Renaissance Solar and Electronic Materials (RSOLEC) Embarks on $300 Million Investment to Revolutionize Solar Industry

Global Solar Innovator RSOLEC to Focus on India’s Solar Value Chain, Pledging Job Creation and Efficiency

Delaware, USA – Today, Renaissance Solar and Electronic Materials (RSOLEC), a groundbreaking solar enterprise with operations spanning India and the USA, officially announced its establishment, backed by a substantial planned investment of approximately $300 million. RSOLEC is set to reshape the solar industry, specializing in Solar Crystal Growth and Wafering, with a global reach and extensive expertise in differentiated solar and electronic materials manufacturing.

This momentous launch aligns seamlessly with India’s “Atmanirbhar Bharat” mission, showcasing the country’s prowess in state-of-the-art solar value chain capabilities. Over the next five years, RSOLEC’s primary focus will be on Crystal Growth and Wafering in India, a significant contribution to India’s strategic solar manufacturing capacity. In the long run, the company has ambitious plans to expand its manufacturing footprint across the entire solar value chain.

Investment and Job Creation at the Heart of RSOLEC’s Vision

RSOLEC’s unwavering commitment to pioneering solar manufacturing with the lowest capital intensity promises cost-competitive production on a global scale. The company’s roadmap outlines a goal of achieving a capital intensity below $35 million per GW, signaling an emphasis on efficiency and sustainability.

Moreover, RSOLEC is dedicated to job creation, with plans to generate over 1,000 skilled jobs in the solar sector within the next three years and an ambitious vision of more than 3,000 skilled job opportunities in the long term. This commitment to job growth aligns with broader economic development and skill enhancement objectives.

International Collaboration and Cutting-Edge Technologies

Founded and supported by technocrats hailing from five different countries across three continents, RSOLEC marries continuous improvement on existing platforms with cutting-edge technologies. While based in Delaware, USA, RSOLEC operates through its Indian subsidiary, strategically located within the dynamic ecosystem of IIT Madras Research Park.

Dr. Milind Kulkarni, Chairman and CEO of RSOLEC, expressed, “RSOLEC is poised to contribute to the solar energy revolution and initiate the cultural transformation required for success in the dynamic solar manufacturing sector. Our differentiation lies in our technology-driven, low-risk innovations, positioning RSOLEC at the forefront of the solar industry.”

“Padmashree” Professor Ashok Jhunjhunwala, President of IITM Research Park, endorsed the initiative, emphasizing its strategic importance for India’s solar ecosystem development. He stated, “It is strategically imperative for India to develop the entire solar ecosystem, encompassing solar manufacturing. RSOLEC brings the requisite expertise for technology-driven solar manufacturing, and we are pleased to support this critically significant endeavor at the IIT Madras Research Park.”

RSOLEC’s official launch marks a pivotal moment in the solar industry, with the potential to revolutionize solar manufacturing while bolstering India’s capabilities in this critical sector.