Goldman Sachs-promoted ReNew Power has recently announced that it is planning to venture into manufacturing of solar cells and modules. The company will likely invest close to Rs 1,500-2,000 crore for its manufacturing facility of 2 gigawatts (Gw).
ReNew Power in its statement said that it is in discussion with various states to set up a facility for the purpose.
It said, “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 foray 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. The domestic demand for solar cells and modules is expected to grow to 15 Gw next year. Domestic manufacturing of cells and modules within the country will help renewable energy players reduce their dependence on imports from China, which currently accounts for almost 80 per cent of the world’s module production. The plant will be equipped to meet export requirements as well”.
Sumant Sinha said, “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”.
The company 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.”
It added, “ReNew Power aims to be an integrated renewable energy company with manufacturing, generation and transmission business under one roof”.