A joint venture between India's Failte Energy and China-based Sigenergy plans to invest an initial $250 million in India to set up manufacturing facilities for inverters and battery energy storage systems, a senior company executive said.
The company, which began operations in India earlier this year, will first build an inverter manufacturing plant that is expected to be operational by the second quarter of 2027, Rahul Morde, head of sales for Sigenergy-India, told Reuters.
Failte-Sigenergy is exploring possible locations for the factory.
The company will subsequently establish a battery energy storage systems factory, which is expected to come online six to eight months after the inverter facility, Morde said on the sidelines of Renewable Energy India Expo.
The company also plans to set up a research and development centre focused on battery energy storage systems in India, he said.
Sigenergy has complied with India's regulations on storing data in the country and is seeking investment clearances, Morde said.
India is looking to rapidly expand renewable energy capacity and grid-scale energy storage to support its clean energy goals, creating opportunities for manufacturers.
Sigenergy develops and manufactures energy storage systems, including battery products, inverters and energy management software for residential and commercial customers.
The company debuted on the Hong Kong stock market in April after raising HK$4.4 billion ($562 million) through an initial public offering.
