The two companies will form a joint venture for photovoltaic production. The cells and modules will be produced in two phases of 600MW each at Websol’s existing unit at Falta in West Bengal, Amp Energy India said, announcing 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 better control the supply chain of critical components. Websol will hold a 51% stake in the venture, while Amp Energy will own the remaining 49%.
The project will be financed by a combination of debt and equity. It will supply up to 50% of its production to Amp Energy India under an off-take agreement. The rest of the electricity will be sold on the market, in order to bridge the gap between demand and supply of cells and modules in India.
Amp Energy India said it has a renewable energy portfolio of over 2 GW across 15 Indian states.
“We believe that our entry into manufacturing would not only help with upstream integration, but also help us better control 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 in generating renewable energy in India, and this natural progression into manufacturing is also an extension of our support.
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