First Solar commences production at Indian Plant with $684 mn investment

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First Solar commences production at Indian Plant with $684 mn investment

First Solar commences production at Indian Plant with $684 mn investment

Industry News
Sep 13,23

The American company, First Solar that is establishing its inaugural manufacturing facility in India near Chennai, at Sriperumbudur, has initiated production.

First Solar commences production at Indian Plant with $684 mn investment

First Solar, the American company that is establishing its inaugural manufacturing facility in India near Chennai, at Sriperumbudur, has initiated production.

"We have commenced production and anticipate commencing sales, pending BIS certification, in November 2023," stated Sujoy Ghosh, the Vice-President and Country Managing Director of the company.

Supported by an allocation of Rs 1,170 crore from the Government of India's Production Linked Incentive (PLI-2) scheme, First Solar is investing $684 million in the 3.5 GW plant dedicated to producing 'thin film' modules.

In December 2021, the company secured a $500 million funding commitment from the US International Development Finance Corporation. It's worth noting that the US IDFC recently announced a funding commitment of $425 million for Tata Power Solar's forthcoming cell and module plant, also located in Tamil Nadu.

First Solar is globally recognised for being the primary producer of thin film modules, a technology involving the deposition of semiconducting materials onto a glass substrate. The preferred semiconductor material used by First Solar is Cadmium Telluride (CadTel), which, according to Ghosh, "offers proven advantages in hot and humid climates and is recyclable."

Ghosh emphasised in a previous interview, "From a technological perspective, First Solar occupies a unique position in manufacturing solar PV modules for the Indian market, as it doesn't rely on the silicon value chain predominantly concentrated in China. Our highly distinctive semiconductor technology and vertically integrated manufacturing approach enable us to scale more rapidly and be more cost-competitive compared to the silicon ecosystem."

Earlier this year, First Solar, USA, disclosed an "order backlog of nearly 72 gigawatts, extending through 2029."

Source: Business Line