ReneSola India Pvt Ltd (NYSE: SOL), a leading brand and technology provider of solar photovoltaic (PV) modules and wafers, announces its growing commitment to Indian market by augmenting their OEM partners in India, expanding its product portfolio, and opening multiple logistic and warehouse facilities across cities like Hyderabad, Mumbai, Kolkata, and Delhi in the next 2-3 years. The company has recently set up its corporate office in Mumbai with a full-fledged team and experienced partnerships with large EPC companies in India.
The global solar PV provider aims to diversify and expand its product portfolio in the Indian market by end of 2013 by introducing products like micro inverters, string inverters, mounting structures, power storage systems, monitoring systems, LEDs, and other green products. which will steer them quickly to reach 10 categories and 1,000 catalogues by the end of 2014. So far ReneSola India has sold around 110MW modules in India out of a total 1.5GW installations which include 5.5MW project in Phalodi and Rajasthan by Solar Direct, 1.5MW project in Gujarat by Sun Edison, and 54MW project in Neemuch MP by Welspun .
Mr. Surendra Kumar Mishra, General Manager of ReneSola India Pvt Ltd, stated, “Considering the growing demand of the solar power in the Indian market, which is estimated at 12.6GW by 2016, the Indian solar industry is likely to witness immense acceleration in investment from global solar players. ReneSola targets to grab 10% of the MW scale projects which stands at 150MW or INR 600 crores and 15% of the Off Grid Market in India standing at INR 120 crores. This will further rise to 25% of MW scale projects and 50% of the Off Grid Market by 2020. ”
Speaking on the success of the Virtus III and upcoming launch of the newer Virtus III modules in 2013, Mr. Harry Xu, Sales Director, APAC at ReneSola, states, “Our Virtus III panels integrates with ReneSola micro inverters and are PID free which is most suitable for high temperature and humidity environments like India. The solar modules that we offer are certified by international organizations. Our clients can be assured that our modules are exceptionally durable, environmentally friendly, and have excellent price-performance ratio.