/ -- - Reduces dependency on utility grid
- Aims to grow 300% by 2022
Waaree Energies Ltd., India's leading EPC player and solar PV manufacturer announced its foray into the stand alone solar solutions segment with Off-Grid Inverters. With an aim to substantially reduce dependency on the electrical grid, the solar inverters are available in capacities ranging from of 375 VA to 10 KW across a wide scale of commercial and residential consumers. This new offering will uphold the strong 'quality control' measures of Waaree and will be made available across India in a span of a year through its robust supply/distribution/franchise chain. With a strong business plan in place, the vertical aims to contribute significantly to the revenue of Waaree in FY 19-20.
Inverter Variants and Capacity - Solar Home UPS (Residential) - 375VA to 12.5 KVA - Solar PCUs (Commercial) - 3.5 KW to 10 KW
The Indian Solar Inverter market is expected to grow at over 25% CAGR in the next 5 years and Waaree aims to capitalize on the growth curve and satiate the much needed quality service in the segment. Moreover, with 10 states that are power deficit, Waaree aims to bridge the demand-supply gap and offload capacity from local DISCOMs, while simultaneously reducing the carbon footprint. The 'generate, store and consume' energy solution will also cater to clientele in remote areas, especially zones with challenging topography. Solar has been recognized to offer upto, 50% savings in electricity bills and the off-grid inverter solution will follow suit.
Sunil Rathi, Director, Waaree Energies said, "We have always worked towards making India a solar reliant country and our stand alone solar solutions will only further the agenda. With poor transmission infrastructure in select parts of the nation, the solar off-grid inverters will provide respite to residential and commercial units in these areas. Moreover, the post-sale service/maintenance of the indigenously developed product will be made possible through our robust network of 270+ franchise units across the country."
"With the Solar off-grid inverter market currently valuated at INR 600 Cr., we aim to capture over 15% of market share by 2022, thus becoming one of the largest solar inverter players in the segment," he added.
About Waaree Energies
Waaree Energies Ltd. is the flagship company of Waaree Group, and has the country's largest Solar PV Module manufacturing capacity of 1.5 GW. In addition, it is one of leading players in India in EPC services, project development, rooftop solutions, solar water pumps, and as an Independent Power Producer. Waaree has its presence in over 250+ locations nationally and 68 countries globally.
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