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First Solar commences production at plant in Chennai

Tuesday, 12 Sep 2023
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US-based company First Solar, which is setting up its first Indian manufacturing unit at Sriperumbudur, near Chennai, has commenced production.

First Solar is investing USD 684 million in the 3.5 GW plant, which will produce ‘thin film’ modules, based on a differentiated semiconductor technology. It expects to start sales, after obtaining the BIS certification, in November 2023.

The company has received an allocation of Rs 1,170 crore from the production-linked incentive (PLI-II) scheme. Moreover, its vertically integrated manufacturing approach allows it to scale faster and economically, as compared to the silicon ecosystem.

In December 2021, the company had secured a USD 500 million funding commitment from the US International Development Finance Corporation (IDFC).

 
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