India will develop complete solar manufacturing ecosystem in four to five years: Avaada Group
- IBEF
- November 11, 2024
India is set to develop a complete solar equipment manufacturing ecosystem within the next four to five years, a task that has taken other countries more than 20 years, said Founder and Chairman of Avaada Group, Mr. Vineet Mittal, during the Abu Dhabi International Petroleum Exhibition and Conference. He highlighted the reliance of Indian companies on imports for solar energy components, which hampers the growth of the domestic solar sector. However, he expressed optimism that this situation would soon change as India works towards building a fully integrated solar supply chain. He also shared that Avaada Group plans to eliminate dependence on imported components by establishing a manufacturing campus where solar panels will be produced from scratch, calling it a meaningful change for India’s renewable energy sector.
He also emphasized the potential of e-methanol for the transport sector, particularly for heavy transport and green ammonia for fertilizers, which is already being used in India’s Northeast. He urged the government to create policies that would encourage the use of green fuels, including the establishment of a carbon market to accelerate the transition. Additionally, he stressed the importance of long-term government support, including mandates and off-take contracts, to drive the growth of the hydrogen energy sector. Avaada Group is contributing to India’s renewable energy targets with plans to build 30 gigawatt projects in solar and wind power, as well as five gigawatt-hours of battery storage and 10 gigawatt-hours of pumped hydro storage, aligning with India’s goal of achieving 500 gigawatts of renewable energy by 2030.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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