On Friday, Amp Energy announced its entry into solar cells and module manufacturing. The company revealed its plan to establish a joint venture with Websol Energy Systems. The official company statement reported that the company is set for a joint venture with Websol Energy Systems Ltd for d production of up to 1.2 GW monocrystalline PERC solar cells and modules. The manufacturing of monocrystalline PERC solar cells and modules will likely be in two phases of 600 MW each at Websol’s existing unit at Falta in West Bengal.

As per the company officials, this joint venture would provide better control over the supply chain for critical components. Notably, Websol would hold 51 per cent stake, and Amp Energy will have 49 per cent in the joint venture. The said project is going to be financed with both debt and equity. There would be an offtake agreement with Amp Energy India for up to 50 per cent of production.

Pinaki Bhattacharyya, MD and CEO of Amp Energy India, reported that In the coming years, the partnership with Websol Energy would ramp up India’s solar module manufacturing capacity as the Indian manufactured solar cells are in extreme demand. The manufacturing prices would also decrease as industry scales have become more competitive.

Amp Energy India is a renewable energy IPP (independent power producer). Having a total portfolio of about 2GW+ across 15 states in the country, the company is engaged in providing renewable energy solutions to customers across technologies such as solar, wind, hybrids, storage and energy management.