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					</table><p>Solar module manufacturer and EPC solutions provider <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> and renewable energy investors <a href="https://phalanx.partners/" target="_blank" rel="noopener">Phalanx Impact Partners</a> and <a href="https://dasandco.com/" target="_blank" rel="noopener">Das &amp; Co</a>. have announced the formation of a new joint venture called VSK Energy, which will invest up to $1.5 billion in developing vertically integrated solar manufacturing operations in the U.S.</p>
<p>The strategic partnership combines Vikram Solar&#8217;s manufacturing experience with the financial support of sustainability-focused private equity firm Phalanx Impact Partners and Das &amp; Co.&#8217;s extensive network and expertise in the solar industry.</p>
<p>The joint venture intends to achieve this goal through two planned projects.</p>
<p>The first phase involves a $250 million investment to establish a solar photovoltaic module manufacturing facility with an initial capacity of 2 GW in Brighton, Colorado. The facility, located at 76 Commerce Center, is expected to commence operations in 2024.</p>
<p>The decision to set up the solar module manufacturing facility in Colorado is strategic, considering the state&#8217;s focus on solar power generation.</p>
<p>Colorado Governor Jared Polis stated that it aligns with the state&#8217;s plans to achieve 100% renewable energy by 2040. The investment by VSK Energy is expected to contribute to the state&#8217;s economy, foster job creation, and strengthen the clean energy sector.</p>
<p>In the second phase of investment, VSK Energy aims to complete its vertical integration by developing a factory in a Southern U.S. state to produce solar ingots, cells, and wafers.</p>
<p>With a planned annual capacity of 4 GW, this factory will require an investment of up to $1.25 billion.</p>
<p>The operationalization of this facility is scheduled for 2025, subject to the evaluation and finalization of available federal, state, regional, and local incentives.</p>
<p><a href="https://www.mortenson.com/" target="_blank" rel="noopener">Mortenson</a>, a solar engineering, procurement, construction, and commercial contracting firm, has been appointed to oversee the engineering and construction of both phases of VSK Energy&#8217;s investment.</p>
<p>A key objective of VSK Energy is to develop a resilient solar panel and equipment supply chain within the U.S., thereby reducing the country&#8217;s dependence on foreign suppliers currently dominating the solar market.</p>
<p>&#8220;The passage of the Inflation Reduction Act was a landmark moment for the clean energy future of the United States,&#8221; said Sriram Das, Co-Chairman of VSK Energy and Managing Director of Das &amp; Co.</p>
<p>Das also highlighted the significance of this investment in achieving solar technology self-sufficiency, fortifying America&#8217;s energy security, and promoting large-scale solar deployment and emphasized the collaboration between leaders from the United States and India, symbolizing a commitment to America&#8217;s clean energy future.</p>
<p>The joint venture formation was facilitated by global law firms <a href="https://www.dentons.com/en/" target="_blank" rel="noopener">Dentons</a>, <a href="https://www.mwe.com/" target="_blank" rel="noopener">McDermott Will &amp; Emery</a>, and <a href="https://www.reedsmith.com/en" target="_blank" rel="noopener">Reed Smith</a>.</p>
<p>Vikram Solar, an India-based solar manufacturing and EPC company, has over 3.5 GW of solar manufacturing capacity in India and an EPC portfolio of 1.42 GW.</p>
<p>Last August, President Joe Biden <a href="https://cms.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s/" target="_blank" rel="noopener">signed</a> the ‘Inflation Reduction Act of 2022,’ which proposes $369.75 billion in energy security and climate change programs over the next ten years.</p>
<p>Recently, the American Clean Power Association <a href="https://www.mercomindia.com/ira-fuels-record-investment-us-clean-energy-sector" target="_blank" rel="noopener">said</a> that the utility-scale clean energy sector in the U.S. has received investments of over $150 billion since the Inflation Reduction Act was signed into law in August 2022.</p>


Vikram Solar Led JV to Invest $1.5 Billion for 6 GW Solar Manufacturing Units in the US

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