Solar panel manufacturer Renewsys increases profits and margin during fiscal year 25, but will it maintain the momentum?
In a significant move for the renewable energy sector, Renewsys India Pvt Ltd has signed a major logistics and warehousing deal in April 2023. The deal, one of the biggest in recent times, involves leasing over 7 lakh square feet of industrial space in Khalapur, a region near Mumbai, from Everstone-backed IndoSpace.
The new facility, set to be operational by the end of 2023, will cover an area of approximately 7 lakh square feet and will be equipped with state-of-the-art machinery for solar photovoltaic module production. This expansion is a part of Renewsys's ambitious plans to increase its production capacity and contribute to India's goal of achieving 450 GW of renewable energy capacity by 2030.
The lease for the industrial space, which is for a period of ten years, was inked by Renewsys India Pvt Ltd. While the exact monthly rental for the leased space was not specified, the deal is described as coming at a "hefty monthly" rate.
The new facility, which is currently under construction, will create over 1000 new job opportunities in the region. This significant investment of INR 1000 crores is expected to help meet the growing demand for solar energy in India and support the country's renewable energy goals.
Renewsys India Pvt Ltd, a solar photovoltaic module maker, is planning to further expand its presence in the renewable energy sector. The new production facility is a testament to the company's commitment to sustainable energy solutions and its vision for a greener future.
Sources: [1] Business Standard, "Renewsys India Pvt Ltd to set up solar photovoltaic module production facility in Khalapur", April 2023. [2] Economic Times, "Renewsys India Pvt Ltd secures major logistics and warehousing deal", April 2023.
The new Renewsys India Pvt Ltd production facility, set to produce solar photovoltaic modules, is a significant step in the renewable energy industry, as it covers 7 lakh square feet and aims to boost the company's production capacity. The licensed industrial space for this project comes with a substantial monthly rental, contributing to a total investment of INR 1000 crores in the renewable energy finance sector.
