Fadnavis tweets of Rs18k cr solar modules plant in Nagpur

Nagpur: Deputy chief minister Devendra Fadnavis has tweeted that the state government has signed an expression of interest (EoI) with ReNew, a Nasdaq listed company, for investment of around Rs18,000 core to set up the largest metallurgical grade silicon, polysilicon and ingot wafer manufacturing unit in Nagpur. The tweet says the investment would be historic in many ways, as it brings highly sophisticated manufacturing technology and process to the state, especially in the solar energy sector. It would also lead to creation of more than 8,000 direct jobs. The company also intends to set up a state of the art R&D facility in close proximity to the plant.
This is the first big investment expected to come to Maharashtra after it lost Foxconn’s semiconductor project to Gujarat. The Foxconn project would have brought in investment of around $22 billion. The investment by ReNew project, in terms of dollars, is $2.2 billion. However, sources say the project is expected to be a game changer for the solar power sector in India.
ReNew, which is based at Gurgaon, listed on Nasdaq in 2021. Founded by former finance minister Yashwant Sinha’s son Sumant Sinha, it is dubbed to be the country’s largest renewable energy company.
The state government is vigorously pursuing the case, said sources aware of the development. With the EOI signed, it is expected that the final clearance to the whole project, including the cabinet approval for the incentives to be offered, would be done in the next 45 days. After that, it is hoped to have a ground-breaking ceremony soon this year, said sources.
The products are basically solar modules, which are key component of panels used in solar power plants. Currently, the production is concentrated in China. Having a unit at Nagpur can be a major step towards gaining independence in the solar power sector.
What was mentioned in the tweet are the technical terms for the product. In layman’s terms, these are the vital components of a power plant comparable to its heart, explained a source. The state government, which is keeping cards close to its chest, is hopeful that the EOI would translate into actual investment at the earliest. So far six meetings have been held between the company and state government.
The teams inspected various sites and had finally chosen Nagpur due to its location. The company plans to take over 500 acres of land for the project. The Samruddhi Expressway is also one of the factors, as it would provide a hassle-free route for transport of the solar cells both for export and domestic use.
Having the plant here is expected to boost the solar power sector also. So far, the government has drawn flak for bringing only polluting industries to Vidarbha, and this is a totally green investment, the source said. In the future, there is a likelihood that the company may set up a solar power plant in Nagpur as the climatic conditions here are perfectly suited for it.
Independent strategist Pradeep Maheshwari said he has been following the company since 2021 and has been writing to the state government for a green energy project in Vidarbha and also pursue ReNew as an investor. The critical inputs needed to make it work are easily available in Vidarbha.
President of Vidarbha Economic Development Council (VED) Devendra Parekh said investment in the sector is indeed welcome. Having it in Mihan would give it added advantage, he said.