The company will make an initial investment of Rs. 1,200 crore for the project, which will eventually rise to Rs. 2,000 crore as the facility ramps up its scale
Renewable energy power producer giant ReNew Power has finalised the location for its manufacturing unit in Gujarat, as per a recent report.
Citing people aware of the development, a report by The Economic Times said that the company will make an initial investment of Rs. 1,200 crore for the project, which will eventually rise to Rs. 2,000 crore as the facility ramps up its scale.
The report added that the Gurgaon-based company will have one unit in Dholera, Gujarat, and will manufacture both solar cells and modules.
The government of India has taken strict measures to ramp up the production of solar PV in the country and discourage foreign imports for solar equipment, particularly from China, levying a basic customs duty of 25 per cent on cells and 40 per cent on PV modules from Aprill 20222. In addition to that, the Cabinet has also announced a production-linked incentive (PLI) scheme for the manufacturing of solar PV modules in the country.
ReNew is looking to contest for the PLI as well, said the report.
As of March, ReNew’s total capacity in India stood at 9,900 MW, out of which 5,400 MW is operational and a further 4,500 MW is under construction.