Jakson Group raises solar manufacturing target - infrabuddy.com

Jakson Group raises solar manufacturing target

BENGALURU: Encouraged by the government’s atmanirbhar thrust for Indian industry, the Jakson Group has decided to raise its solar cell manufacturing target from 250 MW annually to 1000 MW.

Manufacturing of solar cells and modules is low in India, with about 85-90% of the country’s requirement for its solar projects being met through imports, most of it from China.

In 2017, the company had decided to manufacture 1000MW of solar modules and 250MW of solar cells. The plan has now been revised with cell manufacturing capacity being increased four times.

A plant to make 500MW of solar modules is already under construction at Noida, Uttar Pradesh.

“We have increased our goal to 1000MW of cells because of the government announcements around atmanirbhar bharat. We are optimistic about the recently announced production linked incentive scheme,” said Sameer Gupta, CMD. The cell manufacturing plant is likely to be built within the next 12-16 months.

Over the last few months, the Indian government has attempted to bolster solar manufacturing by announcing a series of measures including production linked incentives for manufacturers, and a basic customs duty on solar imports to help local manufacturers compete better on price.

Gupta said the total project cost would be lower than what the company had envisaged four years ago because the cost of plant and machinery has reduced. “We have already invested in land and machinery. The 500MW module line is under execution. We have invested around Rs 150 crore so far,” he said.

“The next phase would be 500MW of modules and 500MW of cells,” Gupta said. The new plant’s location is likely to be close to a port because doing so would save logistics costs on exports.

“If we invest now, we will be able to recover the cost in the next two or three years,” he said.

The company already has module manufacturing capacity of 80MW which it set up a few years ago. This module manufacturing business generated around Rs 250 crore last year. “With another 500MW of module capacity coming up, we expect our revenue to grow to Rs 650 crore in 2021,” he said.

As many as 15 companies are considering investing in solar equipment manufacturing following the government’s recent announcements around solar manufacturing, reports said. These include First Solar, Renew Power, Vikram Solar and Acme Solar among others. They intend to manufacture a total of 40GW of solar cells and modules.

Source link

Close Bitnami banner