Solar energy boom turns to bust for Indian manufacturers

- Advertisement -
- Advertisement -

Some of India’s biggest solar equipment makers are facing financial collapse, priced out by Chinese competitors as Prime Minister Narendra Modi’s government prioritizes cheap power over local manufacturing despite his ‘Make in India’ push.

solar energy, boom, solar manufacturers, India

Though President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its huge renewable energy programme. That has created a multi-billion-dollar market for Chinese solar product makers, who are facing an overcapacity at home and steep duties in Europe.

- Advertisement -

India’s solar power generation capacity has already more than tripled in three years to over 12 gigawatt (GW) as Modi targets raising energy generation from all renewable sources to 175 GW by 2022.

Chinese companies have gained the most from that increase, accounting for around 85 percent of India’s solar module demand and earning around $2 billion, according to industry data. The total annual market could jump to more than $10 billion in the next few years going by the government’s capacity targets.

Local companies such as Jupiter Solar, Indosolar Ltd and Moser Baer India Ltd, however, are struggling to win contracts. Orders funnelled through a domestic-content policy have all but dried up after the World Trade Organization last September upheld an earlier ruling that found the move violated global trade norms.

As a result, Jupiter said it could shut shop by July after delivering their last orders this month; Indosolar auditors have raised doubts over it remaining as a “going concern”; and Moser Baer says it needs support from its lenders to revive its solar business.

By Baishakhi Dutta

 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Agriculture drone spraying water fertiliser on the sunflower field

Rising Drone Startups Giving Rise To Balanced Drone Ecosystem, India

0
Ban on drone imports, restrictions on foreign operators, alongside simplified permission processes and relaxed rules for domestic drones drive the Indian drone market.  The Indian...

ICE To EV Transition Likely Boosts Auto Sector Jobs

0
A report by the International Forum for Environment Sustainability and Technology predicts that India's total vehicle production will double by FY31 and triple by...

Element14 Offers Traco Power Product Line Featuring TMPW Series

0
Electronics and industrial design engineers can use these ultra-compact AC/DC power supplies, which come in PCB and chassis mount configurations, for their critical building...

Buzz

Grid-Connected Solar Inverters To Be Star-Labelled

0
The implementation of this programme is anticipated to result in energy savings of 21.1 billion kWh. There will be a reduction in carbon...

Minus Zero, Ashok Leyland Team Up For Autonomous Trucking

0
This collaboration represents the first of its kind in the Indian Advanced Driver-Assistance Systems (ADAS) sector, bringing together two leading Indian entities with a...

Revfin And Maharashtra Govt Aim To Finance 2M EVs Under PM Solar2EV Initiative

0
The Solar2EV Project, a joint initiative by India's Ministry of Social Justice & Empowerment and the Maharashtra Government, aims to make sustainable energy and...

Important Sectors

Grid-Connected Solar Inverters To Be Star-Labelled

0
The implementation of this programme is anticipated to result in energy savings of 21.1 billion kWh. There will be a reduction in carbon...

Minus Zero, Ashok Leyland Team Up For Autonomous Trucking

0
This collaboration represents the first of its kind in the Indian Advanced Driver-Assistance Systems (ADAS) sector, bringing together two leading Indian entities with a...

Revfin And Maharashtra Govt Aim To Finance 2M EVs Under PM Solar2EV Initiative

0
The Solar2EV Project, a joint initiative by India's Ministry of Social Justice & Empowerment and the Maharashtra Government, aims to make sustainable energy and...

Star Labelling Scheme For Solar Panels To Boost Customer Awareness

0
The star labelling scheme will empower customers to choose the right  solar panels. Policies will be introduced for 100% Indian-made panels. Less efficient...
MG

MG Motor India Proposes New EV MPV And SUV Under Rs 15 Lakh

0
The new MG electric MPV is expected to be launched within a year, potentially by the end of 2024, and no later than March...

Manufacturing

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...

Uno Minda Prepares For Expected Surge In Aftermarket Parts Demand

0
Rakesh Kher, CEO of Uno Minda's Aftermarket Division, notes that the availability of EV replacement parts in the aftermarket will not be immediate. Uno Minda,...