Vikram Solar, Phalanx Impact Partners, and Das & Co. have established a new U.S. joint venture, VSK Energy LLC, which is primarily owned and operated within the U.S. This venture aims to build a vertically integrated solar manufacturing operation for the Indian solar module brand in the United States.
The investment of $1.5 billion encompasses two proposed projects aimed at manufacturing fully assembled modules, as well as ingots, wafers, and solar cells. The significance of this endeavor is substantial, given the rarity of ingot, wafer, and cell supply in the United States at present, and the potential importance of U.S. supply in qualifying for the domestic content tax credit adder.
Sriram Das, Co-Chairman of VSK Energy and Managing Director of Das & Co., directly cited the Inflation Reduction Act as a pivotal factor in the decision.
“The Biden Administration and Congress have urged for prompt measures, and through our collaboration with VSK, we are decisively advancing towards attaining self-sufficiency in solar technology, bolstering America’s energy security, and driving the widespread deployment of solar energy,” Das declared. “I am especially proud to unite leaders from both the United States and India to make this investment and pledge towards America’s clean energy future.”
Mortenson, a prominent firm specializing in solar engineering, procurement, construction, and commercial contracting, will manage the engineering and construction for both stages of VSK Energy’s proposed investment. With almost 70 years of experience in constructing large, intricate facilities, Mortenson is well-equipped for the task.
Brad Heitland, Director of Business Development for Mortenson, expressed enthusiasm and pride in leading the design and construction of this ambitious and transformative project for VSK Energy.
