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US-based First Solar said it has invested $ 700 million in setting up India's first integrated solar manufacturing plant in Tamil Nadu that was inaugurated on Thursday.
The facility, which has an annual capacity of 3.3 gigawatts (GW), is located in Tamil Nadu.
It will produce the 'company's series 7' Photovoltaic (PV) solar modules for the Indian market. The facility has provided a direct employment opportunity to around 1,000 people, according to a statement.
Tamil Nadu's Minister for Industries, Promotions and Commerce TRB Rajaa was the chief guest at the plant's inaugural ceremony that was also attended by the United States Ambassador to India Eric Garcetti and Chief Executive Officer of the US International Development Finance Corporation (DFC) Scott Nathan.
The factory sets a high bar for sustainability and advanced manufacturing and has created high-value jobs in the state. It will support India's ambition to become self-sufficient in solar technology, Rajaa said.
Garcetti said the production facility will help advance the global transition to cleaner, greener energy and stands as a shining example of what can be achieved when the United States and India work together across the government and private sectors to achieve lasting climate action.
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"Representing an investment of approximately $ 700 million, the facility is First Solar's sixth operational factory and expands the company's global manufacturing footprint to four countries, including the US, Malaysia, and Vietnam," the statement said.
Series 7 modules use 50 per cent less energy and only a third of water than polysilicon modules that are produced in China.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
