Indian IPP ReNew Power to invest US$ 265m in 2GW upstream plant

Jul 16, 2020 08:36 PM ET
  • Indian independent power producer (IPP) ReNew Power has confirmed strategies to introduce an upstream solar cell as well as module production center in India.
Indian IPP ReNew Power to invest US$ 265m in 2GW upstream plant
Image: Vikram Solar

The developer, which has virtually 3GW of utility-scale solar tasks under operation in the nation, is to spend up to INR20 billion (~ US$ 265 million) to establish a center with a first yearly capacity of 2GW before scaling it up in the future.

ReNew Power validated the development in a statement to India's Economic Times. The business had yet to reply to ask for comment by PV Tech at the time of publication, nevertheless Sumant Sinha, chairman and taking care of supervisor at ReNew Power, verified the carry on social networks.

"Growth of residential manufacturing is imperative to develop a self-reliant India," Sinha stated, prior to keeping in mind the move's alignment with the Atmanirbhar Bharat principal-- in which India advances to become an autonomous nation-- promoted by Prime Minister Narendra Modi.

ReNew Power's step comes just as revised import tariffs on Chinese solar cells, modules and also inverters are set to enter into pressure, changing the existing guard task of 20%, which expires at the end of this month.

Validated by India's government late last month, a Basic Custom Duty of 15-- 20% will certainly be applied to imports from 1 August 2020 prior to ramping up to 30-- 40% next year.

Nevertheless there stay questions concerning the effectiveness of such tolls. The considerable bulk-- as long as 90% - of solar components remain to be imported from Chinese manufacturers as well as India's inceptive upstream market has required BCDs of at least 50% in order to successfully support residential production.

Solar Installers, Manufacturers