Trina Solar Ltd will invest in a $500 million plant with India´s Welspun Energy Ltd as the world´s biggest supplier of panels seeks to circumvent US and European Union sanctions on solar shipments from China.
The two-gigawatt facility will be in either Gujarat or Andhra Pradesh, Zhiguo Zhu, Senior Vice-President of Trina Solar, said. Construction of the plant, planned in two phases, will take about 18 months. ¨We´ll use Indian products to export to the US or even Europe,¨ Zhiguo said.
Global renewable energy companies are flocking to India after PM Narendra Modi set a national target of installing 175 gigawatts of clean power by 2022, an almost fivefold increase from the current installed capacity.
Trina expects demand of as much as 600 megawatts in India this year, the executive said. ¨Next year, India will become our third-largest market,¨ Zhigou said.
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