Jakson Group to Enter Power Generation Business Attempting to Capitalize on Green Energy Boom
Jakson Group, an Indian solar module manufacturer, intends to diversify into power generation in order to capitalize on the country's clean energy boom.
Jakson, which is based on the outskirts of New Delhi, intends to have 5 gigatonnes of power capacity by 2030, according to Chairman Sameer Gupta in an interview. According to him, the generation plan will cost 250 billion rupees ($3 billion).
The company currently manufactures modules and executes turnkey contracts to build renewable energy projects, and Gupta believes that expanding into power generation will allow it to tap the entire value chain of the business.
The company is banking on India's ambitious plan to build 500 gigatonnes of clean energy capacity by 2030. While the push has piqued the interest of international energy behemoths and local billionaires such as Gautam Adani and Mukesh Ambani, the pace of installation has fallen far short of the target, and the government has devised a strategy to more than triple project auctions.
"We want to be a part of this expansion," said Gupta. According to him, the company has the execution and design capabilities to enter the generation market.
Meanwhile, Jakson is on track to double its module-making capacity to 1.2 gigatonnes in the coming months and is looking for a new location to build a 1 gigatonne cells-to-module facility, according to Gupta.