ReNew Power plans to start manufacturing solar cells, eyes China-dominated global market

NEW DELHI: ReNew Power, India’s largest clean energy company, 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 increasingly being challenged by government policies and corporate strategy.“Manufacturing is a natural progression for ReNew Power to ensure backward integration. It fits well with our growth plans to move towards a more integrated renewable energy play across the power value chain,” a person familiar with the development said on condition of anonymity.Renewable energy is increasingly attracting interest of prominent business leaders. Gautam Adani recently announced plans to invest heavily in the sector to become the world’s biggest renewable energy company, while Mukesh Ambani told his shareholders on Wednesday that Reliance Industries will invest in solar, wind, hydrogen and other clean technologies, and make the company carbon-neutral in 15 years. ReNew Power, which hopes to compete with China in the global market for solar equipment, has yet to finalise the location for the planned units. The company is talking to various state governments to ascertain a suitable spot, said the person cited earlier. The initial plan for the Gurgaon-based company is to start with a manufacturing unit of 2,000 MW and later scale it up.

from Economic Times https://ift.tt/2Oswumd