Zetwerk Secures 375 MW Solar Module Deal with NTPC

Zetwerk Secures Deal With NTPC To Supply PV Module For Bhuj Solar Project

Zetwerk, a managed marketplace for contract manufacturing, has secured a deal with National Thermal Power Corporation (NTPC) for supplying 375 MWp of solar PV modules. This project is led by NTPC – Renewable Energy Limited (REL).  

Zetwerk, claims to be one of the largest suppliers for energy projects in segments such as solar, wind, and oil and gas. Under the agreement, it would provide 375 MWp solar modules to Bhuj solar project. The firm will look into the manufacturing and delivery of 375 MWp of solar PV modules in addition to providing the mandatory spares.

In the US, Zetwerk manufactures steel components for solar EPCs and leading solar tracker OEMs through factories in India and the US. Zetwerk has also won several orders from several Indian and multinational Fortune 500 companies in the renewable energy space.

Starting from a $1.8 million seed round in 2018, Zetwerk has raised more than $600 million in funding, with the last round raised at a valuation of $2.7 billion.

Zetwerk’s Trajectory

The startup was launched as a B2B firm that sought to connect mid-to-large original equipment manufacturers (OEMs) and manufacturing SMEs who are based in tier-2 and tier-3 cities.  The firm has grown quickly since, crossing milestones virtually every year, from turning a unicorn (valuation over $1 billion) to turning into a firm that provides end to end manufacturing solutions to its clients. 

Abhay Adya, Business Head, Renewables at Zetwerk told Saur Energy in August, “We are discussing with few technology partners to have a manufacturing facility for panels and trackers in the US too. We acquired Unimact there recently which already has a manufacturing facility in New Mexico, and Las vegas also now. We have plans to get into batteries etc as well”.

Zetwerk has done well enough to explore opportunities in the middle east and Africa now. Having a presence in North America means it is exploring more work there too, besides partnerships that can leverage the IRA to deliver more scale.