According to reports, US-based ReneSola, technology provider of solar photovoltaic (PV) modules and wafers, is expanding its India presence to tap the growing potential in the country.
At a time when foreign players are shying away from the conventional power business in India, ReneSola is betting big on solar energy in India and therefore plans to expand its product portfolio, and open multiple logistic and warehouse facilities across cities like Hyderabad, Mumbai, Kolkata, and Delhi in the next 2-3 years.
“Considering the growing demand of the solar power in the Indian market, which is estimated at 12.6 gigawatts by 2016, the Indian solar industry is likely to witness immense acceleration in investment from global solar players,” said Surendra Kumar Mishra, General Manager of ReneSola India.
“ReneSola targets to grab 10% of the megawatts scale projects which stands at 150 MW or Rs 600 crore and 15% of the off grid market in India standing at Rs 120 crore. This will further rise to 25% of megawatts scale projects and 50% of the off grid market by 2020,” Mishra said.
So far ReneSola India has sold around 110 mw modules in India, which includes 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.
India’s aim to scale up its solar power generation capacity to 20,000 MW by 2020 has encouraged power utilities like Tata Power Company, Reliance Power, GMR Energy and Adani Power to expand into renewable energy. The sector has attracted new entrants such as the Mahindra Group and foreign companies are also eyeing a share of the pie too.