Renewables
Oswal Pumps plans 1.2 GW solar cell plant in India
Oswal Pumps Ltd. has approved plans to construct a 1.2 GW solar cell manufacturing plant in Haryana, India.
Key points
- The facility will use tunnel oxide passivated contact technology.
- Commercial production is projected to commence by April 2028.
- The project carries an estimated cost of INR 4.56 billion.
What happened
According to pv magazine, Indian manufacturer Oswal Pumps Ltd. intends to build a 1.2 GW solar cell production facility via its subsidiary, Oswal Solar Energy Pvt. Ltd. The board of directors has endorsed the project, which will be situated in Karnal within the state of Haryana.
The initiative aims to supply the company's internal module manufacturing operations. Commercial output is scheduled to start by April 2028, aligning with domestic content regulations in the country.
Financial structure
The total expenditure is budgeted at approximately INR 4.56 billion, equivalent to $48.1 million. Debt financing will cover INR 2.96 billion of this amount, while the remaining INR 1.60 billion will be drawn from unspent initial public offering funds.
Vivek Gupta, chairman and managing director of the firm, noted that the investment responds to rising local demand driven by regulatory changes, while enhancing operational control over quality and expenses.
Operational impact
When completed, the plant is projected to satisfy about 75 percent of the subsidiary's internal cell demands, with outside vendors providing the rest. The enterprise currently maintains 570 MW of module production capacity alongside another 1 GW currently under development.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
19.1% of electricity in India was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
