ReNew Power, which hopes to compete with China in the global market for solar equipment, has not yet finalized the location for the planned units. The company is in talks with various state governments to find out the appropriate situation.
New Delhi: India's largest clean energy company Revan Power plans to start manufacturing solar cells and modules with an initial investment of Rs 1,500-2,000 crore in the sector, where Chinese dominance is accelerated by government policies and corporate strategy Is being challenged.
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“Manufacturing is a natural progression for ReNew Power to ensure backward integration. It fits well with our development plans to move towards a more integrated renewable energy game in the power value chain, ”said a person familiar with the development, on condition of anonymity.
Renewable energy is increasing the interest of leading business leaders. Gautam Adani recently announced plans to invest heavily in the sector to become the world's largest renewable energy company, while Mukesh Ambani on Wednesday told his shareholders that Reliance Industries would be looking at solar, wind, hydrogen and other clean technologies. , And make the company carbon- neutral in 15 years.
ReNew Power plans to start building a solar cell, China-dominated global market
ReNew Power, which hopes to compete with China in the global market for solar equipment, has not yet finalized the location for the planned units. The company is in talks with various state governments to find out the appropriate situation.
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The Gurgaon-based company initially plans to start with a 2,000-megawatt manufacturing unit and has since expanded.
Following Prime Minister Narendra Modi's call for a self-reliant India, Renew Power plans to meet the 15,000 MW demand for domestic renewable energy, which is expected to grow to 20,000 MW in the next few years.
Renew power schemes also exist for export power.Another person said that the Indian manufacturers also desire to have chances to cover international market in the field of natural energy.
The move comes after the government's move to ban imports from China has adversely affected the renewable energy sector. Union Energy and Renewable Energy Minister RK Singh had earlier said that the ministry plans to impose a 15-20 per cent duty in a year to reduce dependence on Chinese imports, which will increase to 40 per cent in a year. More than 80 percent of solar equipment used in India is imported from China.
The government's decision will help Renew Power ensure better control over its supply chain and protect itself from any additional tax being levied on imports into India in the future. “We see a lot of strategic benefits in this decision. Our IPP (independent power producer) business will be able to provide demand assurance, which will significantly improve the viability of the new enterprise, ”said another person.
The 10-year-old company recently reached a total power generation capacity of 10,000 MW, of which 5,600 MW was operational.
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