ReNew Power is investing Rs. 2,000 crore to set up solar cell and module manufacturing units in Gujarat and Rajasthan, its Chairman Sumant Sinha said.
The company is also exploring investment opportunities in Uttar Pradesh to expand presence in the country, Sinha, who is also the founder and CEO of ReNew, told PTI.
The country is moving towards becoming Atmanirbhar in solar cell and modules, he said.
"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.
Sinha did not divulge any further information with respect to investment plans in Uttar Pradesh.
Cell and modules are the key components for manufacturing of solar panels which are further used in setting up of solar projects.
With an aim to promote domestic manufacturing, the government in 2021 imposed 40 per cent basic customs duty (BCD) on solar modules and 25 per cent on solar cells effective April 1, 2022.
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