US-based solar tracker manufacturer NEXTracker will have a manufacturing facility in India operational over the next six months in an attempt to grab a share in the rapidly expanding solar power market in the country.
NEXTracker will set up a manufacturing facility in the northern part of India over the next six months, NEXTracker Vice President Emerging Markets Nava Akkineni told media personnel recently. The company boasts 15-20% increase in efficiency in solar power generation following installation of its trackers.
The company has already signed deals and agreements with local firms to supply trackers for 1 gigawatts of solar power capacity. These orders are expected to be completed this year.
NEXTracker’s decision to set up a local manufacturing unit in India comes at the right time as the country’s solar power market is set for an exponential growth over the next few years. The company believes that the solar tracker market would increase from 7% in 2016 to 31% in 2021 with the massive push for large-scale project in India.
NEXTracker may receive support from the government under the Make In India program as well as special incentives planned for manufacturers of solar power modules and equipment. As per a draft plan discussed by the Ministry of New & Renewable Energy last year, the government is looking to offer direct subsidies to manufacturers, be it Indian or foreign, willing to set up manufacturing units in the country. The subsidies could be in the form interest subvention or cheaper loans.
The largest tracker-equipped solar power project in India hosts equipment supplied by NEXTracker. The 105 megawatts project was recently commissioned by Adani Power in the northern state of Punjab.