Indian renewable power producer ReNew Power Ltd plans to start making solar photovoltaic (PV) cells and modules, initially at a 2-GW factory, the Economic Times reports.
The initial investment required for the initiative is estimated at between INR 15 billion (USD 199.4m/EUR 174.8m) and INR 20 billion. An unnamed person aware of the development has told the newspaper that the move stems from the company’s plans to offer more integrated renewable energy solutions across the power value chain.
The location of the proposed manufacturing plant is still not known. The person in the know has added that ReNew Power is currently talking with state governments so as to find a suitable location for the project. The capacity of the production facility will be later expanded over the initial 2-GW plan.
Another person familiar with the matter has commented on the trend for Indian manufacturers to take advantage of the rising global demand and look to other markets outside India. The person also pointed out the need for most players to diversify their supply chains to reduce reliance on China.
In order to support the domestic sector, India plans to impose a basic customs duty (BCD) on solar module and cell imports from China and Malaysia, which is planned to start at 15% and reach 40%. The duty will be levied from next month after the expiry of the safeguard duties.