Please tell our readers about Sungrow’s 800 MWp PV Inverter solution contract in Qatar.
Sungrow will be supplying its flagship string inverter SG250X (1500 V) to 800 MWp Al Kharsaa project, Qatar’s first utility scale solar project. This project is world’s third largest solar project, having a capacity of 800 MW which will reduce carbon dioxide by 26 million tonnes during its lifetime. As this project is planned to be operational before 2022 FIFA world cup and thereby supporting Qatar National Vision 2030 towards economic decarbonization and sustainable development, it becomes more special.
The 800 MW PV project will be developed by a consortium of Marubeni and Total after winning the bid of Qatar’s first solar tender. As an Independent Power Producers (IPP) of the landmark project, Marubeni from Japan and Total from France have shown great confidence towards the bright prospect of the project due to prominent product solutions and 100% bankability of Sungrow.
The project site covers 1000 hectares in a tropical desert having high temperature and strong wind zones. The world’s most powerful 1500V string inverter SG250HX from Sungrow with IP66 and C5 protection capability smart forced air-cooling technology, is highly resilient in such harsh climate and will be powering this large project. In addition, its compatibility with bifacial modules and tracking systems, make it more compelling to increase the yield considerably by leveraging the maximum sunlight. It enables flexible block design allowing up to 6.75 MW, significantly saving the initial investment and streamlining O&M.
What according to you made Sungrow the 100% bankability rating for two years?
Sungrow, the global leading inverter solution supplier for renewables has more than 23 years of highly recognized credentials in the clean power conversion technology. Sungrow has a strong track record of robust performance across the globe with more than 120 GW of installations and is having the largest manufacturing capacity reaching up to 50 GW per annum. Increasing investment in R&D bolstered by continuously growing annual revenue has helped Sungrow to stay ahead of the curve. Our customers have been rewarded with improved ROI through our technologically advanced and optimized solution for any project. Robust financial ratios, strong operational metrics, consistent high performance, superior technical features, widespread local presence for service support, reliable supplier relationship etc. are some of the key parameters being considered to assess the bankability criteria. The recognition of 100% bankable brand for two years consecutively, exhibits the soundness and stability of Sungrow’s growing business. Therefore, the lenders and financial institutions are more likely to give non-recourse term loans for solar projects using Sungrow Inverters to ensure long term sustained return.
How do you think the solar inverter business will be impacted post-covid?
The solar industry has been coming back to normalcy gradually and we are also observing the same in India. The same is corroborated with Sungrow’s PV Inverter shipment growing over 6 GW in India. As the tendering and auctions are also happening at a healthy pace, we forecast the demand to shoot up significantly in next year.
What are the new technological innovations that Sungrow is planning to introduce to the market?
The perennial efforts on technological innovations have always been at the core of our business growth. Our latest products are well designed with new age components, efficient thermal design, highest safety standards, stringent grid friendly features and comprehensive functionalities, to offer the most optimized design solution to our customers. Our latest 1500V Battery Energy storage systems (BESS) are launched with LFP technology. Sungrow’s entire product portfolio including turnkey solutions in both PV Inverter and Energy Storage business are well positioned to reduce the LCOE in the increasingly competitive solar market.
How has the 2020 fiscal year been? How do you expect the next fiscal year to be?
Though 2020 fiscal year has been tough and challenging in general on various aspects, Sungrow has managed to sail through so far, with resilience and support from our customers. Overall, our revenue has grown by 55.57% in H1 2020 to US$ 987.2 million indicating a robust performance. We have also maintained a good momentum in India with steady increase in sales and healthy order book. We are hopeful to cross a significant milestone in next fiscal year as the solar industry bounces back with more capacity additions.