AMP Energy Joins The Manufacturing Trail, To Make Solar Modules and Cells

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Amp Energy India, one of India’s leading renewable energy companies hitherto focused on EPC and the C&I segment, has announced a joint venture (JV) with Websol Energy Systems Ltd. for manufacturing and production of upto 1.2 GW monocrystalline PERC solar cells and modules.

The companies have entered into a Term Sheet for establishment of a Joint Venture (JV) for production of monocrystalline PERC solar cells and modules in two phases of 600 MW each at Websol’s existing unit 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. In doing this, AMP Energy follows other industry players like Renew Energy Global, Azure Power, and of course established players like Adani Green, Tata Power and more. Hitherto, we had usually seen manufacturers set up EPC divisions to ensure offtake.

It is proposed to set up the unit in a JV company in which Websol will hold 51% and Amp Energy will hold the 49%. The deal is certainly not going to be the last deal we see between developers and manufacturers, as both seek to derisk in a volatile market going ahead. Websol is already part of the ALMM list of manufacturers in India. The high BCD of 40% on module imports and 25% on cell imports has also pushed more and more larger developers to consider backward integration to stay competitive. It remains to be seen if it pushes global manufacturers to make in India too.

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 upto 50% of production. The rest of the produce shall be sold in market.

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The Term Sheet is subject to both parties agreeing on certain commercial terms and DD, Definitive Agreements.

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“This partnership with Websol Energy will go in a long way to ramp up India’s solar module manufacturing capacity in the coming years. There is an extremely strong demand for India manufactured solar cells and with favourable policies in place, the costs of manufacturing will also go down as industry scales and become more competitive. 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.” Pinaki Bhattacharyya, MD and CEO, Amp Energy India said.

Amp Energy India has a total portfolio of about 2GW+ spread across 15 states in the country.

Amp Energy India is also associated with the Amp Energy Group headquartered in Toronto, Canada. With about $2 Billion total Capex financed globally, Amp Energy is a global energy transition platform backed by leading investors such as the Carlyle Group with a focus on the key renewable markets such as US, Canada, India, Japan, Spain and Australia globally.

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