First Solar, a US-based solar manufacturing company, is planning to invest “billions of dollars” in solar panel production in India without sourcing materials from China, according to US energy secretary Jennifer Granholm as reported by the media. Additionally, Granholm mentioned that Tesla is also in discussions about potential investments in India.
All About the First Solar
During the India-US Strategic Clean Energy Partnership meeting in New Delhi on July 18, Granholm highlighted the significance of India’s scale and the US’s contributions through laboratories and production incentives in achieving their clean energy goals. She also mentioned the funding provided by the US Development Finance Corporation for the renewables sector.
Regarding Tesla’s plans to invest in India, Granholm noted that the carmaker is in talks with the Indian government. Last month, Tesla CEO Elon Musk met with Prime Minister Narendra Modi during his state visit to the United States, where the Prime Minister encouraged Tesla to make substantial investments in the country. Musk expressed the company’s intention to pursue this opportunity, with considerations on the appropriate timing.
Additionally, following her meeting with India’s oil and gas minister Hardeep Puri, Granholm commended India’s vital role as a partner in the worldwide transition towards clean energy. She stated that the global energy transition, shifting from fossil fuels to renewables, is estimated to become a USD 23 trillion market by 2030, leading American companies to seek closer ties with Indian firms.
In the ministerial meeting of the US-India Strategic Clean Energy Partnership, Granholm emphasized that the US needs to add 2,000 gigawatts of clean energy to its electric grid by 2035 to achieve the goal of using 100 percent electricity from clean sources.
India has set ambitious goals to achieve net-zero emissions by 2070 and to fulfill 50 percent of its electricity demand from renewable sources by the year 2030. The country is aiming to install 500 gigawatts of renewable energy capacity, reduce the emissions intensity of its economy by 45 percent, and cut one billion tonnes of CO2.
Both countries share common goals, leading to the establishment of the US-India Strategic Clean Energy Partnership. During the meeting, the importance of bilateral energy cooperation was emphasized, focusing on clean energy engagement to strengthen energy security, promote clean energy innovation, address climate change, and create employment opportunities.
