NEW DELHI: India’s largest clean power firm, ReNew Power, said on Thursday, July 18, that it will start manufacturing solar cells and modules with an investment of up to ₹2,000 crore for a project with 2GW capacity that will create 2,000 direct jobs in India. The announcement was made at the Aatmanirbhar Bharat event by Sumant Sinha, Power Chairman and Managing Director, ReNew. A statement by ReNew Power stated that the company is in negotiations with several states to set up the facility for the purpose. It added that ReNew Power will invest between Rs 1,500 and 2,000 Crore to establish this facility, that initially will possess a 2GW manufacturing capacity.
This decision by ReNew Power comes weeks after Prime Minister Narendra Modi made a public appeal for an Aatmanirbhar Bharat and it is anticipated that the firm will support the government’s mission to produce a potential of 450 GW of renewable energy by 2030.
The clean energy firm currently has a capacity of 5,600 MW and had previously announced that they will double the portfolio of running plants and project to 10,000 MW in the next five years. According to a report by the Economic Times, the company would invest ₹40,000 crore to ₹50,000 crore to implement the growth plan.
At the upcoming facility, the company will produce solar cells and modules and will seek to establish a globally competitive production unit. The company’s entry into manufacturing business would not only help it in backward integration but also will provide it with greater leverage over the supply chain for essential components. Thus, this would leave only the distribution part of the whole energy value chain for the company.
Sinha said that ‘aatmanirbharta’ in manufacturing will be key to the next phase of growth in the renewable sector and reduce our dependence on imports. The plant will also be equipped to comply with the export needs and the firm aims to bring manufacturing, generation, and transmission business under a single roof.