Eyeing a footprint in the global renewable energy market, homegrown Solex Energy plans to establish solar module and cell manufacturing capacities in the US as part of its $1.5 billion investment roadmap through 2030.
In an interaction, the company's Chairman Chetan Shah said that while the US remains the largest global solar market, steep anti-dumping duties on Chinese imports leave India as the sole viable supplier of low-cost alternatives.
When asked whether Solex Energy is exploring expansion in the US, he replied in the affirmative.
Sharing the rationale behind the move, he said Solex Energy is targeting the US market for expansion primarily to capitalise on the massive global demand for clean energy components while positioning itself as a reliable, cost-effective alternative to Chinese suppliers.
"The US is a high-potential market. While many Indian corporates are already present there, a healthy number of business houses, including us, are also looking to invest there," Shah, who is also the Managing Director (MD) of Solex Energy, told PTI.