MR. MANISH GUPTA

Q.How has 2024 shaped the growth trajectory of your company in the solar sector? Could you share notable achievements or pivotal challenges this year?

In 2024, Insolation Energy (INA Solar) has achieved significant growth, consolidating its position as a leading solar module manufacturer and supplier for all segments of solar projects. Our success this year stems from our commitment to innovation, quality, and expanding market presence. One of the key achievements has been the deployment of high-efficiency solar modules across residential rooftops, commercial and industrial projects, and utility-scale solar plants. These installations have contributed significantly to India’s renewable energy capacity, supporting the country’s ambitious solar energy goals. We also expanded our manufacturing capacity in response to increasing demand and India’s push for self-reliance in solar equipment production. This expansion has enabled INA Solar to meet the growing domestic demand while reducing dependence on imports, strengthening our position in the domestic market. In addition, our partnerships with government bodies and private sector players have increased our project pipeline and market share. Our solar modules have been deployed in a diverse range of applications, showcasing our versatility in the market. However, 2024 has not been without challenges. The fluctuation in raw material prices, particularly polysilicon, put pressure on margins, and regulatory delays and land acquisition challenges for large projects posed operational hurdles. Despite these, we have overcome these obstacles through strategic partnerships and a proactive approach to strengthening our internal regulatory teams. This year, INA Solar was recognized for its achievements, including being featured in Forbes India’s “Best Under a Billion” category, awarded the Excellence in Solar Panel Manufacturing Award 2024 by The Economic Times at the Rajasthan Business Summit, and ranked among the Top 10 Solar Panel Manufacturers by Industry Outlook.

Q.Looking ahead to 2025, what are your expectations for the company’s business goals, particularly in terms of innovation, expansion, and market presence in India and beyond?

Looking ahead to 2025, INA Solar’s goals are centered around driving innovation, expansion, and enhanced market presence both in India and internationally.

• Innovation: We are committed to advancing solar technology by introducing next-generation solar modules. In 2025, INA Solar plans to incorporate bifacial solar panels and perovskite solar cells, which promise to offer higher efficiency and lower costs. Additionally, we are moving towards backward integration by entering Solar PV Cell manufacturing, which will help us enhance product quality and production efficiency. Our introduction of N-type Solar Cells manufactured in India will ensure superior performance in the solar modules.

• Expansion: INA Solar is ramping up its manufacturing capacity from 1000 MW to 4000 MW in the coming months to meet the increasing demand for high-quality solar modules. This expansion will allow us to serve the growing residential, commercial, industrial, and utilityscale solar projects across PAN India. On the international front, we are exploring new markets in the USA, Middle East, and Africa, where the demand for solar energy is surging. These regions present significant growth opportunities, and INA Solar is positioning itself to become a key player in these markets.

• Market Presence: Our goal for 2025 is to further establish INA Solar as a market leader in all solar segments, including rooftop solar, C&I installations, and utility-scale projects. We will continue to expand our footprint across PAN India while introducing advanced solar products tailored to meet the specific needs of international markets. By offering high-performance solar modules, we aim to strengthen our presence across residential, commercial, and industrial sectors, as well as large-scale utility projects.

Q.In your view, what significant trends or developments do you anticipate in the solar industry in 2025, and how is the company preparing to capitalize on these?

Several key trends are shaping the future of the solar industry, and INA Solar is positioned to capitalize on these developments:

• Energy Storage and Grid Integration: With increasing solar adoption, efficient energy storage will become essential for ensuring grid stability and reducing intermittency. In 2025, INA Solar plans to integrate advanced battery storage systems with our solar offerings, providing hybrid solutions for both residential and commercial customers. This will ensure that our clients have access to reliable, 24/7 energy, making our solutions more versatile.

• Decentralized and Distributed Energy: As demand for off-grid solutions and microgrids grows, particularly in rural areas, INA Solar is focusing on rural electrification projects and solar-powered microgrids. These projects are designed to cater to the growing need for clean and reliable energy in underserved regions, both within India and internationally. By providing scalable and decentralized solar systems, INA Solar is preparing to address the energy needs of remote areas.

• Solar and Electric Vehicle (EV) Integration: The growth of electric vehicles (EVs) presents an opportunity to integrate solar power with EV charging stations. INA Solar is exploring the development of solar-powered EV charging infrastructure, which will help reduce the carbon footprint of EVs and enhance the sustainability of the transportation sector. This integration positions INA Solar to tap into the rapidly growing EV market.

• Government Policy Support: We anticipate continued strong support from the Indian government, especially through initiatives like the National Solar Mission and PLI schemes for solar manufacturing, which will drive further growth in the renewable energy sector. INA Solar is aligning its strategy to leverage these opportunities, focusing on expanding production capacities and scaling up project executions. Internationally, we are also monitoring government incentives and subsidies for solar energy in regions such as the USA, Middle East, and Africa, where renewable energy adoption is rising.

In conclusion, INA Solar is well-positioned for continued success in 2025 and beyond. Our focus on innovation, expanding our manufacturing capacity, and our commitment to serving all segments of the solar market – from residential to large-scale utility projects – ensures we remain a leading player in the solar industry. As we expand our presence both in India and international markets, we are confident that our strategic initiatives will enable us to meet the evolving demands of the solar sector.