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					</table><p>Kolkata-based solar cells and modules manufacturer <a href="http://www.webelsolar.com/" target="_blank" rel="noopener">Websol Energy</a> and <a href="https://amp.energy/global/india" target="_blank" rel="noopener">Amp Energy India</a> have formed a joint venture to manufacture up to 1.2 GW of mono PERC solar cells and modules.</p>
<p>This will be done in two phases of 600 MW each at Websol’s unit at Falta in West Bengal.</p>
<p>Websol will hold a stake of 51% and AMP 49% in the venture, with neither entity having any shareholding in the other outside of the JV. The shareholding of Amp will not exceed 50% on a fully diluted basis.</p>
<p>The project is to be financed with a combination of debt and equity. In all, 20,000 equity shares each of ₹10 (~$0.13) will be issued between Websol and Amp Energy.</p>
<p>The companies have agreed that Amp Energy would offtake 50% of the production, with the rest sold in the market. The companies hope this will help fill the demand-supply gap for cells and modules in the Indian market.</p>
<p>The joint venture’s board will have five directors, with Websol and Amp entitled to appoint two directors each. There will be one independent director/CEO.</p>
<p>“There is an extremely strong demand for solar cells manufactured in India, and with favorable policies in place, the costs of manufacturing will also go down as the industry scales and becomes more competitive. We believe that our entry into manufacturing would not only help in backward integration but also help us have better control over the supply chain of critical components. We have always supported the government’s Aatmanirbhar Bharat initiative by generating renewable energy in India, and this natural progression into manufacturing is also an extension of our support.” Pinaki Bhattacharyya, MD, and CEO, Amp Energy India, said.</p>
<p>In July this year, Websol Energy’s board of directors <a href="https://mercomindia.com/websol-energy-set-up-solar-cell-module-manufacturing/" target="_blank" rel="noopener">approved</a> a proposal to set up a solar cell and module-making plant of up to 1.8 GW capacity.</p>
<p>Last September, Websol <a href="https://mercomindia.com/daily-news-wrap-up-jinkosolar-500-million-vietnam/" target="_blank" rel="noopener">received</a> approval for its modules under the Approved List of Module Manufacturers from the Ministry of New and Renewable Energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Websol, Amp Energy Form JV to Manufacture Solar Cells and Modules


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><a href="https://amplussolar.com/" target="_blank" rel="noopener"><strong>Amplus Solar</strong></a><strong>&#8216;s electric mobility vertical signed a memorandum of understanding with </strong><a href="https://www.mahindraelectric.com/" target="_blank" rel="noopener"><strong>Mahindra Electric</strong></a><strong> to procure their Zor Grand, the company’s new electric vehicle. </strong>With this addition, Amplus Solar intends to strengthen its fleet of clean vehicles, offering freight delivery to major e-commerce, on-demand logistics, and other enterprises in the country on various subscription models. The agreement signifies a significant step forward in Amplus Solar’s mission to advance clean mobility solutions to its customers.</p>
<p><a href="https://www.voltup.in/" target="_blank" rel="noopener"><strong>VoltUp</strong></a><strong>, a one-stop battery swapping start-up, announced a partnership with </strong><a href="https://www.adanielectricity.com/" target="_blank" rel="noopener"><strong>Adani Electricity</strong></a><strong> and </strong><a href="https://heroelectric.in/" target="_blank" rel="noopener"><strong>Hero Electric</strong></a><strong> to boost smart mobility.</strong> Starting with 120 docks in ten locations between Goregaon and Borivali in Mumbai, the partnership will add 50 locations by year-end to cover the western line from Churchgate to Mira-Bhayandar.  The partnership looks to operationalize 500 such battery swapping solutions centers across Mumbai by 2024, catering to over 30,000 riders daily.</p>
<p><strong>Saatvik, a solar photovoltaic (PV) modules manufacturer, </strong><a href="https://saatvikgroup.com/saatvik-associates-with-pv-cycle-to-safeguard-the-environment-by-treating-pv-wastages-globally/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> an agreement with a Belgium-based waste management organization, PV Cycle, to treat the waste of damaged Saatvik solar PV modules globally.</strong> The organization offers PV cycle certification and collective and tailor-made waste management and legal compliance services for companies and waste holders worldwide. Saatvik’s product portfolio includes mono perc, bifacial, and polycrystalline solar PV modules that are now certified by the PV Cycle to reduce wastage and safeguard the environment.</p>
