Foreign Solar companies look at aggressively expanding in India

The Q2’15 results of most of the large foreign solar companies are out and one topic common in all the reports was the growth story of India. India has become an important market given its impressive target to achieve 100 GW of solar installations by 2022. Many large solar companies like Trina Solar (TSL), First Solar (FSLR), SunEdison (SUNE) are eyeing India for more solar business. In a recent news, the Indian energy minister has urged the US government and leading solar companies like SunEdison, First Solar and SunPower to collaborate with India and help the country achieve its target.

These companies are rapidly expanding in India to access the untapped potential in the country. India is a hot country receiving large amount of solar radiation. This coupled with the alarming issue of global warming and the rising power concerns in the country, make India a prime location for solar installations. Another important reason for the increased foreign interest in India is dollar based tariff bidding, introduced by MNRE to reduce foreign exchange risk and encourage foreign investment in this sector.

Also read Solar tariffs on a declining spree in India.

Important solar developers in India include Azure Power, Acme, Welspun, Adani, SunEdison and Renew Power, while First Solar remains the leading module supplier in India. Thin film panels are ideal for Indian climate and usage of thin film modules shot up to 29% this year. Other important module suppliers were a mix of the Chinese and Indian module manufacturers. Waaree, Emmvee and Vikram Solar are also increasing their marketshare. Looks like India has become a Hot Selling Market for Solar!