US Solar Firms Form Consortium To Spend $6 Billion To Support Domestic Industry, Supply Chain

A number of solar power project developers in the USA have joined hands to spend approximately $6 billion for the supply chain expansion of solar power panels. The AES Corporation, Clearway Energy Group, Cypress Creek Renewables and D.E. Shaw Renewable Investments (DESRI), have announced the formation of the ‘US Solar Buyer Consortium’ to supplement the growth of the American solar industry.

As per the official statement, the US Solar Buyer Consortium is dedicated to buying solar panels worth more than $6 billion and is one the lookout for manufacturers aligned with the consortium’s goals. The consortium has pegged the supply at 7 GW of solar modules per year starting 2024, which could power about 1.3 million homes.

This announcement comes at a time when the US Government is focused on strengthening America’s energy security and independence by reducing supply chain reliance on competing nations.

Andrés Gluski, president and CEO, AES, said, “Today, some of America’s top solar developers have come together to do our part to help attract investments into US solar manufacturing. It is crucial, however, that the US Government creates a realistic, long-term policy framework that supports onshoring more of our solar panel supply chain without unnecessarily disrupting the growth and success of our sector.”

“Our joint commitment to procure at this scale can provide the certainty suppliers need to ramp up capacity and overcome current supply chain constraints,” said David Zwillinger, DESRI’s CEO.

At the conclusion of 2021, the USA had an installed solar power capacity of 23.6 GW. The Consortium has requested the Congress for the formulation of proper legislation that could provide impetus to the domestic solar power industry.

Craig Cornelius, Clearway Energy Group, CEO, said, “With legislation pending before Congress, policymakers can scale our domestic manufacturing workforce and restore our country’s legacy as a manufacturing leader. We appreciate the Biden administration’s commitment to invest in American workers and urge lawmakers to seize this opportunity.”

The players also held that with the policies needed in place to facilitate continued growth and the clean energy resolve from organizations of all kinds, the solar industry has the potential to provide 40 percent of the nation’s energy and employ as many as 1.5 million people in high-quality jobs by 2035.