- The unit will initially have a 2GW manufacturing capacity
- ReNew will manufacture both Solar cells and modules at the upcoming facility
ReNew Power has announced that it intends to start manufacturing solar cells and modules in India. It will invest Rs 1500-2000 crores in setting up this facility which will initially have a 2GW manufacturing capacity. It informed that it is in discussion with various states to set up this unit.
Sumant Sinha, CMD, ReNew Power said, “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 Atmanirbharta in manufacturing will be key to the next phase of growth in the renewable sector.”
ReNew will manufacture both Solar cells and modules at the upcoming facility. It said that this move into manufacturing will help it in backward integration and provide it better control over the supply chain for critical components.
Reduce dependence on imports from China
This manufacturing facility apart from supporting ReNew Power’s generation business which has over 4.5 GW of projects under various stages of development, will 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.
The company said that the domestic manufacturing of modules and cells within the country will help renewable energy players to reduce their dependence on imports from China. This presently accounts for almost 80 per cent if the module production. The plant will be equipped to meet export requirements too.
