Amp Energy India and Websol Energy Systems have proposed to form a joint venture for manufacturing of solar cells and modules.
In a release, Amp Energy India said that it has entered into a term sheet agreement with Websol Energy Systems for manufacturing and production of up to 1.2 GW per year of monocrystalline PERC solar cells and modules.
Production will take place in two phases of 600 mw annual capacity, each, at Websol Energy’s existing facility at Falta in West Bengal.
The company’s entry into manufacturing will help it to provide a better control over the supply chain for critical components, Amp Energy said in the release.
Websol will hold 51 per cent equity in the proposed JV company while Amp Energy will hold the remaining 49 per cent.
The project is to be financed with a combination of debt and equity and will have an off-take agreement with Amp Energy India for up to 50 per cent of production. The rest of the produce shall be sold in market, these shall help fill demand-supply gap for cells and modules in Indian market.
“We believe that our entry into manufacturing would not help in backward integration but also help us have better control over supply chain of critical components. We have always supported the government’s Atmanirbhar Bharat initiative by generating renewable energy in India and this natural progression into manufacturing is also an extension of our support,” noted Pinaki Bhattacharyya, MD & CEO, Amp Energy India.
Also read: Amp Energy India Inks PPA With RUMSL For Floating Solar Project
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