First Solar plans USD-299m upgrade at Indian module factory - report

US thin-film photovoltaics (PV) maker First Solar Inc (NASDAQ:FSLR) plans to spend INR 25 billion (USD 298.6m/EUR 268.1m) to boost the manufacturing capacity of its solar module factory in India’s Tamil Nadu state, the Economic Times reports.

The company’s vice president and country managing director in India, Sujoy Ghosh has said that the plan envisages upgrading the production sites so as to enhance their annual production capabilities from the current 3.3 GW. The proposed investment will be made in two-three years.

First Solar officially opened its factory in Tamil Nadu in early 2024, where it produces its Series 7 modules, optimised for the Indian market. The factory was installed at a cost of USD 700 million, some USD 500 million of which came from financing extended by the US International Development Finance Corporation (DFC).

According to the report, the upgrade of the production base will add 300 more jobs to the 1,000-person staff already working there.

(INR 10 = USD 0.119/EUR 0.107)

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