ReneSola bets big on solar energy in India

- Advertisement -

The company plans to capture 25 per cent of India’s solar market and 50 per cent of its grid market by 2020

By Srabani Sen

Harry Xu, sales director, APAC ReneSola, and Surendra Kumar Mishra, GM, ReneSola India, at a press conference in New Delhi
Harry Xu, sales director, APAC ReneSola, and Surendra Kumar Mishra, GM, ReneSola India, at a press conference in New Delhi

Wednesday, October 09, 2013:At a time when the Indian solar industry is going through a slump, US-based ReneSola, a leading technology provider for solar photovoltaic (PV) modules and wafers, is expanding in India through its subsidiary ReneSola India Pvt Ltd, which is headquartered in Kolkata.

The company is betting big on solar energy in India and plans to augment its OEM partners in India, expand its product portfolio, and open multiple logistics and warehouse facilities across cities like Hyderabad, Mumbai, Kolkata and Delhi in the next two-three years. “By 2020, we plan to capture 25 per cent of India’s growing solar (MW scale) market and 50 per cent of its grid market,” says Surendra Kumar Mishra, general manager, ReneSola India Pvt Ltd.

- Advertisement -

“Considering the growing demand for solar power in the Indian market, which is estimated to touch 12.6 GW by 2016, the Indian solar industry is likely to witness immense acceleration in investments from global solar players. We initially target to grab 10 per cent of the MW scale projects, which stands at 150 MW (or Rs 6000 million) and 15 per cent of the offgrid market in India (standing at Rs 1200 million).

And by 2020, we aim to further capture 25 per cent of the MW scale projects and 50 per cent of the off grid market,” Mishra adds.

Manufacturing in India in the offing?

Mishra has also hinted at the company’s plan to start manufacturing in India. “Actually, there is a plan to start our own manufacturing facility in India. Once the major solar projects are launched, we feel that some of the OEM partners may not cooperate with us as they will find manufacturing very fruitful in India. So, from that perspective, we may have to start our own production in India in the future by entering into a joint venture,” says Mishra.

Expansion of product portfolio

ReneSola aims to diversify and expand its product portfolio in the Indian market by the end of 2013 by introducing products like micro inverters, string inverters, mounting structures, power storage systems, monitoring systems, LEDs and other green products, which will steer them quickly to reach 10 categories and 1000 catalogues by the end of 2014.

So far, ReneSola India has sold modules amounting to a capacity of around 110 MW in India out of a total of 1.5 GW of installed capacity,which includes the 5.5MW project in Phalodi, Rajasthan, by Solar Direct, the 1.5MW project in Gujarat by Sun Edison, and the 54MW project in Neemuch, MP, by Welspun.

Informing about the success of its Virtus III modules, and the upcoming launch of the newer Virtus III modules later this year, Harry Xu, sales director, APAC at ReneSola, states, “Our Virtus III panels integrate with ReneSola micro inverters and are PID free, which is most suitable for the high temperature and humid environment of places like India. The solar modules that we offer are certified by international organisations. Our clients can be assured that our modules are exceptionally durable, environment friendly, and have an excellent price-performance ratio.”

“Keeping the Indian power situation in mind, we are trying to make some very price competitive products that are affordable to people with very low incomes,” adds Harry.

Electronics Bazaar, South Asia’s No.1 Electronics B2B magazine

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Exclusive

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Important Sectors

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Silicon Labs’ New Address: Hyderabad

0
It is the company's largest global centre for engineering and wireless connectivity innovation Leading global IoT wireless technology company Silicon Labs recently inaugurated its new...

Manufacturing

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Wind Power Brings Continuum And GE Renewable Energy Together

0
Commercial and industrial establishments will receive the wind power produced in the respective states As per a recent announcement, GE Renewable Energy is set to...

Apple Making iPhone 14 In India!

0
As per the latest reports, Apple has started manufacturing iPhone 14 in India. Foxconn’s Sriperumbudur facility situated on the outskirts of Chennai is the...