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US based solar tracker provider Nextracker has laid plans to expand its manufacturing base in India, given the ” rising growth opportunities” in the sector and robust policy thrust to support renewable energy generation, the company’s President, Howard Wenger told FE.
The company just recently inaugurated a Center of Excellence in Hyderabad to serve not only India but the entire Middle Eastern market.
“What we’re going to do in India is, first of all, we’re going to expand the number of people that work for the company. We are inaugurating this very large R&D facility that’s about 40 minutes from our headquarters in India to make sure that we adapt our technology to the Indian market and also the entire Middle East and Africa. It’s a very important hub for the company and we are going to continue to invest,” he said.
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Wenger showcased his confidence in the Indian government policies regarding the solar and the renewable energy sector and noted that there is an enormous opportunity in the country given the government’s target of reaching 500 GW of RE capacity by 2030 and net-zero by 2070. He said that the policy measures have been supportive of the industry. The company presently has over 10 GW per year of annual production capacity and plans to increase it further.
“The control electronics, which are very sophisticated that take our software and control the trackers, are made here. So all of the key components are made here in India. We have major agreements with the major steel mills in India. And so we are very happy to have over 10 gigawatts per year of annual production capacity and we are expanding.”
In India, the company has so far delivered over 5 GW of trackers. “We have more than that in our pipeline,” Wenger noted.
Talking about the solar trackers solutions, Wenger said that the technology can deliver as much solar energy as the market requires while also being economically viable.
“We have plenty to meet the growing demand for solar in India and we will continue. Our plan is to continue to expand as needed,” Wenger said. “India is one of the most exciting markets for Nextracker. And what that means is there’s demand and a great customer base. We have many very strong partnerships in the region which are critical to our company being successful local companies.”
Apart from the US, Latin America, India and the Middle East, the Nasdaq-listed company is also planning to expand its business across Australia and Europe.
“Even in the north, solar makes sense because there are six or nine months of the year of production, and typically those are the months of high electrical demand. And so the production of energy matches the peak electrical demand. So we’re seeing an expansion, not only in our core markets, like the United States, Latin America, Africa and India. We’re seeing in Australia,
Europe, and new countries are being added in those regions,” he said.
Highlighting the company’s financials, Wenger said that the company’s financial position is very solid with over $1.4 billion of liquidity in the company.
“We’ve noted that we continue to grow both the top line and bottom line, our cash position is strong, and we believe we have the strongest balance sheet in our space. So we’re financially very strong and we will maintain that.”
Nextracker is one of the leading providers of intelligent, integrated solar trackers and software solutions used in utility-scale and distributed generation solar projects around the world.
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