Mumbai-based solar PV module manufacturer Waaree Energies expects a four-fold jump in the solar projects business in Bengal.
The company is scouting for manufacturing opportunities in the state.
Waaree expects a business of around Rs 60-65 crore in 2019-20 against Rs 15 crore in the previous year.
The company’s senior vice-president Nitin Kapadnis on Tuesday said there had been a significant growth in the solar industry in Bengal last year in both residential and commercial projects, driven by rooftop installations. Moreover, the state is planning to commission more than 200MW of new projects that offers business scope for the company.
“We are expanding rapidly in Bengal and we are scouting for opportunity to have our own dedicated capacity of PV cells in the state with manufacturing ties with local companies here,” Kapadnis said adding Bengal could cater to the demand in the neighbouring markets of Jharkhand, Bihar and North East.
In addition to making solar PV modules, the company is in EPC services and project development and manufacture of solar water pumps. The company also sees business in the use of solar panels for electric and commercial vehicles.
The company has an installed capacity of 1.5GW to make solar PV modules with plants in the western part of the country. It is looking to expand its capacity to 2GW by the end of the year.
The expansion in capacity comes amid the government levying a safeguard duty of 25 per cent on solar cell and module imports from China and Malayasia. According to Crisil, the duty has impacted the costs of solar power projects. It has also not resulted in any significant offtake for the domestic manufacturing sector..
Source: Telegraph India