US-based clean energy major First Solar is “actively evaluating” setting up a manufacturing facility in India to tap into the nation’s growing renewable power market given the government’s recent thrust on the sector.
“It is something we continue to evaluate actively,” Chief Executive Jim Hughes told ET in an interview. But the company hasn’t yet made a decision, which will depend “upon how demand develops over the next several years”, he added.
“We have continuously evaluated the possibility of putting manufacturing in India and there are many reasons that it might, at some point, be attractive. We need to see continuous and sustainable demand and we need to see visible demand into the future before it will justify the level of capital investment that is involved,” he said.
On Sunday, the company that manufactures solar panels and builds solar power plants, promised to build projects to generate 5 GW of solar power in India by 2019.
