Reading Time: 5 minutes
What are the significant developments witnessed by the renewable energy industry in recent years?
In the world of rapid transformation, India has maintained its reputation by emerging as one of the major contributors in the renewable energy sector globally. As per reports, the Indian renewable energy sector is the 4th most attractive market in the world that’s currently under the booming phase after a slow start.
Innovation is bringing down costs that’s simultaneously delivering on the promise of a clean energy future. Currently, India ranks second amongst the emerging economies for leading the transition to clean energy.
Energy Storage: Energy storage plays a significant role in balancing power supply and demand that furthermore helps in tackling the intermittency issues of renewable energy. Just pair a storage system with the renewable energy source and ensure a smooth power supply, despite any weather conditions.
AI: Artificial Intelligence (AI) is seeping its way into various industries. Renewable energy industry is also embracing AI to power the Microgrids. Microgrids are local energy grids that provide energy independence, efficiency and protection during emergencies.
Harnessing the capabilities of AI along with microgrid controllers allows for continuous adaptation and improvement of operation.
In addition to AI, blockchain technology is also being adapted for use in the renewable energy industry. Initially designed for cryptocurrency, Blockchain lacks centralization, which makes it ideal for eliminating the middlemen of electricity suppliers. It reduces energy inequality and inefficiency and empowers consumers to buy and sell energy from other consumers directly.
Highlight some of the solar manufacturing challenges faced today and plans to overcome them?
Solar energy tariffs in India are among the lowest in the world, but state governments are keen to push them down further. These dangerously low tariffs are turning unsustainable for some developers, who in turn cut corners on quality. There is a lack of liquidity in the market which becomes a challenging situation for manufacturers. After a relatively muted 2019, India is expected to install 11-12 GW in 2020, which is due to a stronger existing project pipeline and not because the market fundamentals have changed. Even though it will take time for the economy to stabilize, renewable purchase obligations, and facilitating lending will put the solar industry back on track so it can continue generating clean power, decrease pollution, and create jobs.
What is the impact of 2020 budget on the solar power sector, and how do you think will it help Goldi Solar in its growth trends?
The much-awaited Union Budget 2020 has been appreciated by the solar power industry. Finance Minister Nirmala Sitharaman gave a big push to the solar power sector in an effort to promote renewable energy and signalled the end for old and polluting thermal power plants. The government announced many provisions to uplift the sector such as:
- PM Kusum Scheme will allow 20 lakh farmers to setup standalone solar pumps. The government also proposed to incentivise farmers for adopting solar power for agricultural purposes and utilize barren land for generating revenues.
- The government also proposed to increase solar energy generation by setting up large solar capacity alongside Railways tracks
- Reducing corporate tax rate for new energy companies
- Allocation to MNREs has increased by 10.62% in this budget, providing a relevant boost to the industry.
India has got tremendous opportunity and the market landscape has evolved and matured. Developers, EPC’s, suppliers etc. have also changed a lot. Today, the market has become much more competitive and everyone is doing their best to gain market share. Goldi Solar has its special strength as it owns the full value chain which can bring more value to customers and support them to achieve more together. Our target is very simple and clear, that we are and we want to be a market leader by deploying high quality products and services. We are already recognized as one of the most reputed brands and well accepted by all customers due to our vision, strength, innovation, high product quality and after-sale service. Most importantly, Goldi Solar cares about its customers by leveraging business transparency and ethical business values, no matter the size and market share.
What do you think about the overall policy developments in India, is it satisfactory?
The industry does have its fair share of challenges. The commencement of Union Budget 2020, addressed some of the major issues and provided a relevant push to the industry. In today’s time where we are grappling with one of the worst Economic Slowdown. Despite that, the government is focusing on sustainable energy and climate goals, this aided in keeping momentum upbeat for the sector.