 "RSOLEC to invest $300 million into solar manufacturing venture in India")
Renaissance Solar and Electronic Materials on Tuesday announced its solar manufacturing venture and a plan of USD 300 million investment in India.
"Renaissance Solar and Electronic Materials (RSOLEC), an innovative solar enterprise with operations in India and the USA, today announced its official launch and establishment, accompanied by a significant planned investment of about USD 300 million," a company statement said.
With global reach and expertise in differentiated solar and electronic materials manufacturing, RSOLEC is set to revolutionise the industry with a strategic focus on Solar Crystal Growth and Wafering, it stated.
The launch of RSOLEC aligns with India's "Atmanirbhar Bharat" mission, showcasing the country's capabilities in the state-of-the-art solar value chain.
The company's primary focus for the next five years will be on crystal growth and wafering in India, contributing significantly to the country's strategic solar manufacturing capacity, it stated.
Over the long term, RSOLEC intends to expand its manufacturing over the entire solar value chain, it added.
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The company's roadmap anticipates achieving a capital intensity below USD 35 million per GW.
Furthermore, RSOLEC is dedicated to job creation, aiming to generate over 1,000 skilled jobs in the solar sector within the next three years, with more than 3,000 skilled job opportunities envisioned for the long term, it stated.
Based in Delaware, USA, RSOLEC operates through its Indian subsidiary located within the dynamic ecosystem of IIT Madras Research Park.
Milind Kulkarni, Chairman and CEO of RSOLEC, said in the statement, "RSOLEC is poised to contribute to the solar energy revolution and initiate the cultural transformation required for success in the dynamic solar manufacturing sector. Our differentiation lies in our technology-driven, low-risk innovations, positioning RSOLEC at the forefront of the solar industry."
The initial production capacity is set at 5 GW, with plans for expansion to exceed 20 GW in the long term.
The commissioning of the facility is planned in late 2025 and production in 2026. RSOLEC is currently evaluating several short-listed production sites offering attractive opportunities.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)