<p><strong>Vena Energy, a renewable energy company, </strong><a href="https://www.venaenergy.com/news/vena-energy-to-expand-the-development-of-offshore-wind-projects-in-taiwan/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it would launch two offshore wind projects, Wei-Na and Wei-Long, with a total capacity of 1.8 GW</strong>, to participate in auctions under Taiwan Phase 3 Offshore Wind Zonal Development. The 1,200 MW Wei-Na offshore wind project will be located 20 kilometers off the coast of Miaoli County, with a site area of about 126 square kilometers and a water depth of about 52-78 meters. The 600 MW Wei-Long offshore wind project will be located 43 kilometers outside Changhua county and span an area of approximately 76 square kilometers, with a depth of about 40-62 meters. The two offshore wind projects are expected to use large wind turbines with a single capacity of 14 MW to 20 MW.</p>
<p><strong>Tata Power </strong><a href="https://www.tatapower.com/media/PressReleaseDetails/1972/tata-power-transforming-green-mobility-landscape-sets-up-450-ev-charging-points-across-350-national-highways" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has set up a total of 450+ EZ charging points for electric vehicles across 350 + national highways.</strong> Tata Power EZ Charging Points have been installed across major national highways, including the longest highway NH 44, which connects J&amp;K to Tamil Nadu, NH 19 connecting Delhi, UP, Bihar, West Bengal, and Jharkhand, and other highways connecting major states across south, north, east and west India like NH 65, NH 48, NH 16, etc. This is in line with the company’s nationwide plan of setting up charging points from north to south, connecting Kashmir to Kanyakumari and from east to west, from Guwahati to Dwarka and Bikaner. The widespread installation of Tata Power EZ Charging Points is expected to make intrastate and interstate (via national highways) travel easy for EV owners. These 450+ EV charging points on the highways are installed at diverse locations like hotels, commercial complexes, and car dealerships across 25+ states and five union territories to provide ease of charging, reduce range anxiety, and ensure seamless green and sustainable mobility.</p>
<p><strong>A group of financiers, including </strong><a href="https://www.revfin.in/" target="_blank" rel="noopener"><strong>Revfin</strong></a><strong>, </strong><a href="https://www.mufinfinance.com/mufin-green-finance/" target="_blank" rel="noopener"><strong>Mufin Green Finance</strong></a><strong>, </strong><a href="https://akasafin.com/" target="_blank" rel="noopener"><strong>Akasa Finance</strong></a><strong>, </strong><a href="https://prestloans.com/" target="_blank" rel="noopener"><strong>Prest Loans</strong></a><strong>, </strong><a href="https://www.teamvedika.com/JFPL/abt_cmpny.php" target="_blank" rel="noopener"><strong>Vedika Fincorp</strong></a><strong>, and </strong><a href="https://www.gripinvest.in/?utm_source=google&amp;utm_term=grip%20invest&amp;utm_creative=Responsive_Search_Ads&amp;utm_campaign=search_Grip_Brand_keywords_Prosp_India_08_03_22&amp;utm_device=Desktop_Mobile&amp;utm_content=SEM&amp;utm_adgroup=Grip_Invest&amp;utm_placement=&amp;utm_medium=cpc&amp;gclid=Cj0KCQjwpeaYBhDXARIsAEzItbH6uMLsXz5mIQA2XlRfBusAjd7rwCIDpN7sU2GuBxUSGN9uB-YMAHAaAsnREALw_wcB" target="_blank" rel="noopener"><strong>Grip Invest</strong></a><strong>, launched the Electric Mobility Financiers Association of India (EMFAI). </strong>EMFAI will act as a platform for institutions financing electric vehicles and other products and services relevant to the ecosystem. The association&#8217;s mission is to enable the fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility. Access to capital is one of India&#8217;s largest constraints and opportunities for the large-scale adoption of electric vehicles. Members of EMFAI have committed to providing this access not only for electric vehicles but also for associated infrastructure and ancillary products.</p>
<p><strong>Energy solutions start-up </strong><a href="https://sheru.se/" target="_blank" rel="noopener"><strong>Sheru</strong></a><strong> and advanced battery manufacturer </strong><a href="http://jpmgroup.co.in/" target="_blank" rel="noopener"><strong>JP Minda</strong></a><strong> have signed a memorandum of understanding </strong>to work together on improving battery performance and the deployment of batteries. Sheru would provide Minda access to its Tezz software platform and receive advanced Li-ion batteries from Minda for battery swapping. Sheru Tezz software provides users with data on critical battery parameters such as performance, asset tracking, battery life management, and alerts related to the mechanical and electrical aspects of the asset. It would also enable better servicing of batteries, inventory management, and tracking and demand management.</p>
