Sumant Sinha, Chairman of Renew Power, stated that the company is investing Rs 2,000 crore in Gujarat and Rajasthan to establish solar cell and module manufacturing plants.
Sinha, who is also founder and CEO at ReNew, told PTI that the company is looking into investment opportunities in Uttar Pradesh in order to increase its presence in the country.
He said that the country is on its way to becoming Atmanirbhar for solar cells and modules.
ReNew has already spent Rs 2,000 crore,” said the chairman in response to a question about whether his company was looking into investment opportunities in the area of module and solar cell manufacturing.
A solar cell and module manufacturing unit with an annual capacity of 2 gigawatt (GW) is being set up in Gujarat, he said.
Another unit for manufacturing of only solar modules is being set up in Rajasthan with a 4 GW annual capacity, Sinha said.
The company plans to make the Gujarat unit functional by the December quarter of next fiscal year. In Rajasthan, the unit is expected to be operational in the first quarter 2023-24.
He answered yes when asked if the company was also interested in investing in Uttar Pradesh.
Sinha stated that they are currently exploring investment opportunities in UP.
ReNew Power is a subsidiary to ReNew Energy Global Plc and one of the most important independent renewable power producers (IPPs).
The state government officials and ministers of Uttar Pradesh viewed the country as a great investment destination. They gathered in Lucknow on Friday to promote the event.
Sinha didn’t divulge any additional information about investment plans in Uttar Pradesh.
The key components of manufacturing solar panels are cell and module. They are also used for setting up solar projects.
In order to encourage domestic manufacturing, the government imposed a 40% basic customs duty (BCD), on solar modules in 2021 and 25% on solar cells with effect from 1st April 2022.