Indian IPP ReNew Power to invest US$265m in 2GW upstream plant

Vikram Solar (whose facilities are pictured here) remains one of India's few upstream manufacturing entities. Image: Vikram Solar.

Indian independent power producer (IPP) ReNew Power has confirmed plans to launch an upstream solar cell and module manufacturing facility in India.

The developer, which has nearly 3GW of utility-scale solar projects under operation in the country, is to invest up to INR20 billion (~US$265 million) to develop a facility with an initial annual capacity of 2GW before scaling it up in the future.

ReNew Power confirmed the development in a statement to India’s Economic Times. The company had yet to respond to requests for comment by PV Tech at the time of publication, however Sumant Sinha, chairman and managing director at ReNew Power, confirmed the move on social media.

“Growth of domestic manufacturing is imperative to create a self-reliant India,” Sinha said, before noting the move’s alignment with the Atmanirbhar Bharat principal – wherein India progresses to become a self-reliant country – advocated by Prime Minister Narendra Modi.

ReNew Power’s move comes just as revised import tariffs on Chinese solar cells, modules and inverters are set to come into force, replacing the existing safeguard duty of 20%, which expires at the end of this month.

Confirmed by India’s government late last month, a Basic Custom Duty of 15 – 20% will be applied to imports from 1 August 2020 before ramping up to 30 – 40% next year.  

However there remain doubts about the efficacy of such tariffs. The significant majority – as much as 90% – of solar components continue to be imported from Chinese manufacturers and India’s nascent upstream sector has called for BCDs of at least 50% in order to effectively support domestic manufacturing.

Read Next

September 23, 2022
India’s government has approved the second round of the production-linked incentive (PLI) scheme to incentivise domestic solar PV module manufacturing.
September 22, 2022
JA Solar has been promoted to AAA-Rating status for the first time, joining LONGi Solar and Trina Solar in this exclusive bankability ratings, now recognised widely across the PV sector as one of the most accurate and detailed ranking systems on offer to PV module buyers when undertaking supplier due diligence.
September 22, 2022
Tech major Amazon has expanded its renewables portfolio globally with 71 new projects with a total capacity of 2.7GW.
September 20, 2022
From module makers and BOS producers to utility-scale developers and community solar companies, the Inflation Reduction Act (IRA) has taken centre stage at this year’s RE+ in Anaheim, California.
September 20, 2022
Private equity firm KKR and Hero Group have invested US$450 million in Indian independent power producer (IPP) Hero Future Energies (HFE) to support its renewables expansion.
September 14, 2022
Tata Power Solar Systems has received a “letter of award” of INR5.96 billion (US$75 million) from NHDC to set up a 125MWp floating PV project in India.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)