Vikram invested $ 726 million to build solar equipment

by - Natural Energy News on - July 22, 2020
New Delhi (Natural Energy News): New investment in the solar sector is going to be made by India's Vikram Solar Limited. This company is going to invest Rs. 54.32 billion (around USD 726 million) in the south again countries for the manufacturing of solar equipment. This investment will definitely enable domestic manufacturing so that imports of solar equipment from other countries can be minimized.




Kolkata-based Vikram Solar said in a different announcement that the company will build a factory in southern Tamil Nadu province on Monday. The 3-GW solar power plant which is predicted to be finalized in five years will make wafers, cells and modules. In that announcement, it was not mentioned anywhere about planned investment.




Prime Minister Narendra Modi's government is very excited to expand regional manufacturing of solar power cells and modules to promote its ambitious development plans to enhance renewable energy to over 450 GigaWatt over the next decade.

The government is part of a wider self-sufficiency campaign by the government to reduce imports and boost the domestic industry to improve the economy earmarked for an annual contraction over four decades due to the coronavirus epidemic.




To entice investors, the Ministry of Renewable Energy has proposed tariffs on imports of solar cells and modules to help firms compete with cheaper imports. The proposal comes amid recent border tensions with China, which supply about 80% of India's solar modules.




Investors are beginning to be encouraged. Vikram's deal with Tamil Nadu follows the announcement last week by Renew Power Private Limited, which said the company plans to invest more than Rs 20 billion for a 2-GW cell and module manufacturing facility. Is negotiating with various Indian states for renewable energy producer ventures.


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