Vikram Solar Limited is planning to invest Rs 54.32 billion ($726 million) to manufacture solar energy equipment by setting up a 3 GW plant in Tamil Nadu.
The plant is expected to be completed in five years and will make wafers, cells and modules. It has signed the MoU for the plant with the Tamil Nadu government. The move is in line with the government’s plans to boost local manufacturing of solar cells and modules to support its ambitious growth plans of expanding renewable energy capacity by more than five-fold to 450 GW over the next decade. Earlier ReNew Power had announced plans to invest around Rs 20 billion for setting up a 2 GW cells and modules manufacturing facility.