ReNew Power has announced the decision to set up solar cell and module manufacturing units in the western states of Gujarat and Rajasthan. The organization is also exploring investment opportunities in Uttar Pradesh, said Mr. Sumant Sinha, founder, and CEO of ReNew Solar.
The company will invest a sum of ₹2000 crores for the project.
ReNew Power is a subsidiary of ReNew Energy Global Plc, one of the biggest RE power producers in the country. With the project, the organization is looking to promote India’s goal of becoming ‘Atmanirbhar’ (self-sufficient) in solar equipment manufacturing.
India is witnessing tremendous growth in the solar manufacturing sector, fueled by the supportive policies introduced by the central government.
In April 2022, the center imposed a basic customs duty of 25% on solar cells and 40% on solar modules. Moreover, the Indian government also approved a ₹19,500 crore PLI scheme to boost domestic manufacturing of high-efficiency solar modules.
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Resource: ET EnergyWorld
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