Cell-Module demand at 15-GW next year
ReNew Power, India’s largest privately-owned renewable energy company, will invest Rs.1,500-Rs.2,000 crore on a facility for manufacturing solar cells and modules in India and reduce dependence on imports from China.
The company, with initial 2-GW manufacturing capacity, is in discussion with various states to set up the facility, ReNew’s Chairman and Managing Director Sumant Sinha said on 16 July 2020 announcing the investment.
It is expected to support the government’s mission to generate 450 GW of renewable energy by 2030.
The domestic demand for solar cells and modules is expected to grow to 15 GW next year.
Domestic manufacturing of modules and cells within the country 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.
ReNew will manufacture both Solar cells and modules at the upcoming facility and endeavour to create a globally competitive export-oriented manufacturing unit.
He said that the company’s foray into manufacturing will not only help it in backward integration but also provide it better control over the supply chain for critical components.
“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,” said Sinha.
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 ReNew Power.
“I firmly believe that Atmanirbharta in manufacturing will be key to the next phase of growth in the renewable sector,” he 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. #renewables #solar #wind #cells #electricity #demand #energy #investment /fiinews.com
