DEAL ANNOUNCEMENT / PRESS RELEASE
June 22, 2023
Read time: 3 min
International law firm McDermott Will & Emery represented Phalanx Impact Partners LLC in forming and establishing a US joint venture company with Vikram Solar and Das & Co. called VSK Energy LLC. The new company will invest up to $1.5 billion to develop a vertically integrated solar manufacturing operation in the United States, reducing US dependence on foreign suppliers who currently dominate the solar market.
The first phase of the investment consists of developing an American solar photovoltaic (PV) module manufacturing facility in Brighton, Colorado. The new factory is expected to create over 900 direct jobs and over 200 construction jobs. VSK Energy LLC expects the facility to commence operations in 2024 with an initial capacity of 2 Gigawatts (GW) in solar PV modules and a planned expansion of up to 4 GW.
The planned second phase of investment would complete VSK Energy LLC’s vertical integration of the solar manufacturing process with the development of a factory in a Southern US state to produce solar ingots, cells and wafers with a planned annual capacity of 4 GW. VSK Energy LLC intends to invest in the new factory which is expected to commence operations by the end of 2024 following the evaluation and finalization of available federal, state, regional and local incentives for the project. The new factory is expected to create over 1,500 direct jobs and over 1,000 construction jobs.
McDermott will serve as legal counsel for VSK Energy going forward.
The McDermott deal team was led by relationship partner Jonathan Levine and Parker Lee and included Heather Cooper, Evan Belosa, Samantha Koplik and Dominique Torsiello.
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