ReNew Power to make foray into solar cell, module manufacturing with ₹2,000 cr investment1 min read . Updated: 16 Jul 2020, 06:10 PM IST
Clean energy firm ReNew Power said it will start manufacturing solar cells and modules in India with an investment of up to ₹2,000 crore for a 2GW capacity
Clean energy firm ReNew Power on Thursday said it will start manufacturing solar cells and modules in India with an investment of up to ₹2,000 crore for a 2GW capacity.
The company is in discussion with various states to set up a facility for the purpose, a statement by ReNew Power said.
According to the statement, the announcement was made by ReNew Power Chairman and MD Sumant Sinha at the Aatmanirbhar Bharat event held on Thursday.
ReNew Power will invest ₹1,500-2,000 crore in setting up this facility which will initially have a 2GW manufacturing capacity, it added.
The announcement comes weeks after Prime Minister Narendra Modi gave a clarion call for an Aatmanirbhar Bharat and is expected to support the government’s mission to generate 450 GW of renewable energy by 2030.
The company will manufacture both solar cells and modules at the upcoming facility and endeavour to create a globally competitive manufacturing unit.
The company’s entry into manufacturing will not only help it in backward integration but also provide it a better control over the supply chain for critical components, it added.
“India has grown into a big market for renewable energy and the time has come to reduce our dependence on imports and start domestic manufacturing of key components. ReNew Power is one of the biggest generators of renewable energy in India and the move to start manufacturing of solar modules and cells is a natural progression for us. I firmly believe that 'aatmanirbharta' in manufacturing will be key to the next phase of growth in the renewable sector," Sumant Sinha said.
This manufacturing facility, apart from catering to ReNew Power’s generation business which has over 4.5 GW of projects under various stages of development, will also meet the requirements of other clean energy companies in India.
The domestic demand for solar cells and modules is expected to grow to 15 GW next year.
Domestic manufacturing of modules and cells will help renewable energy players to reduce their dependence on imports from China, which currently accounts for almost 80% of the world’s module production, it said.
The plant will be equipped to meet export requirements as well. ReNew Power aims to be an integrated renewable energy company with manufacturing, generation and transmission business under one roof, it said.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.