GURGAON, India, May 17, 2021
/PRNewswire/ -- ReNew Power ("ReNew" or "the Company"),
India's leading renewable energy
company, today announced its intention to develop a solar cell and
module manufacturing facility in Dholera Special Industrial Region
(DSIR), approximately 100 km outside the city of Ahmedabad, in the
state of Gujarat.
The greenfield facility will manufacture 2 gigawatts (GW) of
solar cells and modules annually using state-of-the-art
monocrystalline PERC (Passivated Emitter & Rear Contact) and
large wafer technology and will implement best practices in line
with Industry 4.0 manufacturing standards. The project has been
allocated 100 acres of land by the state government, ensuring
adequate availability of land for future capacity expansion. The
plant is expected to be vertically integrated in terms of processes
and infrastructure for the manufacturing of solar cells and modules
and is anticipated to commence operations from fiscal year 2023.
(Fiscal year is 12-month period beginning April 1, 2022 and ending March 31, 2023). The manufacturing capacity being
set up will incorporate ReNew Power's sustainability initiatives
and ensure decarbonisation of manufacturing processes and supply
chain to create a 'Green Factory' of the future.
Speaking about the development, Founder, Chairman and CEO of
ReNew Power, Mr. Sumant Sinha
said, "The Indian Government's Production-Linked Incentive (PLI)
scheme for solar photovoltaic (PV) modules has opened up several
avenues for domestic manufacturing in the renewable energy sector.
ReNew plans to manufacture both solar cells and modules in the
Dholera manufacturing facility with the goal of creating a globally
competitive manufacturing unit. We are committed to India's ambition of achieving 450 GW of clean
energy generation capacity by 2030, and we believe the new
manufacturing unit will play an important role in boosting
India's domestic manufacturing
capacity for clean energy. The new facility will help the company
to bring a crucial function in-house."
The state of Gujarat has been one of the pioneers in promoting
renewable energy and ReNew's first power project, a 25.2 MW wind
farm, was also commissioned in Jasdan, Gujarat. The manufacturing
plant is expected to generate 2500 jobs in the state.
Welcoming ReNew's decision to develop its manufacturing facility
in the state, the Additional Chief Secretary to Chief
Minister of Gujarat and Chairman of Dholera Industrial City
Development Limited, Mr. M K Das said, "The Gujarat Government
is delighted to have ReNew Power set up its solar equipment
manufacturing facility in Dholera. The Honourable Chief Minister
Shri Vijay Rupani's strong vision of
promoting and increasing the share of renewable energy and the
state's progressive policies have provided the right support to
clean energy projects. This manufacturing facility announced by
ReNew Power will not only help reduce import dependency of the
solar sector but will also play an important role in
fulfilling the Honourable Prime Minister's vision of an
Aatmanirbhar Bharat (self-reliant India)."
Domestic manufacturing of modules and cells within the country
is expected to help renewable energy companies reduce their
dependence on imported components and finished modules from
China, which currently accounts
for nearly 80% of the world's solar module production. Domestic
manufacturing of cells and modules will also help ReNew avoid
paying high customs duties on imported components, which are
expected to come into force beginning in April 2022. In addition, the PLI scheme announced
by the Government of India in 2020
will also provide financial incentives to domestic manufacturing
units and is expected to help add 10,000 megawatts (10 GW) of
integrated solar PV manufacturing capacity in the country.
The Dholera manufacturing facility, apart from supplying to
ReNew Power's own utility-scale power generation business, will
also sell components to other renewable energy companies in
India.
About ReNew Power
ReNew Power Private Limited is India's leading renewable energy independent
power producer (IPP) by capacity and is the 13th largest global
renewable IPP by operational capacity. ReNew develops, builds,
owns, and operates utility-scale wind energy projects,
utility-scale solar energy projects, utility-scale firm power
projects and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total
capacity of close to 10 GW of wind and solar energy projects across
India, including commissioned and
committed projects. ReNew has a strong track record of organic and
inorganic growth. ReNew's current group of stockholders contain
several marquee investors including Goldman Sachs, CPP Investments,
Abu Dhabi Investment Authority, GEF SACEF and JERA.
As previously announced, renew has entered into a definitive
agreement for a business combination with RMG Acquisition
Corporation II (NASDAQ: RMGB), a publicly traded special
purpose acquisition company (SPAC), that would result in ReNew
becoming a publicly listed company. Completion of the proposed
transaction is subject to customary closing conditions and is
expected to occur in the second quarter of 2021.
For more information, please visit:
www.renewpower.in; Follow ReNew Power on Twitter
@ReNew_Power
No Offer or Solicitation
This press release is for informational purposes only and shall
neither constitute an offer to sell or the solicitation of an offer
to buy any securities, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
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SOURCE ReNew Power Private Limited