Chinese inverter manufacturer Sungrow has signed an 850MW PV inverter supply agreement with Hero Group’s renewables arm, Hero Future Energies.
Sungrow said the inverters will be delivered to multiple Hero Future Energies projects in India. Under the agreement, Sungrow will supply its 1,500V inverter solutions from its manufacturing plant in Bengaluru, suitable for “projects in harsh conditions, like deserts”.
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Sunil Badesra, country head of Sungrow India, said the company has a long-standing partnership with Hero Future Energies for more than five years, and is pleased to work with Hero Future Energies on future projects.
In Wood MacKenzie’s Global Solar PV Inverter and Module-Level Power Electronics Market Share 2023 report, Sungrow accounted for 23% of the global inverter market in 2022, growing from 21% in 2021. The company was only behind Huawei (29%), while the top five companies, which also included Ginlong (8%), Growatt (6%), and GoodWe (5%), accounted for 71% of the total global PV inverter shipments in 2022. According to the company, it did regain the first position in 2023.
Moreover, Sungrow released its 2023 annual report and Q1 2024 report earlier this year, which saw the company’s market valuation surpass that of Chinese solar manufacturer LONGi. According to Sungrow’s latest report, in 2023, the company achieved a revenue of RMB72.25 billion (US$9.9 billion), a year-on-year increase of 79.5% and net profit attributable to the parent company of RMB9.44 billion (US$1.3 billion), a year-on-year increase of 162.7%.
In terms of business revenue, PV inverters and other power electronic conversion equipment achieved a total operating income of RMB27.65 billion (US$3.82 billion), a year-on-year increase of 60.97%, accounting for 38.27% of the current operating income, and 37.93% of the gross profit margin.
