ReNew Energy has invested Rs 2,000 crore to arrange photo voltaic cell and module manufacturing models in Gujarat and Rajasthan, its Chairman Sumant Sinha mentioned.
The corporate can also be exploring funding alternatives in Uttar Pradesh to increase its presence within the nation, Sinha, who can also be the founder and CEO of ReNew, instructed PTI.
The nation continues to be the Atmanirbhar of photo voltaic cells and modules, he mentioned.
“Rs 2,000 crore has already been spent on ReNew,” the chairman mentioned in response to a question on whether or not his firm was exploring funding alternatives within the photo voltaic cell and module manufacturing area.
A photo voltaic cell and module manufacturing unit with an annual capability of two gigawatt (GW) is being arrange in Gujarat, he mentioned.
One other unit for manufacturing photo voltaic modules alone is being arrange in Rajasthan with 4 GW annual capability, Sinha mentioned.
The corporate goals to make the Gujarat unit operational within the December quarter of subsequent fiscal yr, and the Rajasthan unit is deliberate to begin operation within the first quarter of 2023-24.
When requested if the corporate can also be seeking to put money into Uttar Pradesh, he replied within the affirmative.
“We’re exploring areas (funding alternatives) in UP,” knowledgeable Sinha.
ReNew Energy, a subsidiary of ReNew Vitality International Plc, is likely one of the largest renewable vitality unbiased energy producers (IPPs) on the earth.
Projecting Uttar Pradesh as an excellent funding vacation spot for companies, state authorities ministers and officers got here collectively for a roadshow within the nationwide capital on Friday within the run-up to the International Traders Summit in Lucknow subsequent month.
Sinha didn’t disclose any further details about the funding plans in Uttar Pradesh.
Cells and modules are the principle elements for making photo voltaic panels that are primarily utilized in establishing photo voltaic tasks.
With an goal to spice up home manufacturing, the federal government in 2021 imposed a 40 % fundamental customs responsibility (BCD) on photo voltaic modules and 25 % on photo voltaic cells efficient April 1, 2022.
(Solely the headline and picture on this report could have been reworked by Enterprise Customary employees; the remainder of the content material was robotically generated from the syndicated feed.)
