RenewSys Ink MoU with Telangana For Rs 6,000 Crore Investment in Solar Manufacturing

RenewSys Ink MoU with Telangana For Rs 6,000 Crore Investment in Solar Manufacturing

Singapore-based integrated manufacturer of solar modules, RenewSys India Private Limited has signed a Memorandum of Understanding (MoU) with the Telangana government, regarding establishing several manufacturing units for Photovoltaic (PV) modules and PV cells within the state. The agreement is about a phased investment totaling Rs 6,000 crore, slated to extend until the financial year 2028. Further, the MoU looks forward to generating employment opportunities for around 11,000 people in the state.

The MoU was signed by Srinath Naidu, Chief Administrative Officer, RenewSys, and the Industries Department of Telangana in the presence of Industries and IT Minister, D. Sreedhar Babu. The company further said on Linkedin that Telangana is set to emerge as one of India’s largest solar manufacturing hubs, driving socio-economic progress across the entire state.

The company will set up multiple PV modules and PV Cell manufacturing units in Telangana. RenewSys has set up India’s first integrated manufacturing facility of solar PV modules and its key components in Hyderabad, Bengaluru, and Patalganga.

In other news, Telangana agriculture minister T Nageswar Rao inaugurated a 10.5 MW solar plant set up by Singareni Collieries Company Limited (SCCL) at Ramavaram in Kothagudem town on 25th February. On the occasion of the inauguration of the state-owned Singareni Collieries Company Limited (SCCL), the minister spoke of the insurance scheme plans to provide cover for over 43 thousand regular workers working in Singareni Coal Collieries Limited. He also informed that the government plans to launch the free supply of household electricity for up to 200 units and an LPG cylinder for 500 rupees in a day or two.

Telangana Government also plans to relieve government-run schools from the financial burden of electricity bills. The government will be introducing more solar power plants on the rooftops of its schools of different capacities. The plan involves installing solar power plants in a total of 5,267 schools, which includes 4,600 government and local body high schools, 475 Kasturba Gandhi Balika Vidyalayas (KGBVs), and 192 Model Schools, stated an earlier report.