The demand for power consumption is on a steady rise, prompting governments worldwide to promote the use of renewable energy sources like wind and solar power.
In India, the government’s strong initiatives and subsidies have incentivized the adoption of renewable energy, leading to a surge in private players entering the market. This influx of private companies has not only boosted the manufacturing of solar panels but has also facilitated the export of these panels to international markets.
India’s renewable energy sector, particularly solar power, has witnessed significant growth in recent years. The government’s focus on promoting clean energy solutions aligns with global sustainability goals and has created a conducive environment for the expansion of solar panel manufacturing.
With the aim of reducing carbon emissions and enhancing energy security, India has set ambitious targets for renewable energy capacity addition, driving the demand for solar panels.
The solar panel manufacturing landscape in India is evolving rapidly, with companies investing in advanced technologies and expanding their production capacities. The government’s supportive policies, such as the Production Linked Incentive (PLI) scheme and tariff barriers, have further encouraged local manufacturing of solar panels.
Listed below are a few companies that manufacture solar panels
Tata Power Company Ltd
Tata Power Solar is one of the leading solar panel manufacturers in India with a significant global presence. The company boasts a total manufacturing capacity of 4.7GW, including 670MW for solar modules and 530MW for solar cells. Notably, it was the first Indian company to ship over 1GW of solar modules worldwide.
The company has also commissioned the world’s largest solar rooftop project on a cricket stadium in Mumbai, generating over 1 million units annually.
In 2022, Tata Power signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest approximately INR 3,000 crores in setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in the Tirunelveli District of Tamil Nadu.
On Friday, the stock closed at ₹435.50 per share, showcasing a remarkable surge of more than 67% within the last six months and an astonishing 112% rise over the course of the past year.
Waaree Renewable Technologies Ltd
The company has a India’s largest aggregate installed solar module manufacturing capacity, totaling 12GW across its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat.
Additionally, Waaree is setting up its first US manufacturing facility in Brookshire, Texas, with an initial capacity of 3 GW per year, expected to be operational by December 2024. Over the next four years, the company plans to invest up to $1 billion to expand the US facility’s annual module manufacturing capacity to 5 GW by 2027.
The stock closed at ₹2,198 per share on Friday, marking a gain of over 160% in the past three months and a staggering 1,016% increase over the last year.
Insolation Energy Ltd
Insolation Energy currently has a total solar panel manufacturing capacity of 700 MW, distributed between its two factories with capacities of 200 MW and 500 MW respectively.
The company is planning to increase its PV module production capacity to 1.2 GW by adding a new 500 MW production line. Furthermore, Insolation Energy is expanding into solar cell manufacturing, with plans to establish a 600 MW PV cell production facility.
On Friday, the stock closed at ₹2,097 per share, showcasing a remarkable surge of more than 203% within the last six months and an astonishing 1,325% rise over the course of the past year.
Solex Energy Ltd
Solex Energy, one of India’s oldest PV module manufacturers, began its journey in 2007 with a 50 MW production plant in Anand, Gujarat. Today, the company operates a 750 MW solar PV manufacturing unit in Surat. Solex Energy provides solar solutions for both residential and industrial sectors, offering customized rooftop systems to improve operational sustainability, reduce costs, and promote eco-friendly practices.
The stock closed at ₹1,252 per share on Friday, marking a gain of over 81% in the past three months and a staggering 192% increase over the last year.
Swelect Energy Systems Ltd
Swelect Energy Systems Ltd, a prominent company in the solar energy sector, is recognized for its expertise in solar PV module manufacturing, EPC services for solar power plants, and solar power generation.
The company operates a state-of-the-art, fully automated solar PV module manufacturing facility in Coimbatore, Tamil Nadu, with a production capacity of 500 MW (700 MW nameplate capacity).
On Friday, the stock closed at ₹1,293 per share, showcasing a remarkable surge of more than 126% within the last six months and an astonishing 280% rise over the course of the past year.
Written by Omkar Chitnis
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