Indosol Solar lines up Rs 25k cr investments

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, said here. He said, “In the first phase, the company has set a target of 4 GW of solar PV module capacity with an investment of Rs 15,000 crore and add 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.