Amp Energy India announced a joint venture with Websol Energy Systems Limited to manufacture and produce up to 1.2 GW of monocrystalline PERC solar cells and modules. The companies have signed a term sheet to mark the joint venture. The manufacturing of the cells and modules will be conducted in two phases of 600 MW each at Websol’s existing unit in Falta, West Bengal.
While entering manufacturing, the company will be able to better control the supply chain for critical components. In the proposed venture company, Websol will own 51 percent stake and Amp Energy will own the remaining 49 percent stake. The project will be financed by a combination of debt and equity. Amp Energy will have an offtake agreement for up to 50 percent of production. The remaining part of the product will be sold in the market to help close the demand-supply gap for cells and modules in the Indian market.
Recently, in August 2022, Amp Energy India signed a power purchase agreement for a 100 MW/140 MWp floating solar park with Rewa Ultra Mega Solar Limited (RUMSL). The company was awarded the project at a quoted tariff of Rs 3.21 per kWh. RUMSL intends to build a 600 MW floating solar park at the Omkareshwar Reservoir. The project will be executed in two phases, with 300 MW to be developed in each phase at pre-identified locations over the reservoir.