Goldi Solar Eyes Multi-Fold Growth In Module Manufacturing In 5-10 Years, Says Director Bharat Bhut

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.

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.

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.

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.

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.

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.