Indosol Solar investing Rs 25k cr to produce 10GW solar PV module in AP
The company has so far invested Rs 400 crore to set up the first production line at Ramayapatnam plant which will commence on March 31
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Indosol Solar has secured allocations worth Rs 1,875 crore in tranche-1 and Rs 3,300 crore in tranche-2 under the PLI scheme, demonstrating the government's support towards fostering domestic manufacturing and achieving energy self-sufficiency - Sharat Chandra, CEO, Indosol Solar
Hyderabad: Indosol Solar Private Limited, a subsidiary of Shirdi Sai Electricals Limited (SSEL), is investing overall Rs 25,000 crore on its cutting-edge manufacturing facility at Ramayapatnam in Nellore, Andhra Pradesh to produce 10 GW of solar PV module over the next one-and-half years, Sharat Chandra, CEO of Indosol Solar, told Bizz Buzz.
He said, “In the first phase, the company has set a target to produce 4 GW of solar PV module with an investment of Rs 15,000 crore and another 6 GW with the remaining Rs 10,000 crore in the subsequent phases. The first phase will have eight production lines of 500 MW each. We have so far invested Rs 400 crore to set up the first production line which will commence on March 31.”
When asked about the mobilisation of funds, Sharat said: “The funds will be raised through a combination of internal accruals and debt from the lending organisations. Several organisations like Indian Renewable Energy Development Agency Ltd (IREDA), Brookfield Renewable Partners, PFC Energy and REC Ltd have come forward to partner with us. We have not yet taken a call on that.”
“This state-of-the-art fully automated module line is first of its kind in India, and it is capable of making PERC, TOPCON, HJT modules with glass-glass and back sheet combinations. We have imported the equipment and technology from China and US. With this facility, we can reduce the country’s dependence on China for solar PV modules,” he added.
This initiative aligns with the Government of India’s Production Linked Incentive (PLI) scheme, aimed at bolstering domestic manufacturing capabilities and promoting sustainable development. Indosol Solar was awarded significant incentives under the PLI scheme, affirming its pivotal role in advancing India’s renewable energy agenda.
The company has secured allocations worth Rs 1,875 crore in tranche-1 and Rs 3,300 crore in tranche-2 under the PLI scheme, demonstrating the government’s support towards fostering domestic manufacturing and achieving energy self-sufficiency. The company’s success in securing the highest PLI amount under tranche-2 is a testament to its technical and financial capabilities.
Indosol Solar was established as a Special Purpose Vehicle (SPV) by SSEL, India’s largest transformer manufacturer, which completes 30 years of excellence next month. This facilty emerges as a first project to commence operations towards realising India’s goals for the solar energy sector, Sharat said, elaborating on the strength of SSEL.
“Today, SSEL is India’s largest manufacturer of distribution and power transformers with a combined installed capacity of around 30 GW. Our state-of-the-art manufacturing facility in Kadapa produces over 500 distribution transformer units per day, reflecting our commitment to innovation and excellence,” he added.
Underlining the importance of the PLI scheme, Indosol Solar CEO said: “Winning the prestigious bid under the PLI scheme underscores our commitment to reducing India’s dependence on imported technology. The PLI scheme has provided a vital platform for us to accelerate our solar manufacturing capabilities and align with the national agenda of ‘Make-in-India’ and ‘Atmanirbhar Bharat’.”
He further said, “Once the full scale of operations of our integrated project is achieved, Indosol Solar will have a positive economic impact for up to 100,000 people whilst creating direct and indirect employment for over 23,000 people in AP. Initially, we have recruited 200 persons to work for the first production line, which will start much ahead of the schedule.”
With the inauguration of its state-of-the-art solar module production unit, Indosol Solar sets a new benchmark for innovation and sustainability in the solar energy sector. The facility, equipped with advanced technology and automation, underscores the company’s commitment to delivering superior quality solar products.
As Indosol Solar embarks on its journey towards scaling renewable energy production, it remains steadfast in its mission to create positive economic impacts and generate employment opportunities, thereby contributing to the socio-economic development of Andhra Pradesh and the nation at large.
