Rayzon Solar Director Chirag Nakrani said pv magazine that the company’s 500 MW solar module factory in the United States will begin production of TOPCon solar modules by June 2024.
Gujarat-based Rayzon Solar is the first Indian solar power manufacturer to expand its module manufacturing operations to the United States. The company said it plans to establish a 500 MW TOPCon module manufacturing facility in Atlanta, Georgia. It estimates that the factory will start production by June 2024.
Rayzon’s entry into the US market comes at a time when India’s PV module exports to other countries, particularly the US, have started to increase. Chirag Nakrani, Director of Rayzon Solar, told pv magazine that the company’s decision to enter the US solar market was mainly due to the country’s solar installation opportunities.
“Several large and small companies have considered entering the solar market as a result of the tremendous expansion of the industry in India and other countries. The U.S. residential solar market size was estimated to be worth $14.21 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.3 percent from 2023 to 2030,” Nakrani said. “The US solar market is expected to register a CAGR of 17.32% during the period 2022-2027 and reach 270 GW of solar capacity by 2027.”
Rayzon Solar said that advances in solar cell manufacturing technology and high manufacturing efficiency would help it minimize manufacturing costs. The company plans to increase its manufacturing capacity in India to 2.5 GW by December by adding a 1 GW line equipped to manufacture mono PERC and TOPCon modules.