Leading companies in the renewable sector in India are now pursuing opportunities abroad in other developing countries after firmly establishing themselves in India, the Economic Times has reported.
Major firms like Delhi-based Hero Future energies and Noida-based rooftop solar developer SunSource Energy are eyeing these parts of the world for the expansion of their business. SunSource Energy already produces one-third of its business from its overseas projects. Moreover, Mumbai-based CleanMax Solar has recently entered into the UAE, while Gensol, headquartered in Gujarat, is active in nine countries outside of India.
There are numerous reasons explaining why these companies have begun looking abroad, despite India itself being a large solar market. Reports suggest that the competitive nature of India is one of the chief reasons why firms are exploring expansion opportunities. In addition, the risk of solar tariff revisions and anti-dumping duty imposition might also have played a part in triggering this step.
Analysts also have observed that markets of SE Asia, Africa, and the Middle East are quite attractive and provide excellent opportunities for Indian developers and EPCs. There is also a contradictory view that the risk factors in these countries are high, and attaining project clearance often more difficult.