Energy LLC, aims to leverage India’s extensive solar manufacturing know-how in the US push to build a clean energy manufacturing sector to compete with China.
The announcement is the latest by an overseas manufacturer seeking to capitalize on incentives in President Joe Biden’s landmark climate change law, the Inflation Reduction Act (IRA), to boost renewable energy production.
