RenewSys Plans to Invest $25 Million, Expand Capacity to 1 GW

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RenewSys will increase the solar panel capacity of its Hyderabad facility from 300 MW to 700 MW by December end of this year and after that to 1 GW by next year end

RenewSys, the renewable energy arm of Enpee Group, is planning an investment of $25 million (around Rs 180 crore) as part of its expansion plan. The Mumbai-based manufacturer of integrated solar products is planning to enhance its solar panel capacity from the current 300 MW to 1.5 GW by 2019 end.

The company will increase the solar panel capacity of its Hyderabad facility from 300 MW to 700 MW by December end of this year and after that to 1 GW by next year end. As a part of its expansion plan, the company’s Hyderabad unit will see investments of around Rs 35-40 crore.

Currently, there are two operational production lines and third line would be operational by December whereas the fourth line having a capacity of 300 MW would be operational by end of 2019.

To set up greenfield solar modules unit

RenewSys will also establish a greenfield solar modules unit with 500 MW capacity in Mumbai. Currently, the company looking for a suitable location in Mumbai Metropolitan Region – Ambarnath. It is planning an investment of $15 million (around Rs 100 crore) for acquiring machinery and plant for the facility.

RenewSys has been providing Ethylene Vinyl Acetate (EVA) films to around 160 solar manufacturers – small as well as large in India. The company plans to enhance its EVA capacity from the present 1.2 GW to 1.8 GW.

In 2018-19, the company’s turnover stood at Rs 600 crore. Now, it plans to take its turnover to Rs 1,500-2,000 crore in the fiscal of 2019-20. During the fiscal of 2017-18, the company’s turnover was Rs 256 crore. The company is expecting to achieve profitability when it crossed the 1 GW capacity.

At present, RenewSys exports to around 30 countries and has offices in Dubai, South Africa and Nigeria. It also has representatives in the US, Europe and South America. Exports makes up for around 5-6 per cent of the company’s total revenues and it aims to expand this share to 30 per cent in coming years.

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