Currently, Indosol operates a 500-megawatt solar module line in Andhra Pradesh, which is set to double in capacity by the end of this year, Bloomberg’s report said quoting Chief Operating Officer Balachander Krishnan.
The Indian solar manufacturing landscape is undergoing significant transformation, spurred by Modi government’s initiative to reduce reliance on imports and enhance local production of clean energy technologies.
This shift is particularly crucial as the market has been heavily dominated by China, which controls essential technologies necessary for scaling up India’s solar production capabilities.
Indosol is optimistic about the future, with plans to expand its production lines from ingots to modules by the end of 2024. Krishnan highlighted that the company has already made substantial progress in securing necessary equipment from Linton Technologies Group, a Chinese firm with operations in Vietnam.
This development aims to ease concerns regarding technology access that have previously hindered India’s solar ambitions.As Indosol moves forward, it is also in advanced discussions with potential investors. These talks could lead to a partnership, possibly including an offtake arrangement, and are expected to be finalised within the next three months. However, Krishnan refrained from providing specific details about the negotiations.Meanwhile, Indosol’s larger competitor, Reliance Industries Ltd., has announced plans for its clean energy gigafactories to commence operations next year. Reliance is also on the lookout for investors to support its expansion in the renewable energy sector.
