US funds $500 million to manufacture solar panels in India

The United States plans to give $500 million in financing to a major American company to help it manufacture solar panels in India.

First Solar, the largest US company to manufacture solar panels, has obtained the approval of the US International Development Finance Corporation to finance the project to be established in the city of Tamil Nadu, with an expected production capacity of 3.3 GW / year.

The Indian government aims to generate 50% of the country's electricity, equivalent to 500 gigawatts, from renewable energy sources by 2030.

India plans to pump 195 billion rupees ($2.6 billion) into boosting the local manufacturing of solar energy units, as part of its ambitious plan to generate 280 gigawatts of electricity from solar energy by 2030.

Strengthening supply chains

The administration of US President Joe Biden is seeking to implement foreign investments that would strengthen US and international supply chains; And increasing solar panel manufacturing in the US, according to India's local newspaper, Economic Times.

In this context, the White House announced the renewal of the Quads' commitment to promoting a free, open, and rules-based order in the Indo-Pacific region.

In 2017, the United States, Australia, India and Japan allied themselves; To establish a four-way alliance with the aim of maintaining the sensitive sea routes in the Indo-Pacific region, free, amid fears of the growing power and influence of China in the region.

Australia, India, Japan, and the United States are committed to promoting the free, open, and rules-based order; To enhance security and prosperity in the Indo-Pacific region and beyond.

secure supply chains

The Quad Quad Alliance works together to build open and secure supply chains for vaccine production, create clean and resilient energy supplies and launch a green shipping network.

The Biden-Harris administration is working with Congress, its international allies, and the private sector to expand the available supplies of microelectronics and chips for automobiles, smartphones, medical equipment and energy infrastructure.

The United States of America is the second largest country in the production of solar panels in the world; It accounts for 10.6% of the total global capacity for solar energy production.

The global economy faced a severe crisis in supply chains in the wake of the Corona crisis, which caused trade chaos around the world.

Supply chains are an important component of many products, from phones and laptops to televisions and home appliances.

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