1. Can you describe any recent developments or innovations in solar module technology that your business has made or is pursuing?
Navitas Solar is expanding its capacity to add another 1.2 GW p.a. to our portfolio. Recently, we have raised 5M USD for the new expansion. We have already purchased land and started construction for the same. In the new expansion, advanced technology like TOPCon technology will be also incorporated.
2. What distinguishes your solar modules from those made by other market players? What distinguishing qualities or innovations do you provide?
We are amongst the few module manufacturing companies in India having backward and forward integration. Backward integration is provided by our subsidiary company called Navitas Alpha Renewables Pvt. Ltd. (NARPL), which manufactures EVA Sheets with a production capacity of 1.5 GW p.a. and expanding to add another 1.5 GW p.a. and it is already listed in the top 5 EVA manufacturers of India. Forward integration is provided by project execution & full-fledged EPC services for residential, commercial and industrial clients on rooftops as well as open access solar parks. Having forward and backward integration, we have control over supply chains.
We also have in-house labs to maintain the quality of modules due to which we’re benefited a lot. We also have a technically sound QA & QC team as well as an R&D team that is continuously dedicated towards improving the quality.
3. What obstacles must you overcome to succeed in the Indian market as market of solar modules? What tactics do you use to maintain your position as a market leader?
There are many challenges in the Indian market like delayed disbursal of subsidies, dynamic policies of the Indian Government, lack of awareness regarding the solar industry etc. While talking about dynamic policies, recently ALMM implementation is extended till March 2024 which may affect adversely to domestic module manufacturers. It may affect job losses in the industry as well as investments of domestic manufacturers.
We try to cope up with the advanced technologies in the solar market and try to adapt the same to maintain our position. Our USP is a young team who can quickly understand the changes in the solar industry and adapt to the same. We try to spread awareness regarding solar through various campaigns.
4. What are your top priorities going forward and what do you see as the future of your Indian company that manufactures solar modules?
Our top priority is maintaining our quality and strengthening our position in the solar market. We see a bright future for solar module manufacturers Nationally as well as in the global market. The Indian government has taken a massive target of installing 500 GW of renewable energy by 2030 out of which 125 GW is already installed including 66 GW of solar. If everything takes place perfectly with time, it’s just a matter of time for India to become a global leader.
5. What are your future plans?
We are aggressively exploring markets of USA, Africa and Europe and we’re looking forward to having a long-term relationship with overseas customers. We’re expecting to increase the share of exports in our portfolio significantly. We’re going to expand to 10 GW in the next 10 years.