1366 Technologies to spend US$ 300 million in solar manufacturing in India, looking for regional companion

• Solar wafer supplier 1366 Technologies is proactively checking out manufacturing opportunities in India, looking for a local companion.

US-based 1366 Technologies, which is backed by Bill Gates' Breakthrough Energy Venture, verified to PV Tech that it plans to invest US$ 300 million to develop a 2GW wafer and also cell production facility in India, CEO and also owner Frank van Mierlo has actually said.

Reports first released in Livemint specified the effective partner will take care of module manufacturing as well as the establishment of solar ranches in India. 1366 is in talks with Indian firms however van Mierlo would not call them, mentioning non-disclosure agreements.

The collaboration will operate under the Indian federal government's production-linked reward (PLI) system. "The Indian Government has made residential solar producing a concern and our innovation is particularly well fit for the Indian market," a 1366 representative informed PV Tech.

Under the PLI plan, the government of India will support firms to open new manufacturing centers with US$ 600 million well worth of financial investment, with the specific amount supplied per firm connected to sales as well as module efficiency.

Meanwhile, India has 14.8% protect task on imported modules and, in April next year, imported cells and modules will sustain a 25% and also 40% personalizeds obligation, respectively.

The India government has likewise looked for to draw in investment via PM Narendra Modi's 'Make in India' project, which was meant to increase the country's production and also cut bureaucracy, although results have been combined with declining job figures as well as stationary export numbers.

India's set up renewable ability of both solar and also wind has folded the past five years, nonetheless, and is today at around 100GW.

"Straight Wafer production [the business's exclusive wafering innovation] can right away provide the lowest cost of electricity in a solitary junction gadget for India's utility market and also it underpins an economically-feasible, high efficiency, tandem item," kept in mind 1366's speaker.

1366 is additionally being backed by North Bridge Venture Partners as well as Polaris Partners.