RenewSys India Pvt Ltd plans to set up multiple PV modules and PV Cell manufacturing units in Telangana, with an investment of about Rs 6,000 crore in a phased manner.
The company on Monday has signed an MoU with the Industries Department of Telangana.
The investment of Rs.6,000 crore is expected to generate direct employment to 11,000 people over the next five years, said an official release.
The MoU was signed in the presence of Minister for Industrial and Commerce D. Sridhar Babu in their factory premises at Fab City, Maheshwaram near here.
RenewSys has set up India’s first integrated manufacturing facility of solar PV modules and its key components – encapsulants, backsheets, and PV cells.
It currently has three manufacturing plants in India – in Hyderabad, Bengaluru and Patalganga with Hyderabad factory being their largest integrated facility.
As part of the MoU, the company will set up two new lines of 1 GW each (solar PV modules) during FY24 with an investment of Rs 500 crore. It will set up one new line of 1 GW capacity (solar PV cells) with an investment of Rs 1,250 crore in FY 25.
The company plans to invest Rs 550 crore in a solar PV modules project comprising two new lines of 1 GW each. The timeline for this component is the start of FY 27. Another Rs 1,750 crore will be invested in a solar PV cells manufacturing facility (two new lines of 1 GW capacity each).
RenewSys also plans to set up an aluminium plant with an investment of Rs 1,700 crore to Rs 2,000 crore in FY29.
RenewSys is the renewable energy arm of the Enpee Group, an international conglomerate established in 1961, with a heritage of manufacturing excellence.
It has offices in key markets, including Mauritius, Nigeria, Singapore, South Africa, and UAE and it has successfully exported PV products to nearly 50 countries worldwide.
Since initiating manufacturing operations of PV Modules and Cells in Hyderabad, in 2015, RenewSys has achieved an impressive 20-fold revenue increase.
The Company plans to maintain its focus on keeping the Hyderabad unit as its single largest manufacturing hub and expects encouraging stale-level incentives to accelerate its investment and expansion plans in the region.
RenewSys began within a Special Economic Zone in Hyderabad and is currently in the process of denotification with the help of Telangana State Industrial Infrastructure Corporation (TSIIC).