Bill Gates-backed 1366 Technologies plans 2-GW solar factory in India - report
Welspung solar park in Madhya Pradesh. Source: Welspun Renewables.
Silicon wafer maker 1366 Technologies Inc intends to build a 2-GW solar wafer and cell production plant in India and is in talks with potential domestic partners, its CEO has told The Mint.
Massachusetts-based 1366, whose largest investor is Bill Gates’ Breakthrough Energy Ventures, will pour some USD 300 million (EUR 252.1m) into the project, CEO and founder Frank van Mierlo has told the newspaper. Meanwhile, the company is on the hunt for an Indian partner to handle module manufacturing and deployment across solar projects in India.
The manufacturing base will be set up under the Indian government’s production-linked incentive (PLI) programme realised under the policy for domestic content requirement with the aim of supporting 10 GW of solar additions. Currently, the country’s domestic production capacity for photovoltaic (PV) cells and modules is 3 GW and 15 GW, respectively.
Venture capital and growth equity firm North Bridge Venture Partners and investor Polaris Partners are also among 1366’s shareholders.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.