ReNew Power plans foray into solar cell and also module production

• The Haryana-based designer will spend Rs 1500-2000 crore in establishing the solar cell and also module manufacturing facility, which will at first have a production ability of 2 GW per year.

Gurugram-based ReNew Power has actually revealed its strategies to begin producing solar cells and modules in India. The developer will certainly spend Rs 1500-2000 crore in setting up this facility, which will at first have a production capacity of 2 GW per year.

The location for the plant has actually not been finalized yet. The developer is in talks with various state authorities to establish this system.

ReNew Power's announcement to establish a production center comes simply weeks after Prime Minister Narendra Modi's phone call to Indian companies to become self-dependent (Aatmanirbhar).

Currently, India satisfies majority of its solar cell and also module requirements via imports. The Indian government is thinking about a standard customizeds responsibility of 20-25% on imported photovoltaic panels from August with the tax obligation to rise to 40% within a year. Solar cells would certainly bring in 15% customs task from August, with that said number to rise to 30%.

Renew Power's foray right into cell and also module production will certainly aid it in backwards integration as well as supply it much better control over the supply chain for crucial elements.

Making the announcement, Sumant Sinha, CMD, ReNew Power said, "India has turned into a large market for renewable resource as well as the moment has actually come to decrease our dependancy on imports and begin residential production of key elements. ReNew Power is among the biggest generators of renewable resource in India as well as the relocate to start manufacturing of solar modules as well as cells is a natural progression for us. I securely believe that Atmanirbharta (self-dependence) in production will certainly be key to the following stage of growth in the eco-friendly industry."

ReNew Power intends to be an incorporated renewable resource firm with production, generation and transmission organisation under one roofing system.

Supply

Besides satisfying ReNew Power's over 4.5 GW of power generation projects under numerous stages of growth, the proposed production facility will likewise fulfill the requirements of various other clean power firms in India.

The residential need for solar cells and modules is anticipated to expand to 15 GW next year. Regional manufacturing of modules as well as cells within the nation will assist renewable resource players to decrease their dependence on imports from China, which presently represents nearly 80% of the world's module manufacturing.

The plant will be furnished to fulfill export requirements too.