As reports come in predicting stunted growth for Indian solar in 2023, PV Tech Premium spoke to Vinay Rustagi, managing director of Bridge To India, about the obstacles facing the sector in the next year and the prospect of light at the end of the tunnel.
PV manufacturer Goldi Solar is planning to participate in India’s expanded production-linked incentive (PLI) programme as it bids to ramp up its module and cell production to 6GW and 5GW, respectively, by the end of 2025.
Indian module manufacturer Waaree Energies has struck a multi-year supply agreement with CubicPV, a merger between US-based wafer producer 1366 Technologies and Hunt Perovskite Technologies (HPT), under which Waaree will receive 1GW of silicon cells per year from CubicPV’s Indian factory.
Vikram Solar has filed draft papers for its initial public offering (IPO) as it looks to raise funds for a 2GW integrated cell and module manufacturing plant in India.
India is set to double its solar module manufacturing capacity in the next two years, with the sector boosted by government support schemes and new entrants exploring the market, according to JMK Research & Analytics.
The Indian government’s budget announcement on Monday (1 February) is set to be a “game-changer” for domestic manufacturing following the imposition of a Basic Customs Duty (BCD) of 25% on solar PV cells and of 40% on solar PV modules from April this year.
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
