VSK Energy pledges $1.5bn investment to boost US solar manufacturing capabilities
VSK Energy, a joint venture formed by Vikram Solar, Phalanx Impact Partners and Das & Co, will invest up to $1.5 billion to establish a vertically integrated solar manufacturing operation in the US.
By capitalizing on Vikram Solar’s 17 years of solar manufacturing experience, Phalanx Impact Partners’ sustainability-focused financial support, and Das & Co.’s broad network within the US, Indian, and emerging market solar industries, VSK Energy aims to bolster American solar panel and equipment supply chains and lessen US reliance on foreign solar suppliers.
Gyanesh Chaudhary — Vikram Solar Founder, Chairman, and Managing Director said: “Vikram Solar is proud to be part of this monumental endeavor with the rest of the VSK team.
“With our 17 years of experience in solar manufacturing, combined with the VSK team’s commitment to a clean energy future, we look forward to driving the solar industry forward and setting a new benchmark for innovation and efficiency in solar manufacturing in the United States.”
The investment plan’s initial phase involves a $250 million outlay to build an American solar photovoltaic (PV) module manufacturing facility at 76 Commerce Center in Brighton, Colorado. The facility, which will generate more than 900 direct jobs with an average salary over $70,000 and over 200 construction jobs, is set to begin operations in 2024 with an initial capacity of 2GW in solar PV modules. A planned expansion could double this capacity to 4GW.
The investment’s second phase will complete VSK Energy’s vertical integration of the solar manufacturing process. This includes developing a factory in a southern US state to produce solar ingots, cells, and wafers with a planned annual capacity of 4GW. With an investment of up to $1.25 billion, operations in this new factory are slated to start in 2025, creating over 1,500 direct jobs and more than 1,000 construction jobs.
Mortenson, a solar engineering, procurement, construction, and commercial contracting firm, will oversee both phases of VSK Energy’s planned investment. With nearly 70 years of construction experience and over 13 years in solar energy construction, Mortenson plans to hire hundreds of local team members for the projects.
Brad Heitland — Mortenson Director of Business Development said: “Mortenson is thrilled and honored to spearhead the design and construction of this ambitious and transformative project for VSK Energy.
“This project represents a remarkable feat of engineering, construction, and a collaborative effort from several organizations across the private and public sectors around the world. It symbolizes a collective dedication to a clean energy future, and as a leader in renewable energy infrastructure engineering, procurement, and construction, Mortenson is ready to leverage our extensive expertise to further grow and strengthen America’s position in solar manufacturing.”