Gujarat-based Rayzon Solar has become the first Indian PV manufacturer to expand its module manufacturing operations to the USA. The company is going to set up a 500 MW per year TopCon module manufacturing facility in Atlanta, Georgia, and expects its US factory to start production by June next year.
Rayzon’s entry to the USA comes at a time when Indian PV module exports to global markets, especially USA, have seen a massive jump. And the solar sector is seeing a spectacular expansion in India and other nations.
Chirag Nakrani, director of Rayzon Solar, told pv magazine that their decision to enter the USA solar market was majorly driven by the immense PV installation potential in the USA: “Several major and small firms have thought about entering the solar market as a result of the sector’s spectacular expansion in India and other nations. The U.S. residential solar PV market size was valued at $14.21 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.3% from 2023 to 2030. The US solar energy market is expected to record a CAGR of 17.32% during the period 2022-27, reaching a solar installed capacity of 270 GW by 2027.”
“The potential is significant given the growing push by the federal and state governments to double the deployment of solar power over the next five years. The majority of other capital investments are fundamentally different for [from] solar energy. Lenders and insurers are aware of its minimal risk. The DOE’s Solar Energy Technologies Office (SETO) has developed several financial scenarios to grow new PV manufacturing capacity in the United States. All of this prompted Rayzon Solar to develop an expansion strategy,” Nakrani added.
Rayzon Solar said advancements in PV cell manufacturing technology, high manufacturing efficiency, and superior semiconductor behavior would help them keep the manufacturing costs to a minimum.
Rayzon Solar was incorporated in 2017 by Chirag Nakrani along with Hardik Kothiya. Currently, it has a mono PERC capacity of 1.5 GW in India and exports to 17 countries. The company is going to increase its manufacturing capacity in India to 2.5 GW by December this year with the addition of a 1 GW line equipped to produce mono PERC and TopCon modules.
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