As reports come in predicting stunted growth for Indian solar in 2023, PV Tech Premium spoke to Vinay Rustagi, managing director of Bridge To India, about the obstacles facing the sector in the next year and the prospect of light at the end of the tunnel.
The Inflation Reduction Act (IRA) is set to boost investment into US renewable energy deployment and manufacturing from US$64 billion in 2022 to US$114 billion by 2031, according to research from Wood Mackenzie, though a mismatch between solar deployment demand and domestic manufacturing capacity may see the sector’s domestic profile lag behind.
PV manufacturer Goldi Solar is planning to participate in India’s expanded production-linked incentive (PLI) programme as it bids to ramp up its module and cell production to 6GW and 5GW, respectively, by the end of 2025.
Despite the headwinds impacting module supply and solar deployment, India’s solar market is expected to emerge from a slow 2023 with significant growth and feel the benefit of the country’s protectionist domestic manufacturing policies.
Qcells has announced plans for a fully integrated US solar manufacturing supply chain, aiming to manufacture solar ingots and wafers in the country as well as expand its module supply capacity.
India has undershot its 2022 renewable energy target by 30% amidst solar module supply shortages, according to research by renewables consultancy Bridge To India.
As 2022 comes to an end, PV Tech is looking back on the year in solar, reflecting on some of the biggest stories and trends of the last 12 months. Following Q1, Q2 and Q3, today’s review details domestic manufacturing plans and supply chain turbulence.
