TN Gets Fresh Influx of Investments in Areas Including Solar Manufacturing

Tamil Nadu has signed eight new MoUs that bring with them investments worth Rs 10,399 crore in areas including solar cells and modules manufacturing.

The state government of Tamil Nadu, on July 20, 2020, has announced the signing of eight new Memorandum of Understandings (MoU) that bring with them investments worth Rs 10,399 crore in the state in areas including solar cells and modules manufacturing.

The cumulative investment envisaged in the projects will create 13,507 jobs across the state in solar cell plants, data centres and industrial parks, an official release said.

The MoUs will bring in investments in the areas of solar cells and modules manufacturing, agrotech and iron foundry, among others. “The projects will be implemented in Kancheepuram, Chengalpattu, Ranipettai, Coimbatore, Viluppuram and Erode districts,” the release said.

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The memoranda of understanding were signed in the presence of Chief Minister K Palaniswami. Of the eight MoUs, five were signed in the presence of the CM, while three were done through video conferencing. Industries minister MC Sampath and chief secretary K Shanmugam were present during the signing of the MoUs.

A high powered committee, chaired by the chief minister, will expedite various clearances and also establish a Special Investment Promotion Task Force under the chairmanship of the chief secretary, the release added.

Recently, we had reported that will be entering into the manufacturing of solar cells, with an initial production capacity of 2000 MW/ per annum. The firm had announced that it will invest Rs 1500-2000 crore in setting up this facility which will initially have a 2GW manufacturing capacity and is in discussion with various states to set up this unit.

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The company will manufacture both solar cells and modules at the upcoming facility and endeavour to create a globally competitive manufacturing unit. The company’s foray into manufacturing will not only help it in backward integration but also provide it better control over the supply chain for critical components.

Sumant Sinha, CMD, ReNew Power said, “India has grown into a big market for renewable energy and the time has come to reduce our dependence on imports and start domestic manufacturing of key components. ReNew Power is one of the biggest generators of renewable energy in India and the move to start manufacturing of solar modules and cells is a natural progression for us. I firmly believe that Atmanirbharta in manufacturing will be key to the next phase of growth in the renewable sector.”

(ReNew Power is yet to reveal where it will be setting up its manufacturing plant)