India aims for complete solar manufacturing ecosystem in 4-5 years: Avaada Group

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India aims for complete solar manufacturing ecosystem in 4-5 years: Avaada Group

India aims for complete solar manufacturing ecosystem in 4-5 years: Avaada Group

Industry News
Nov 11,24

Like the solar sector, hydrogen’s costs will only drop with significant investment and policy support, allowing prices to eventually compete with conventional fuels like grey and blue ammonia.

India aims for complete solar manufacturing ecosystem in 4-5 years: Avaada Group

India is on track to establish a complete ecosystem for solar equipment manufacturing within the next four to five years, significantly faster than other countries that took over two decades, says Vineet Mittal, Founder and Chairman, Avaada Group. Speaking at the Abu Dhabi International Petroleum Exhibition and Conference, Mittal highlighted India’s heavy reliance on imported solar components and expressed optimism that this dependence will soon be reduced.

Mittal explained that Avaada Group is creating a comprehensive manufacturing setup where solar panels are produced end-to-end, reducing costs and enhancing competitiveness. “We are setting up a campus where you insert a wafer at one end, and a solar panel comes out at the other,” he said, emphasising that this model could revolutionise India’s renewable energy sector.

Mittal also advocated for e-methanol in India’s transportation sector, calling it an effective solution for heavy and car transport. He suggested that government policies should prioritise e-methanol and green ammonia, particularly in fertilisers, by promoting these fuels as viable alternatives.

Discussing the hydrogen sector, Mittal emphasised the need for long-term government support and mandates to help reduce costs and make green hydrogen economically viable. He noted that, like the solar sector, hydrogen’s costs will only drop with significant investment and policy support, allowing prices to eventually compete with conventional fuels like grey and blue ammonia.

Mittal called for a national carbon market to encourage the shift to green fuels. "In the absence of a carbon market, there’s no incentive for businesses to adopt cleaner fuels," he remarked, arguing that such a market would accelerate the transition.

Through substantial investments, Avaada Group aims to support India's renewable energy goals, including the national target of achieving 500 gigawatts of renewable energy by 2030. The company is actively developing 30 gigawatts of solar and wind projects across India, along with 5 gigawatt-hours of battery storage and 10 gigawatt-hours of pumped hydro storage. With new policies favouring energy storage in renewable farms, Avaada plans to enable energy availability during peak hours, helping to stabilise the energy market.

(ET)