Dive Brief:
- India-based solar panel maker Waaree Energies is establishing its first U.S. solar module manufacturing site in Brookshire, Texas, the company announced today.
- Waaree will invest $1 billion in the site over the next four years, scaling capacity from an initial three gigawatts a year by the end of 2024 to five GW by 2027. The facility is expected to create over 1,500 jobs when at full capacity.
- The company will also add an integrated U.S.-made solar cell facility, slated to open by 2025.
Dive Insight:
Waaree previously served as a solar panel supplier to the U.S. from its existing four sites in India, and will now bring that capacity to the Houston area.
As part of the expansion, Waaree signed a five-year supply agreement with U.S. renewable energy platform SB Energy for modules manufactured at the upcoming site.
“Most major components used in the manufacturing of these solar modules will be sourced domestically, enabled in part by the Inflation Reduction Act,” said Sunil Rathi, board member of Waaree Solar Americas.
Waaree has been focused on expansion in recent months. In August, the company announced it had raised approximately $120 million (INR 1000 crore) in a funding round, with plans to use the money to expand production capacity by 6 GW.
The company is one of many foreign-owned solar panel manufacturers entering the U.S. market in the wake of the Inflation Reduction Act. The law offers and extends various tax credits for solar panels and components made in the U.S.
South Korea-based QCells was one of the first companies to announce major U.S. expansion plans this year, with its sights set on a $2.5 billion plant in Georgia to produce ingots, wafers, cells and finished panels.
Others have followed suit, including Italy-based Enel with plans to open a $1 billion site in Oklahoma and China-based JA Solar's upcoming PV panel plant in Phoenix.
