From pv magazine India
Gujarat-based Rayzon Solar has become the first Indian PV manufacturer to expand its module manufacturing operations to the United States. The company said it plans to set up a 500 MW TOPCon module manufacturing facility in Atlanta, Georgia. It said it expects the factory to start production by June 2024.
Rayzon’s entry to the US market comes at a time when Indian PV module exports to other countries, especially the United States, have started to surge. Chirag Nakrani, the director of Rayzon Solar, told pv magazine that the company's decision to enter the US solar market was mostly driven by the country's PV installation potential.
“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 US 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,” said Nakrani. “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.”
Rayzon Solar said advancements in PV cell manufacturing technology and high manufacturing efficiency would help it to minimize its manufacturing costs. The company plans to increase its manufacturing capacity in India to 2.5 GW by December with the addition of a 1 GW line equipped to produce mono PERC and TOPCon modules.
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