India is slowly emerging as a major market for China-based solar power modules manufacturer ReneSola. The company is expected to ship more than 1 GW of modules during the current financial year.
According to Pradeep Sangwan, General Manager – ReneSola India, the company shipped 250 MW of solar power modules during the first half of calendar year 2016 and is expected to ship anther 450 MW by March 2017.
The company is looking to expand into the rapidly growing Indian solar market as it has incorporate a separate Indian subsidiary to service the local customers better. Shelley Xu, ReneSola’s vice president of module sales also stated that the company is now looking to increase sales to other emerging markets like Thailand and the Middle East.
ReneSola modules are being exhibited at the Renewable Energy Expo India where the management also stated that it plans to hire 25 employees as it looking to expand offer services across utility-scale, off-grid and rooftop solar power segments. The company intends to get registered in 16 Indian states which should further bring ease to business expansion and increase customer base beyond the existing 200 customers.
In 2012, ReneSola announced plans to supply 250 MW of locally-assembled modules in India. This business plan was likely pointed towards setting up a full-fledged manufacturing base in the country. Such a manufacturing capacity would not only help the company cater to the immense local demand, but also possibly bypass some of the anti-dumping duties levied on Chinese modules by the US and the EU.
The company may also be eligible to receive regulatory and financial incentives under the Make In India programme that encourages foreign companies to set up manufacturing units in India.