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ReneSola eyes 25% of India’s solar market by 2020

According to reports, ReneSola India, the Kolkata-headquartered Indian arm of the NYSE-listed ReneSola, is eyeing 25 per cent of the India’s growing solar (mw scale) market and 50 per cent of grid market by 2020.

ReneSola, a global technology provider of solar PV modules and wafers with 17 subsidiaries worldwide, has lined up plans to diversify and expand its product portfolio in the Indian market by end of 2013 by introducing products like micro inverters, string inverters, mounting structures, power storage systems, monitoring systems, LEDs and other green products. This will expand their reach to 10 categories and 1,000 catalogues by the end of 2014, Surendra Kumar Mishra, general manager of ReneSola India, said.

As of now, ReneSola India has sold around 110 mw modules in India out of a total of 1.5 gw installations, which include 5.5 mw project in Phalodi and Rajasthan by Solar Direct, 1.5 mw project in Gujarat by Sun Edison, and 54 mw project in Neemuch, MP, by Welspun.

“Considering the growing demand of the solar power in the Indian market, which is estimated at 12.6 gw by 2016, the Indian solar industry is likely to witness immense acceleration in investment from global solar players. We target to grab 10 per cent of the mw scale projects which stands at 150 mw or Rs 600 crore and 15 per cent of the off grid market in India standing at Rs 120 crore. This will further rise to 25 per cent of mw scale projects and 50 per cent of the off grid market by 2020,” said Mishra.

The company, which has recently set up its corporate office in Mumbai, is in the process of expanding its OEM partners in India, expanding its product portfolio, and opening multiple logistic and warehouse facilities across cities like Hyderabad, Mumbai, Kolkata, and Delhi in the next 2-3 years to back up its growth plans in the country.

Harry Xu, sales director, APAC, ReneSola, said, “Our Virtus III panels integrates with ReneSola micro inverters and are PID free which is most suitable for high temperature and humidity environments like India. The solar modules that we offer are certified by international organisations. Our clients can be assured that our modules are exceptionally durable, environmentally friendly, and have excellent price-performance ratio.”

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