Greentech Lead India: First Solar is planning to build
solar farms in India, according to a news report from Bloomberg. The company
plans to take at least 20 percent share of India’s photovoltaic sales.
The solar panel maker is eying industrial and commercial
consumers so there won’t be any government subsidies involved in the deal.
Solar investment in India has been a hot topic of
discussion in the industry especially after the recent power outage that stuck
the entire North India. Environmentalists and industry experts suggest it
is high time India shift its focus to renewable energy sources. Currently India
has 1,030 megawatts of solar capacity.
The Temple, Arizona-based First Solar is planning to bet
big in India by building plants and selling solar power rather than selling
panels. Currently First Solar is facing stiff competition from Chinese
manufactures that offer solar panels for lower price.
Most of India’s current solar projects are driven by
government contracts under which state distribution utilities buy power at
above-market rates. First Solar plans to sign contracts directly to
businesses. The company sees there is “predictable demand” from large
industrial unites and privately owned distribution utilities buying solar for
commercial needs.
First Solar had a significant quarter ending July when
the net income rose by 81 percent to $111 million after making a strategic
shift toward building solar farms with its modules.
First Solar is the only profit-making company in the
industry, according to Bloomberg data. The nine other biggest solar
makers reported losses in the last quarter.
First Solar deploys 10 millionth PV module
In June First Solar revealed it has installed its 10
millionth solar photovoltaic (PV) module at the 550 MW Desert Sunlight Solar
Farm solar project that the company is constructing for NextEra Energy
Resources and GE Energy Financial Services.
editor@greentechlead.com