ReNew Power Pvt Ltd to produce solar modules & cells in India with an initial investment of ₹1500-2000 crore for setting up the manufacturing unit which will have a capacity of 2GW. Currently in discussion with various states to set up the facility, apart from catering the company's generation business which has over 4.5 GW of projects under various stages of development, the unit will also meet the requirements of other clean energy companies in India, and will be equipped to meet export requirements as well.

The announcement was made by Sumant Sinha, Chairman & Managing Director, ReNew Power just weeks after Prime Minister Shri Narendra Modi’s call to Indian companies to become “Aatmanirbhar”. The company is slated to support the government’s mission to generate 450 GW of renewable energy by 2030. Its foray into manufacturing will not only help it in backward integration but also provide superior command over the supply chain for critical components. The domestic demand for solar cells and modules is expected to grow to 15 GW next year, as well as help renewable energy players to reduce their dependence on imports from China, currently accounting for about 80% of the world’s module production.

“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. 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 Atmanirbharta in manufacturing will be key to the next phase of growth in the renewable sector,” elaborated Sinha.

For more information: www.renewpower.in