U.S. solar-technology firm CubicPV Inc. plans to invest as much as $1.1 billion to make equipment in India, drawn by government incentives.
If it’s successful, it’ll set up solar wafer and cell manufacturing facilities in the country, he said.
In the solar industry, the push to make more cells and panels at home is aimed at curbing reliance on China, which accounts for 80% of supplies.
CubicPV hopes to set up 2 gigawatts of wafer and cell production capacity with an investment of about $350 million, while its partner would invest in a similar capacity of modules, the CEO said.
CubicPV would later expand wafer and cell capacity to 10 gigawatts a year, with a total investment of $1.1 billion, he said.
It plans to employ “Direct wafer” technology, which casts wafers directly from a silicon melt, reducing waste and costs.
Indian tycoon Mukesh Ambani last month unveiled a multibillion-dollar investment in clean energy, including in solar equipment production.