Websol Energy To Set Up 1.8 GW Solar Cell And Module Facility

To give a major boost to its manufacturing capabilities, Websol Energy System has said that it will be setting up a new manufacturing plant for solar cells and modules in near future. This will have a capacity to produce up to 1.8 GW of solar panels. Industry experts see it as a step towards self-reliance of the country in the sector.

Websol Energy System, a Kolkata-based solar cells and modules maker, has authorized the issuance of 23,80,000 equity shares of 10 each at an issue price of Rs 105. In its filing to the National Stock Exchange of India Limited, the company held that the shares will be issued to its promoter, Websol Green Projects and India Max Investment Fund, which is a strategic and financial investor. This will be done in accordance with the regulations set by the Securities and Exchange Board of India (SEBI).

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The filing before the BSE has also revealed that the Board of Directors at Websol Energy System has additionally given a go-ahead to the proposal to set up a solar cell and module-making plant. It was also informed by Websol in its filing that it will scrap the existing manufacturing plant in case a new production plant is required.

According to the company, the upcoming manufacturing plant will employ novel technologies in the sector like high efficiency mono passivated emitter and rear contact (PERC) and tunnel oxide passivated contacts (TOPCON) for the projection of solar cells and modules.

Websol also mentioned that it is communicating with power generators to help supply solar cells and modules on a long-term basis.

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Websol Energy System claims to be a leading manufacturer of photovoltaic crystalline solar cells and modules in India. The company started solar cells manufacturing in the mid-90s with a mere 1 MW capacity. It has now ramped up its portfolio with 250 MW solar cells and 250 MW modules.

Websol has disclosed recently that it looks to manufacture 175 MW of solar cells and 135 MW of modules this financial year. The Ministry of New and Renewable Energy (MNRE) has approved the modules of Websol under the Approved List of Module Manufacturers (ALMM).