In an exclusive chat with Outlook Business, Bharat Bhut, Director and Co-Founder at Goldi Solar says India is gaining global recognition for its focus on renewable energy. The country's commitment to renewable energy has been acknowledged and praised by many nations around the world.
In an ever-evolving Indian solar power market, Gujarat-based Goldi Solar focuses on quality and innovation, ambitious investment plans and its vision for the future of solar manufacturing. India’s solar power installed capacity was 73.32 GW as of 31 December 2023. Goldi Solar has bagged orders totalling approximately 614 MW from diverse regions across the country till date.
The company’s revenue increased also most three-folds to Rs 1,539 crore in FY23 from Rs 549 crore in FY22. The company’s capacity stood at 1,700 MW, up from 500 MW in FY22.
In an exclusive chat with Outlook Business, Bharat Bhut, Director and Co-Founder at Goldi Solar says India is gaining global recognition for its focus on renewable energy. The country's commitment to renewable energy has been acknowledged and praised by many nations around the world. “Our focus is shifting from conventional to renewable, which is remarkable, and it is also helping the domestic industry,” he said.
How has residential rooftop adoption progressed in the country so far, and are there any grid frequency challenges?
Residential rooftop adoption has seen significant growth in states like Gujarat, where government policies have promoted solarization of houses. More than 500,000 houses has been solarised up till now in the last 4 years. Grid frequency challenges exist in certain areas, particularly in underdeveloped states, where electrical infrastructure needs upgrading.
What steps is the government taking to address the shortage of skilled manpower in the renewable energy sector?
The government has launched initiatives like the Surya Mithra scheme, which provides training to students in solar installation. Additionally, various universities and organizations, including Goldi Solar, have established skill development programs to address the shortage of skilled manpower. At Goldi Solar we have started our own initiative and tied up with L&T, where we teach and we have specialized programs where we offer students for the manufacturing and installation trainings.
How does Goldi Solar differentiate itself from other solar energy companies?
Goldi Solar is India’s most quality-conscious solar brand. It is known for its quality and reliability in manufacturing premium photovoltaic modules. The company has a history of adopting industry-leading practices, such as implementing positive tolerance in solar panels' output, which sets it apart from other companies. When we started in 2011, the product label was in the backside of the solar panel. There were norms in the industry, you can give plus minus 3% means you can, if there is 100W panel, you can give 97W or 103W. So, when we started when a customer buys from us, if he’s paying 100W he should get 101, 102 or 103. So, we started a trend of positive tolerance.
What is the status of Goldi Solar's 5,000 crore investment plan for module manufacturing? What are your plans for the next 5 to 10 years in terms of cell manufacturing or module manufacturing?
Goldi Solar is on track with its investment plan, having already expanded its capacity to 3.3 GW, with further expansion plans. The company is set to become a 4-gigawatt company by March-April, and additional plans for cell manufacturing are also in place. There has been a technological change into cell manufacturing, because now market is shifting from P-type monopoly to N-type monopoly. So, we are considering the new technology into cell production lines. We see huge growth in the solar industry. So, down the line, the 5 to 10 years we will have the multi fold growth into cell and module manufacturing. So, in terms of becoming integrated company, we will do the backward integration into Wafer, we will also have a forward integration into projects where there is around the clock. It’s requirements with projects is longer duration of the evocation of the power. So, this horizon, as a company we will grow into backward and forward integration to increase our market share into complete renewable energy segment.
How has India's reliance on China for solar equipment and raw materials changed in recent years?
India has made progress in reducing its reliance on China for solar equipment and raw materials. Almost 100% of raw materials are now manufactured in India, and there are ongoing efforts to bridge the demand-supply gap in install capacity for both module manufacturing and raw materials. If we talk about certain metals like aluminium, glass and EVA, these are matching the demand. EVA that’s a polymer sheet, there are oversupply in India, it is more than requirement. We don’t see in future, any challenges of raw material or bottleneck in India. So, ecosystem is developing very well and helping the Indian manufacturers. And there is certain equipment which has been earlier manufactured by Europeans. Then this technology was adopted by Chinese and now there are many European companies that are coming up with these high-end technologies. So, there are options available in market where you can buy.
Is Goldi Solar planning to enter the stock market in the near future?
While Goldi Solar currently has no plans for an IPO in the immediate future, the company is considering equity dilution through various means, including entering the capital market through private equity. But there is no plan at this moment.