Solar energy company plans $35M plant, 240 new jobs in Indy
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Bila Solar, a Singapore-based solar energy company, announced plans Tuesday to establish its U.S. headquarters and a manufacturing facility in Indianapolis, creating more than 240 jobs in the process.
The company said it would spend more than $35 million to renovate and equip an existing 150,000-square-foot space just south of downtown, at 1249 S. White River Parkway East Drive.
The company will use the facility to produce its debut product: a lightweight solar module that weighs just 30% of regular glass solar panels and is 95% slimmer. The company said the modules can be used in challenging applications, including low load-bearing commercial and industrial roofs, waterproof membrane roofs, and in integration into vehicles for solar power and off-grid energy utilization.
Pending approval of its board of directors, the Indiana Economic Development Corp has committed an investment in Bila Solar of up to $4.2 million in the form of incentive-based tax credits and up to $300,000 in workforce training grants.
The IEDC also commit up to $2 million in Hoosier Business Investment tax credits and up to $200,000 in Manufacturing Readiness Grants, which are designed to help companies invest in smart manufacturing and new technologies.
The tax credits can’t be claimed unless the company meets hiring requirements.
“Indiana’s entrepreneurial ecosystem is strong, and we’re excited to welcome Bila Solar to our growing network of innovators advancing products that power the world,” Gov. Eric Holcomb said in written remarks. “With Bila’s new Indianapolis manufacturing operation, Indiana’s skilled workforce will be making solar energy more accessible and powering our growing clean energy sector to new heights.”
The city of Indianapolis plans to offer additional incentives.
The new factory is expected to begin production in summer 2024 and produce an annual capacity of one gigawatt of solar modules, or about 5,000 high-capacity modules daily. Bila Solar said it plans to have a workforce of 240 when the plant becomes fully operational.
Founded in 2014 by Zhengrong Shi, Bila Solar has done 500 megawatts of solar installations worldwide. It operates a one-gigawatt manufacturing facility in Asia.
Shi, 60, is the founder and former leader of Suntech Power, which was one of the world’s largest solar panel companies until its bankruptcy in 2013. Shi became China’s richest person—and was nicknamed “Sun King”— thanks to Suntech, with a net worth estimated at $2.9 billion in 2008. But his fortune dwindled significantly after the company’s bankruptcy.
In recent years, Shi has concentrated his development efforts on more lightweight, flexible solar panels.
“We are thrilled to begin the Bila Solar journey in Indianapolis,” said Mick McDaniel, vice president and U.S. general manager of Bila Solar, in written remarks. “We’re bringing to the U.S. market ultralight modules that go where traditional solar panels can’t go. In Indianapolis, we found a central urban location, a diverse workforce and an entrepreneurial spirit–ideal for our out-of-the-box approach to making clean energy attainable for all.”