GE has revealed plans to build the largest solar panel factory in the US. The project estimated to cost $600 million is expected to produce 400 megawatts of thin-film solar annually. GE’s solar panels will be using cadmium telluride, currently used by First Solar, their largest competitor in the field. It comes as heavy blow to First Solar as GE cuts the cost one third.
The company has made their presence felt in various arenas like Energy Infrastructure, Technology Infrastructure, Capital Finance, Consumer Finance and Industrial Finance. Rewarding their achievements Forbes has ranked it as the world’s second largest company after JPMorgan Chase in 2010.
Being one of the world’s primary manufacturers of wind turbines, the company sets their mission on investing in high-tech solar products to advance as a leading conglomerate in renewable energy industry.
The recent acquisition of PrimeStar Solar, a leading manufacturer of high performance thin film photovoltaic (PV) modules, can be seen as a major step towards realizing this goal.
As the biggest challenge for the solar energy is energy efficiency, the highly efficient PV modules provided by the PrimeStar are expected to be a true asset to GE. The company has been able to produce a thin cadmium telluride panel with an efficiency of 12.8 percentage.
The second major challenge faced by solar energy is its cost efficiency. GE effectively manages it also as the cadmium telluride thin film reduces the production costs. The $1.20 benchmark is the cost of production accompanied with the silicon solar panels traditionally used.
In an era witnessing increased demand for solar products with an expected growth of 75 gigawatts over the next five years, GE is undoubtedly heading towards becoming one of the global players in the field. It would be exciting to know that GE has already got orders worth 100 megawatts from the utility-scale customers in the US.