Renaissance Solar and Electronic Materials Announces A Pioneering Solar Manufacturing Venture

Renaissance Solar and Electronic Materials Announces A Pioneering Solar Manufacturing Venture

Renaissance Solar and Electronic Materials

Chennai: 4th October 2023 — ‘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 $300 million. With global reach and expertise in differentiated solar and electronic materials manufacturing, RSOLEC is set to revolutionize the industry with a strategic focus on Solar Crystal Growth and Wafering.

The launch of RSOLEC aligns with India’s “Atmanirbhar Bharat” mission, showcasing the country’s capabilities in the state-of-the-art 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. Over the long term, RSOLEC intends to expand its manufacturing over the entire solar value chain.

Investment and Job Creation:

RSOLEC’s commitment to pioneering solar manufacturing with the lowest capital intensity ensures cost-competitive production on a global scale. The company’s roadmap anticipates achieving a capital intensity below $35 million per GW.

Furthermore, RSOLEC is dedicated to job creation, aiming to generate over 1,000 skilled jobs in the solar sector within the next three years, with more than 3,000 skilled job opportunities envisioned for the long term. This commitment to job growth aligns with economic development and skill enhancement objectives.

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

Dr. Milind Kulkarni, Chairman and CEO of RSOLEC, articulated, “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, voiced his endorsement, stating, “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 endeavour at the IIT Madras Research Park.”

Key Highlights:

• Technology: The facility will utilize the state-of-the-art Recharge Czochralski (RCZ) process, which can be retrofitted to the emerging Continuous Czochralski (CCZ) process for Crystal Growth. Wafer production is based on the cutting-edge DCW platform, capable of producing thin wafers measuring below 100 micrometers in thickness.

RSOLEC’s commitment to continuous technological advancement on existing platforms enables an 80% improvement in productivity and a 40% reduction in production costs over a short timeframe.

• Product: The primary product is high-quality silicon wafers with low oxygen content, high lifetime, and controlled resistivity, compatible with all solar cell technologies, including TOPCon, PERC, HJT, and Tandem structures.

RSOLEC aims to achieve crystals with uniform resistivity, potentially increasing cell efficiency by 0.15%, a milestone not yet attained in the solar manufacturing industry. For select customers requiring very low oxygen content, the magnetic Czochralski (MCZ) platform will be employed. The facility will have the capability to produce wafers in various sizes, including M10, G12, and G16.

• Capacity: Initial production capacity is set at 5 GW, with plans for expansion to exceed 20 GW in the long term.

• Timeline: Commissioning of the facility is planned in late 2025 and production in 2026. RSOLEC is currently evaluating several short-listed production sites offering attractive opportunities.

• Innovative Leadership: The founding team of RSOLEC consists of four dedicated professionals with extensive experience in the solar value chain, supported by nine international Subject Matter Experts and accomplished Advisory Board members.

Solar energy represents the most cost-effective and rapidly growing energy source globally. RSOLEC is poised to make a substantial impact on the worldwide solar manufacturing sector, with a particular emphasis on India.