ReNew Power to enter solar cells and module manufacturing

ReNew Power has announced that it plans to enter into the manufacturing of solar cells and modules in India.

The announcement was made by ReNew Chairman and MD, Sumant Sinha in the Aatmanirbhar Bharat event held by Confederation of Indian Industries (CII), yesterday. The company is expected to invest Rs 1,500 - 2,000 crore in setting up the new facility which will have a 2GW manufacturing capacity initially and is in talks with various states to set up this facility.

 “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.

Sinha added that the move to start manufacturing solar modules and cells was a natural progression for the biggest renewable energy generator in the country.

"I firmly believe that Atmanirbharta in manufacturing will be key to the next phase of growth in the renewable sector,” Sinha added.

According to the statement, 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 demand for solar cells and modules is expected to grow to 15GW next year and bolstering domestic markets is expected to reduce the dependence of renewables energy players on imports from China, which currently accounts for almost 80 percent of the world’s module production.