Topaz Solar plans 1.2 GW solar module, 500 MW cell manufacturing fab in Odisha

As a first phase, Topaz Solar Private Limited has said it will set up a 500 MW solar PV module manufacturing facility in India’s northeastern state of Odisha. It will seek to increase this capacity by another 700 MW, and add 500 MW of cell manufacturing under a second phase.

Image: Yann Forget, Wikimedia Commons

Share

The Indian company has said it will invest Rs. 240 crore (around US$37.4 million) in the first phase, which will see 500 MW of solar PV module manufacturing set up. A further, un-divulged investment amount will be made to ramp this to 700 MW, and to add 500 MW of solar PV cell manufacturing capacity.

Topaz said the 500 MW project will be financed via Rs. 80 crore equity and Rs. 160 crore debt, while Rs. 180 crore will be spent on imported equipment from Germany and China.

Chairman, Ganesan Natarajan tells pv magazine, “We are currently awaiting for the approval from Orissa State Government for some employment amendments. Otherwise they have already cleared our projects through their single window clearance. In all probability, the first phase will be ready for production by 2019.”

He adds that monocrystalline, polycrystalline and bifacial modules will be manufactured, and that the second phase will commence around a year after the first phase. Regarding cells, Natarajan says p-type, n-type and bifacial cells will be produced.

Topaz announced its plans against a backdrop of high Chinese solar PV imports to India, a looming solar tariff debate, and a concerted push by the government to encourage domestic manufacturing via a 20 GW manufacturing auction, among other incentives.

Natarajan says Topaz expects to receive financial support from the Odisha Government, which has already approved land for the manufacturing project. Additionally, he says, the company is eligible for a 25% capital subsidy on plant and machinery and a 10% sales subsidy on solar cells.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Waaree Energies approves investment in 300 MW electrolyzer, 3.5 GWh lithium-ion battery cell units
23 December 2024 Waaree Energies' board of directors has approved investment in setting up a 300 MW electrolyzer manufacturing plant and a 3.5 GWh Lithium-ion battery...