Hard-hit by adverse market conditions in Europe and USA, Chinese solar companies are keen to bring investments into solar projects in emerging markets like India. ReneSola, one of China’s leading photovoltaic makers, sees huge potential for solar investments in the country. It also intends to use India as a manufacturing hub for producing solar modules, for supplying not only to the Indian market, but also to the neighbouring countries. Stephen Huang, president, Asia Pacific region of ReneSola tells Monalisa Sen about his company’s plans for the Indian market, its key initiatives and investments. Excerpts:
Why is solar power important for India? Globally, how has the market evolved?
India has huge solar energy potential with ample sunshine throughout the entire year. A recent survey projected that an estimated solar energy potential India has is around 500 GW and that the solar power for India in next 20 years will be playing an important role and will be able to meet 5-7% of the total energy requirements by 2021- 2022. Keeping in mind the fact that in India millions of people need affordable electricity, and businesses and other institutions are looking to the government to ensure reliable electricity in rapidly growing cities throughout the country, solar power is highly significant.
Globally India is considered as one of the leading markets in solar and renewable energy. Over the years, the country has evolved as a promising market creating a conducive ecosystem for incubating commercially viable technologies. With an increasing energy requirement, the shift towards solar power is likely to become more pronounced.
How do foreign investors see clean technology start-ups emerging from the country? Are they keen to invest in them?
The emergence of clean technology start-ups in India are considered as a positive development that will enable to provide superior performance at lower costs, while reducing negative ecological impacts thereby mending the productive and responsible use of natural resources. Foreign investors see immense potential in them and are willing to invest more and more.
Tell us something about ReneSola.
ReneSola is a leading global photovoltaic manufacturer with almost 17 subsidiaries and their own production bases distributed in Zhejiang Jiashan,