Que: 2023: Unveiling Business Odyssey

Ans: The year 2023 has been a year of progress and achievements for Vikram Solar. As we know, reasonable and effective utilisation of solar energy is an important path which can deal with the global energy crisis. We, at Vikram Solar, have always strived to become the best version of ourselves. Our journey toward excellence is marked by hard work, a sense of accomplishment, and a commitment to constant learning. Following our core values and ethos, we made significant efforts to improve overall efficiency of our modules with introduction of Mesh Rear Glass version upgrading from the existing M10 glass to glass model (Star Paradea version, which is also available), taking the productivity and effectiveness to the next level. The M10 version modules are already upgraded with high efficiency cells having Wp range up to 555 Wp commercially available. Also, Somera product, with white back sheet, is developed with G12 cells & generating up to 670 Wp. Two new product variants have been launched - one with all new alloy steel frame and the other with next generation TOPCon Solar Cell, the Hypersol variant. The M10 Hypersol modules will be available up to 580 Wp commercially.

Vikram Solar’s present capacity of 3.5 GW per year with two manufacturing units at Falta and Chennai mark a year of upgradation. The Falta manufacturing unit has been upgraded from 1.3 GW to 2.3 GW with capability of producing modules up to 20BB, n-Type TOPCON & HJT with 210 x 210 cell dimensions or larger. Further Upgradation is under process scheduled for completion by April 2024 achieving a manufacturing capacity of 3.2 GW per year.

Line Upgradation for Chennai unit is also under process with an expected capacity of 2.3 GW per year by April 2024. Thus, the two facilities together, in the next two quarters will exceed a capacity of 5.5 GW.

Upholding our resolve towards building an Aatmanirbhar Bharat, we remain committed in making a significant impact on the environment striving to deliver and excel in creating a climate for change.

Que: 2024: Unlocking New Horizons

Ans: Our capacity addition plans for the coming year are focused on several extents. We aim to expand our production capacity to meet the growing demand for solar products.

We have ambitious plans for the future, as we aim to further enhance our capacity to an impressive 8.5 GW within next few years. In line with our commitment to continuous improvement and expansion, we have recently submitted a bid under the Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules to the Indian Renewable Energy Development Agency. If successful, this endeavour has the potential to contribute 3 GW to our cumulative capacity. We are excited about this opportunity and look to further solidify our position as a key player in the solar industry, consistently contributing to India’s renewable energy ambitions.

We have been at the forefront of innovation since the beginning. In the last decade, we have introduced Monocrystalline, Mono-Perc, Bifacial, M6, M10, G12 cell powered advanced modules and recently we have introduced HJT modules and N-TOPCon modules in Renewable Energy India Expo 2023.

We are committed to improving the efficiency of our products and bring forth high efficiency, more reliable, durable and performance providing solar modules. Early 2024 will focus on stabilisation of Hypersol (TOPCon) variant and good commercial penetration with aluminium/ alloy steel frame. The Q2 of FY 2023-24 looks bright with the planned launch of a new product variant Hypersol (TOPCon) with 16 BB G12 (210*210) size cells & Suryava with 20BB G12 HJT cell technology achieving power generation up to 720Wp.

Investing in research and development remains a priority for us where we are working on zero busbar technology opportunities with HJT module variants. Our commitment to innovation aims to drive the development of more advanced and competitive solar products. These capacity addition plans align with our long-term business strategy and our commitment to providing high-quality solar solutions while contributing to a sustainable future.

Que: Navigating Growth: Ushering in New Trends

Ans: The Indian solar industry is on an upward trajectory. India’s solar capacity reached 71 GW in 2023, up from 10-20 MW in 2010. Additionally, the country contributed 12 percent of the global rise in solar generation in the first half of this year, indicating a consistent and stable rise in green energy transition.

The growth of the Indian solar industry is driven by several factors, including supportive government policies, decreasing solar panel costs, favourable weather conditions, and increased private investment. The GoI has implemented several policies and initiatives to support the growth of the solar industry, including financial incentives, tax benefits, and subsidies for solar power generation, and net-metering regulations, Basic customs duty, Production Linked Incentive (PLI), and Aatmanirbhar campaign to encourage the installation of solar panels.

This growth has had a positive impact on the economy, including the creation of job opportunities, a reduction in the country’s dependence on fossil fuels (USD 4.2 billion has been saved by India in fuel costs through solar power generation in the first half of 2022), and the promotion of sustainable development.

As far as the future of the Indian solar industry is concerned, it looks promising, with the government setting a target of achieving 500 GW of renewable energy capacity by 2030, including 280 GW of solar power. Continued support from the government, technological advancements, and increased private investment are expected to drive further growth in the industry.

Taken together, these policies have the potential for India to achieve its target of 7 percent GDP growth over the next decade which, if achieved, should attract more investors to the equity market as well as enhance its outlook.

In regards of trends that are acting as driver for growth in this industry we can highlight country’s preference of adopting to high-efficiency solar cell powered modules, growth in solar manufacturing capacity, favourable policy environment, growing investment in solar and growing focus on energy storage.