India has long been the world’s largest solar-power market.
But now the country is poised to overtake the U.S. as the world leader in the construction of large solar-panels, with solar panel production and installation expected to hit 10 gigawatts (GW) this year.
India, which has been the leader in solar-energy installations, will build a giant factory to produce panels at a cost of more than $200 million per MW.
It will be one of the largest solar farms in the world.
The government of Prime Minister Narendra Modi is hoping to make solar a major economic driver.
It has created a “green” energy infrastructure, with state-of-the-art facilities to build and install large-scale solar panels.
The prime minister announced the project in a statement on Tuesday.
“We are in a time when India has become a global leader in this field,” he said.
“It will not be a short-term project but a long-term, global commitment to achieve energy independence.”
Modi said the new factory will create 500 jobs in India and 1,000 in the U, and create about 20,000 manufacturing jobs.
Modi has touted India as the second-largest solar market in the globe, after the U., and its solar projects have been attracting investment for the past two years.
India will be the largest country in the solar industry with a potential capacity of about 20 GW, according to the World Solar Energy Association.
It already has about 17 GW of capacity.
The U.K., Germany, France and China also have solar projects, but they have typically been larger and cost more.
India is also investing heavily in renewables, with the country building a national grid of about 1,300 megawatts (MW) of wind and solar.
Modi is calling for the country to become a “renewable hub” and to develop more large- scale solar projects.