The solar technology company, First Solar, based in the United States, is planning to make a substantial investment in India’s solar panel production. According to Jennifer Granholm, the US Energy Secretary, First Solar intends to pour “billions of dollars” into this venture. The primary aim of this investment is to reduce India’s reliance on China for crucial material resources. Read More Business News on our website.
In a conversation with the Economic Times, Granholm also mentioned Tesla’s interest in investing in India. She highlighted the mutual benefits of a partnership between India and the US in achieving their clean energy goals. The Strategic Clean Energy Partnership between the two nations focuses on collaboration and knowledge sharing across various technologies, including biofuels, green hydrogen, offshore wind, and energy storage, among others. This partnership seeks to leverage the strengths of both countries to accelerate the global transition to clean energy.
During Prime Minister Modi’s visit to the US, both countries pledged to establish innovative investment platforms to attract private finance and expedite the deployment of renewable energy projects in India. The goal is to create a multi-billion dollar investment platform to support greenfield renewable energy and emerging green technology projects.
Granholm stressed the urgency of accelerating clean energy initiatives worldwide due to the visible impacts of carbon pollution. Nations are now seeking self-reliance and diversification of energy sources to ensure energy security and reduce dependence on a single supplier. In this context, the US sees India as a crucial partner in the clean energy transition, especially considering India’s commitment to green hydrogen.
Furthermore, Tesla, the electric car manufacturer, is actively exploring investment opportunities in India. After a meeting between Prime Minister Narendra Modi and Tesla’s CEO Elon Musk, discussions are underway for potential investments in the country. Musk expressed his eagerness to establish a presence in India at the earliest opportunity.
Discover more from industrialfront
Subscribe to get the latest posts sent to your email.