Borosil Renewables, a manufacturer of solar panel glass, announced that it will invest Rs 1.500 in the next two-years to increase its capacity by almost 2.5 times and supply 15GW of solar modules by FY25.
We are increasing our investment because we are the only domestic manufacturer for solar panel glasses. We are therefore investing an additional Rs 1,500 crore to increase our capacity to 1,550 TPD in FY24 and 2,100 TPD in FY25, which will allow us to supply 15 GW of modules,” Pradeep Kheruka (executive chairman of Borosil Renewables), told PTI.
He stated that the company will invest in its German plant to increase its production capacity to 500 TPD (Tonnes Per Day), from 300 TDP by 2023.
Kheruka stated that the capacity augmentation will allow us to supply 2,600 TDP solar panel glasses, which can generate 15GW of power, by FY25. This will make us the largest non Chinese-owned company worldwide.
In late April, the Borosil Group acquired Interfloat Group in Germany — the largest manufacturer of solar glass in Europe — for 55.5 millions euro. According to a Borosil official, the deal included a cash payment of 30 million euros, 22.5 million euro through issuing fresh equity (by BorosliUniversal), and 50 percent of earned profit starting in 2023.
The expansion of the company is under way. It will increase our capacity to 1,000 tonnes per day by September. In the next expansion phases, it will reach 1,550 tons per year by the end FY24 and 2,100 tonnes by FY25. There will also be 500 additional TPD in Germany.
Kheruka spoke out about the deal with the German company and said that it will cement its position as the largest producer of solar glass outside China.
In 1962, the Borosil Group was established in collaboration with Corning Glass in the USA. It includes two publicly traded entities, Borosil Renewables and Borosil.