By Abdullahi Lukman
LNK Energy, a newly launched clean energy platform in India, plans to invest INR 100 billion (about USD 1.09 billion/EUR 945.7 million) in the renewable energy sector over the next five years, beginning with a 6-GW solar manufacturing facility in Maharashtra.
The company said on Monday that the initial project will include integrated production of solar cells, modules, ingots and wafers.
A memorandum of understanding for the photovoltaic manufacturing plant has already been signed with the Maharashtra state government.
Founded by a group of Indian entrepreneurs, including Paritosh Ladhani, joint managing director of SLMG Beverages, LNK Energy will focus on advanced manufacturing, green fuels and renewable power generation.
The Maharashtra facility is expected to expand over time to include junction boxes, battery platforms and other energy storage components.
Following the rollout of its manufacturing capacity, LNK plans to move into green hydrogen and solutions aimed at decarbonising hard-to-abate industries. The company also intends to build a renewable generation portfolio and operate as an independent power producer.
“At a time when energy security, industrial self-reliance and decarbonisation are national priorities, LNK has been conceived as a long-term institution,” said Kushagra Nandan, chairman of REnergy Dynamics and co-founder of LNK.