Indian power company AmpIn Energy Transition has invested INR31 billion (US$371.7 million) to build renewables projects of more than 600MW and a solar cell and module manufacturing plant in India.
The company did not unveil the capacity of the manufacturing plant, adding that the investments were planned in the states of West Bengal, Bihar, Odisha, Jharkhand, and Chhattisgarh, as well as the Northeastern states. Currently, AmpIn Energy Transition has a solar portfolio of about 200MWp in the region.
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“Time has come for the eastern region, which is the home of coal, to embrace renewable energy. Our investment in the region marks a significant milestone in our mission to drive the transition to renewables in the region,” said AmpIn Energy Transition managing director and CEO Pinaki Bhattacharyya.
In October, AmpIn Energy Transition entered into a “strategic partnership” with fellow Indian power company Jupiter to build a 1.3GW cell and module manufacturing facility in India.
The companies have not yet announced the details of their joint venture, or the location of their new manufacturing facility.
The project will benefit from a production linked incentive scheme announced earlier this year by the Indian government, for which AmpIn applied for an annual manufacturing capacity of 4GW. The state plans to invest INR240 million to fund 48GW of new solar manufacturing capacity by 2026, as the government aims to increase total manufacturing capacity to 100GW by this year.
Pinaki Bhattacharyya, Ampin CEO, commented before: “There is a strong demand for Indian solar modules and with the right support and policies, they will become cost effective and competitive globally.”
PV Tech reported that India’s estimated module production will reach over 20GW next year, higher than the estimated domestic demand of more than 10GW. The discrepancy between the estimated domestic demand and estimated module production will continue to increase. Module production will reach about 60GW in 2030 while domestic demand will only increase to over 20GW.