ReNew Power Invests in Solar Manufacturing to Cut China Dependency

ReNew Power will invest Rs 1,500-2,000 crore to set up a 2-gigawatt (GW) solar cells and modules manufacturing facility. The foray into manufacturing is to provide the country’s largest renewable energy company a better control over its supply chain for critical components, as most of these equipment are sourced from China, and the government has started taking steps to reduce import dependency from the hostile neighbour. The companies will be required to put in place a board-approved policy on the management fee, expenses and incentives, if any, claimed from trusts under their management.RBI issues fair practices code for asset reconstruction companiesDuring the last quarter of FY20 gold loan portfolio of the NBFC increased by Rs 3,113 crores to Rs 41,611 crore. Will achieve the earlier guidance of 15% growth this fiscal: Muthoot Finance The company currently owns 5.4 GW of operational solar and wind assets and has another 4.6 GW capacity under various stages of development. ReNew’s broad base of equity investors include Goldman Sachs, Japan’s Jera, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board. The company’s announcement comes at a time when 50% of the country’s 11-GW domestic panel-making units and 3-GW of cell manufacturing facilities remain unutilised in a market where technology changes very frequently, lower returns have also prevented most of the local manufacturers to invest much in research and development for offering upgraded products to meet global standards.