India’s largest independent producer of renewable energy, Gurugram-based ReNew Power has finalised the location in Gujarat for its maiden solar cell and module manufacturing unit, reports Economic Times.
The unit will come up in Gujarat’s Dholera with an initial investment of Rs 1,200 crore. The total investment in the unit will eventually rise to Rs 2,000 crore as Sumant Sinha led ReNew Energy ramps up the scale.
This comes as a big push for government’s Make in India and Atmanirbhar Bhaarat policy push for the manufacturing sector.
ReNew Energy is also likely to apply for the government’s Rs 4,500 crore production linked incentive (PLI) scheme for domestic manufacturing of solar equipment.
As of March 2020, ReNew had a total operational renewable energy capacity of 5,400 megawatts (MWs) with a further 4,500 MWs of capacity under construction.
The company had earlier this year listed on United States (US)’ NASDAQ through a special purpose acquisition company (SPAC) merger with RMG Acquisition Corp II at a valuation of $8 billion.