French solar energy company Reden Solar is making moves to expand its production capacity with plans to increase it to 200MW a year by 2024. The company has selected a supplier from Spain to enable it to produce 300,000 PV (photovoltaic) modules each year, ramping up its capacity from 65MW.
The modules will be produced in a factory in France and will mainly be used in agrivoltaics projects being developed by the company, as well as for maintaining its current power plants. The cost of the investment in the new production line is reportedly “several million euros”.
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Reden Solar is already a major player in the industry, owning and operating almost 940MW of installed capacity across more than 730 sites. In April, the company secured financing worth €264 million ($281.4 million) from a group of financial institutions including the European Investment Bank, Crédit Agricole Corporate and Investment Bank, and Natixis Corporate and Investment Banking. The funds will be used to construct and operate up to 26 solar PV power plants with a combined installed capacity of up to 255MW across Italy.
These power plants will be operational by Q1 2025 and are expected to generate approximately 470GWh of renewable electricity annually. With Reden Solar's ambitious expansion plans, it looks set to continue making significant contributions to the renewable energy sector.
