The Indian arm of Canada-headquartered clean energy investment firm Amp Energy has teamed with manufacturer Websol Energy System to produce up to 1.2 GW of monocrystalline PERC solar cells and modules.
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, which has a 2 GW portfolio of renewable energy projects built or under contract in Australia, said its entry into PV manufacturing was a “natural progression” and will help it to better control the supply chain.
“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,” Amp Energy India chief executive Pinaki Bhattacharyya said.
Websol will hold a 51% stake in the manufacturing 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 is pursuing plans to develop the 1.3 GW Renewable Energy Hub of South Australia (REHSA). The $2 billion project hub would include large-scale solar, wind, and battery energy storage assets in South Australia, including three solar projects at Robertstown (636 MW), Bungama (336 MW) and Yoorndoo Ilga (388 MW), supported by a total energy storage capacity of 540 MW.
As well as its operations in Australia, Amp Energy has established footholds in North America, Japan, Spain, the UK, and India where it has a renewable energy portfolio of more than 2 GW across 15 states in India.
Author: Uma Gupta
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