India's ReNew to spend USD 264m on solar cell, module production - report

Indian renewable energy group ReNew Power plans to invest INR 20 billion (USD 264.1m/EUR 227.1m) to install production facilities for solar photovoltaic (PV) cells and modules and is looking for further opportunities, the Press Trust of India (PTI) reports.

The company’s chairman Sumant Sinha has told the news agency that a 2-GW factory for cells and modules is already under construction in Gujarat. ReNew Power’s plan also envisages the installation of another plant in Rajasthan where it will make 4 GW of modules annually.

The production base in Rajasthan is planned to become operational in the first quarter of fiscal 2023/24, while the one in Gujarat will be switched on by the third quarter of the same fiscal year.

Additionally, the Indian firm is looking to further grow its foothold in the domestic market, with its focus being on Uttar Pradesh, Sinha has said without providing specific details about the targeted investment there.

ReNew Power is a subsidiary of Indian renewable power producer ReNew Energy Global Plc (NASDAQ:RNW).

In April 2022, the Indian government started collecting basic customs duty (BCD) of 40% on imported modules and 25% on cells in order to promote domestic manufacturing.

(INR 10 = USD 0.123/EUR 0.114)

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