 "First Solar to invest billions of dollars in India's solar panel production")
First Solar, a solar technology company based in the United States, is set to make a significant investment in India's solar panel production. The US Energy Secretary, Jennifer Granholm, revealed that the company plans to pour "billions of dollars" into this venture. This investment will also ensure that India does not have to rely on China for material resources.
Granholm spoke about these plans with the Economic Times, while also commenting on Tesla’s discussions for investment in India. Granholm emphasised that India brings scale while the US is equipped with laboratories and the partnership would benefit both nations’ clean energy goals.
The Strategic Clean Energy Partnership between the US and India centers on mutual learning and cooperation across various technologies such as biofuels, green hydrogen, offshore wind, grid and energy storage, and more. The partnership aims to leverage each country's strengths to accelerate the transition to clean energy.
During Prime Minister Modi's US trip, both nations pledged to establish innovative investment platforms to attract international private finance and accelerate the deployment of renewable energy projects in India. They aim to create a multi-billion dollar investment platform to provide catalytic capital and de-risking support for greenfield renewable energy and emerging green technology projects.
Granholm told ET that the effects of carbon pollution can already be seen across the world. The urgency to accelerate clean energy initiatives is compelling nations to seek self-reliance and diversify their energy sources.
She said, “There is an urgency to accelerate clean energy, even if there is a focus on the traditional. Then there is the question of energy security – dependence on one supplier. Countries are seeing when they rely too much on one country — on China for battery technology and solar technology, Russia for natural gas.”
The US views India as a crucial partner in the clean energy transition, recognising India's commitment to green hydrogen. Tesla, the electric carmaker, is also exploring investment opportunities in India. Following the recent meeting between Prime Minister Narendra Modi and Tesla's CEO Elon Musk, discussions are underway for Tesla's potential investments in India. Musk expressed his eagerness to establish a presence in India at the earliest opportunity.