(MENAFN- KNN India)
New Delhi, Jul 26 (KNN) In a significant development for the US solar manufacturing industry, Canada's Heliene and India's Premier Energies have announced plans to construct a 1-gigawatt solar cell factory in the United States.
This move aims to address the critical need for domestically produced solar cells, which are essential components for solar panels.
The joint venture comes at a crucial time as the US solar industry seeks to capitalise on new government incentives designed to promote American-made clean energy equipment.
Currently, there are no US suppliers of silicon solar cells, a gap that has left the country reliant on imports, primarily from China.
The planned facility, set to be located in the Minneapolis, Minnesota area, is expected to begin production in the second quarter of 2026.
It will supply Heliene's existing US module factories, also located in Minnesota, further strengthening the domestic supply chain.
Heliene CEO Martin Pochtaruk emphasised the strategic importance of this partnership, stating, "With demand for US-made modules and components growing, now is the perfect time to embark on the next phase of our partnership with this joint venture."
This initiative aligns with the Biden administration's efforts to build up the domestic solar industry and reduce dependence on foreign suppliers.
The project is poised to benefit from a new 10 per cent tax credit offered to developers who use American-made panels in their projects, as stipulated in the Inflation Reduction Act.
To qualify for this domestic content subsidy, 40 per cent of the cost of a project's manufactured products must be made in the United States. This requirement has created a strong incentive for establishing local production capabilities.
As the US continues its push towards clean energy, this new solar cell factory represents a significant step in strengthening the country's position in the global renewable energy market.
It not only promises to create jobs and boost local economies but also contributes to the broader goal of energy independence and sustainability.
The success of this venture could pave the way for further investments in domestic solar manufacturing, potentially reshaping the US energy landscape in the years to come.
(KNN Bureau)
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