ReNew Power, India’s largest renewable energy company, today announced that it intends to start manufacturing solar cells and modules in India. The announcement was made by ReNew’s Chairman and MD, Mr. Sumant Sinha at the Aatmanirbhar Bharat event held today.
ReNew Power will invest ₹1500-2000 Cr in setting up this facility which will initially have a 2GW manufacturing capacity and is in discussion with various states to set up this unit.
The company will manufacture both solar cells and modules at the upcoming facility and endeavor 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.
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.
Reference- ReNew Power PR, livemint, Economic Times, Mercom India, CII Event Update