Lanco Will Invest $350 Million for Solar Panel Factory in India

  • Manufacturing facility located in state of Chhattisgarh
  • Lanco invites investors to build factories in economic zone

Indian power and construction company Lanco Infratech Ltd. will invest 23 billion rupees ($350 million) to build a solar manufacturing facility by January 2017 in Chhattisgarh state in the middle of the nation.

Lanco’s factory will be built on 100 acres of the 250-acre special economic zone in the Rajnandgaon district. It will produce 1,800 metric tons a year of solar-grade polysilicon, 100 megawatts of ingots and wafers, 150 megawatts of modules and 100 megawatts of cells, Lanco Solar President Raj Kumar Roy said in an interview.

“We have already invested 12 billion rupees so far,” the executive said. “We will invest another 8 billion rupees by July 2016 and about 3 billion rupees between November 2016 and January 2017.”

The company now seeks to invite domestic and foreign investors to set up solar manufacturing plants to work on the remaining 150 acre land in the economic zone.

“The SEZ has all approvals, water and power available for companies interested in setting up solar manufacturing facilities,” Roy said. “We will be reaching out to investors.”

The company intends to build its factory by September 2016, except the 100 megawatt cell line, which will be completed by January 2017.

India seeks to install 100 gigawatts of solar capacity at a cost of $100 billion by 2022. It has about 4 gigawatts now.

According to Bloomberg New Energy Finance, India has a module manufacturing capacity of 3 gigawatts and for solar cells about 1.2 gigawatts. Much of that is underutilized, making India depend on imports to satisfy demand from solar developers.

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