In a significant move to the renewable energy manufacturing ecosystem of India, Inox Solar, a subsidiary of the INOXGFL Group, signed a contract worth around Rs 7,000 crores with China’s LONGi Green Energy Technology Co. Ltd.
To meet the requirements of the Indian market, Inox Solar will deliver solar modules totaling 5 GW to LONGi within three years.
Besides the supply, LONGi will ensure that Inox Solar benefits from its quality assurance and production expertise, which is recognized worldwide, thus guaranteeing that the modules conform to international standards of performance and reliability.
The partnership is in line with India's strategy of enhancing local manufacturing capabilities while cutting down on import dependency in the solar sector.
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Inox Solar has also launched production at its state-of-the-art solar module manufacturing unit in Bavla, near Ahmedabad, with a capacity of 1.2 GW, which will be increased to 3 GW in the next stage. Besides that, the company is setting up a fully integrated solar cell and module plant with a total capacity of 4.8 GW in Dhenkanal, Odisha.
Inox Clean Energy, the holding company of Inox Solar under the INOXGFL Group, is said to be working on an initial public offering (IPO) in the fourth quarter of the current financial year.
The transaction highlights the strengthening of India's solar manufacturing ecosystem, which is facilitated by import duties, domestic content requirements, and policies that encourage self-reliance in renewable energy technology.
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