<p>Image credit: Mahindra Electric</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Daily News Wrap-Up: Amplus Solar Partners with Mahindra to Electrify its Fleet

<p>Kolkata-based manufacturer of solar cells and modules <a href="http://www.webelsolar.com/" target="_blank" rel="noopener">Websol Energy</a> System has announced combined financial results for the fourth quarter (Q4) and the financial year 2021 (FY21).</p>
<p>The company reported a net profit of ₹678.3 million (~$9.3 million) for FY 2021 which included exceptional items of ₹553.1 million (~$7.6 million) considered in Q3 2020 as a result of write back (reduced credit balance claimed as income). In Q4 2020, the company also accounted for ₹13 million ($17,913) as exceptional income received during the insurance company as a claim against the company’s loss due to the Amphan flood in May. Without the two exceptional items in the year, the net profit of the company would be ₹112.2 million, a 172% increase from the ₹41.3 million ($568,302) logged in FY 2020.</p>
<p>The company posted ₹35.3 million (~$486,601) in net profit for the fourth quarter against a net loss of ₹50.7 million (~$698,529) in Q4 2020, an increase of 170% (including exceptional income of ₹13 million ($17,913)).</p>
<p>The company&#8217;s total income in the fiscal reduced by 24% with ₹1.58 billion (~$21.7 million) compared to ₹2.06 billion (~$28.34 million) in the preceding year. Compared to the previous quarter, income rose by roughly 127% to ₹477.1 million (~$6.5 million). In Q4 2020, the company registered an income of ₹210.2 million (~$2.8 million).</p>
<p>The company&#8217;s revenues from operations – ₹1.54 billion (~$21.06 million) – were derived from the sales of 158 MW of cells and 8 MW of solar modules in the FY 2021.</p>
<p>In the fourth quarter of 2021, Websol Energy Systems reported earnings before interest, taxes, depreciation, and amortization (EBIDTA) of ₹107.2 million (~$1.47 million), following up on a corresponding figure of ₹49.7 million (~$68,484) excluding exceptional items. A depreciation provision was made for ₹37.8 million (~$520,173).</p>
<p>The company reported an interest outflow of ₹20 million (~$275,224).</p>
<p>The company&#8217;s yearly profits and increase in EBIDTA are attributed to increased cell throughput, improved realizations, and resumption of the module line.</p>
<p>The company had <a href="https://mercomindia.com/solar-module-manufacturer-websol-revenue/" target="_blank" rel="noopener">reported</a> a 21.3% growth in revenues during Q3FY21 over Q2FY21. The revenue growth was complemented by a 373.8% increase in EBIDTA over Q2FY21.</p>
<p>According to the statement, Websol has sold out all its solar cells for the coming months. The company is restructuring its existing 250 MW solar cell capacity towards higher cell sizes and looking at commissioning additional solar cell capacity.</p>
<p>The managing director of the company S.L. Agarwal said, &#8220;The company was able to widen cell manufacturing margins, moderate raw material costs as a percentage of revenues from 60.55% in the third quarter to 53.67% in the fourth quarter, strengthening overall competitiveness.&#8221;</p>
<p>Websol Energy Systems has been into the production of solar energy cells with a capacity of 1 MW in the mid-90s and went to increase its portfolio with a 250 MW solar cell and 250 MW module manufacturing. For FY 2021-22, the company is working towards producing 175 MW of solar cells and 135 MW of solar modules.</p>
<p>Agarwal further added, &#8220;During the current year, the company&#8217;s interest outflow will decline sharply on account of virtually no long-term debt on the books. Besides, the company commissioned its dormant 250 MW module manufacturing line in the last quarter. The accumulated loss of the previous years will provide a multi-year tax hedge. We will utilize this advantage to build a broad-based, competitive, and sustainable organization in the wake of the production-linked incentive program of the government that is intended to graduate India into a global hub for the manufacture of solar energy equipment.&#8221;</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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Solar Cell & Module Maker Websol Energy Posts Revenue of ₹1.54 Billion in FY 2021

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