The two companies will form a joint venture for PV production. Cells and modules will be produced in two phases of 600 MW each at Websol’s existing unit at Falta in West Bengal, said Amp Energy India, as it announced the signing of a term sheet for the establishment of the joint venture.
Amp Energy India said its entry into PV manufacturing will help it to better control the supply chain for critical components. Websol will hold a 51% stake in the venture, while Amp Energy will own the remaining 49%.
The project will be financed via a combination of debt and equity. It will supply up to 50% of its output to Amp Energy India under an off-take agreement. The rest of the power will be sold on the market, in order to fill the demand-supply gap for cells and modules in India.
Amp Energy India said it has a renewable energy portfolio of more than 2 GW across 15 states in India.
“We believe that our entry into manufacturing would not only help in backward integration but also help us have better control over the supply chain of critical components,” said Pinaki Bhattacharyya, MD and CEO, Amp Energy India. “We have always supported the government’s Atmanirbhar Bharat initiative by generating renewable energy in India, and this natural progression into manufacturing is also an extension of our support.”
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