Renaissance Solar and Electronic Materials unveiled its solar manufacturing venture and a USD 300 million investment plan in India on Oct 3.

"Renaissance Solar and Electronic Materials (RSOLEC), an innovative solar enterprise with operations in India and the USA, today announced its official launch and establishment, accompanied by a significant planned investment of about USD 300 million," stated the company.

RSOLEC, which has a global reach and expertise in unique solar and electronic materials manufacturing, is ready to change the sector with a strategic focus on Solar Crystal Growth and Wafering, according to the company. The debut of RSOLEC is in line with India's "Atmanirbhar Bharat" mission, which aims to showcase the country's strengths in the cutting-edge solar value chain.

The company's primary focus for the next five years will be on crystal growth and wafering in India, contributing significantly to the country's strategic solar manufacturing capacity, it stated.

Over the long term, RSOLEC intends to expand its manufacturing over the entire solar value chain, it added. The company's roadmap anticipates a capital intensity below USD 35 million per GW. Furthermore, RSOLEC is committed to job development, seeking to create over 1,000 skilled positions in the solar sector over the next three years, with over 3,000 skilled job possibilities anticipated in the long run.

RSOLEC is headquartered in Delaware, USA, and works through its Indian affiliate, housed inside the vibrant ecology of IIT Madras Research Park.

"RSOLEC is poised to contribute to the solar energy revolution and initiate the cultural transformation required for success in the dynamic solar manufacturing sector," stated Milind Kulkarni, Chairman and CEO of RSOLEC. Our unique selling point is our technology-driven, low-risk solutions, which have propelled RSOLEC to the forefront of the solar industry."

The initial production capacity is set at 5 GW, with plans for expansion to exceed 20 GW in the long term.