Que: 2023: Unveiling Business Odyssey

Ans: We recently introduced new Vertex N modules powered by advanced i-TOPCon technology in India. This mar - ket-leading technology is the result of Trina Solar’s com - mitment to research and development, investing in ex - ploring new materials, cell architectures, and production techniques. This approach has allowed Trina to develop cutting-edge n-type TOPCon PV cells with remarkable efficiency rates and exceptional reliability, enabling the Vertex N and Vertex S+ modules to deliver superior per - formance, especially in challenging environmental condi - tions like high temperatures and low light.

Recently, two of our Vertex modules, Vertex N 700W NEG21C.20 and Vertex N 610W+ Bifacial NEG19RC.20, were certified by the Bureau of Indian Standards (BIS).

N NEG21C.20 offers industry-leading 700 W+ power output and up to 22.5 percent efficiency and uses 210 mm x 210 mm size. These deliver lower balance of system (BOS) cost and levelized cost of energy (LCOE) and are ideal for commercial, industrial, and utility-scale projects in India, which we believe, will help the country meet its ambitious renewable energy target.

We also showcased our Vanguard 1P tracker in India. The Vanguard 1P, with its bidirectional dampers and patented spherical bearings, is highly reliable and easier to install than traditional trackers. TrinaTracker has also verified multiple onshore Indian suppliers who can provide the structural items of the tracker to our clients directly in the region, enabling more cost competitive and timely supply of components. India has, traditionally, been a fix-tilt market but our tracker solutions will allow modules to generate up to 30 percent more solar energy than conventional systems. Accordingly, Trina Solar is building its onshore capability and support as our tracker business continues to grow.

Trina Solar has been actively engaged in India’s burgeoning solar energy sector, aligning with the country’s ambitious renewable energy objectives. This year, we have signed numerous agreements boosting our market share, especially in the utility-scale segment. We also recently concluded a project with a leading solar company in India supplying modules worth 160 MW.

In terms of our product, we have booked some orders for n-type i-TOPCon modules which we will be shipping in the next quarter. We are also working to close very soon our first sale in India for our Elementa energy storage system.

Que: Navigating Growth: Ushering in New Trends

Ans: If we talk about the Indian market, the country is the third largest in Asia with an ambitious target of adding 50 GW of renewable power every year. According to JMK Research, India has been one of the fastest growing markets for solar, adding about 9.8 GW of utility-scale solar and another 2.2 GW of rooftop solar in 2023. Looking at the trajectory, India may add 250 GW of renewable power in the next five years.

There is also a growing demand in the commercial and industrial (C&I) segment for clean energy, especially in power intensive industries such as the steel, cement, pharma, and automobile industries. This demand in the C&I segment allows us to augment our installation capacity in the country with advanced products such as the n-type modules – which is the future and offers higher power and higher efficiency, when compared to the p-type modules.

We also recognise the growing significance of trackers as well as energy storage in India. So, we are keeping pace with new technology advancements, establishing the company as a one-stop solution for any renewable energy requirements.