As stated by its chairman Sumant Sinha, ReNew Power is investing Rs 2,000 crore to establish manufacturing facilities for solar cells and modules in Gujarat and Rajasthan. Sinha, who is also the founder and CEO of ReNew, said the company is looking into investment options in Uttar Pradesh to increase its presence there. According to him, the nation is headed in the direction of Atmanirbhar in terms of solar cells and modules. "Rs 2,000 crore is already being spent by ReNew," the chairman said in reply to a question if his company is exploring investment opportunities in the space of solar cell and
module manufacturing. A solar cell and module manufacturing unit with an annual capacity of 2 gigawatt (GW) is being set up in Gujarat, he said. Another unit for manufacturing of only solar modules is being set up in Rajasthan with a 4 GW annual capacity, Sinha said. The company aims to make the Gujarat unit operational by December quarter next fiscal year, and the unit in Rajasthan is planned to start in the first quarter of 2023-24. When asked whether the company is also looking to invest in Uttar Pradesh, he replied in the affirmative. "We are exploring the areas (investment opportunities) in UP," Sinha informed.
ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. Projecting Uttar Pradesh as the ideal investment destination for businesses, the state government ministers and officials converged for a roadshow in the national capital on Friday in the run-up to the Global Investors Summit in Lucknow next month. With regard to his ambitions for investments in Uttar Pradesh, Sinha withheld any additional details. The essential parts for producing solar panels, which are then utilised to set up solar projects, are cells and modules. The government established a basic customs charge (BCD) of 40% on solar modules and 25% on solar cells in 2021 with the intention of promoting indigenous manufacture.
