Waaree Energies eyes 100 MW rooftop solar in 2019-20

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Waaree Energies, India’s largest solar PV manufacturer, aims at revenues close to Rs 400 crore for the financial year 2019-20 exclusively through the rooftop solar segment.

Rooftop solar will be one of the key focus segments for Waaree Energies as it plans to add 100 MW rooftop projects to its overall capacity in the financial year 2019-20. With a significant investment in this segment, it is present through both capital expenditure model (CAPEX, where the system is owned by the rooftop owner) and operating expenditure model (OPEX, where the system is owned and maintained by the developer/installer).

Sharing their ambitious target, Sunil Rathi, Director, Waaree Energies said, “Waaree Energies is an evolving company, and we are constantly looking for new opportunities to explore and enhance our capabilities…. Given the opportunity that the [rooftop solar] segment presents towards furthering the acceptance of solar energy in India, it was a natural choice for us to explore the segment.”

Rooftop solar has become a viable option for companies across industries. Rooftops are usually dead assets, which can be monetised if used for solar installations.

Significantly, unlike utility-scale solar, rooftop solar addition is witnessing a jump in India. According to the latest quarterly report by Bridge To India, during October-December 2018, rooftop solar addition in India grew strongly at 47 per cent over the corresponding period of 2017.

Further, to increase solar adoption among residential sector, the Indian government has awarded financial support of Rs11,814 crore to rooftop solar program. Under the scheme, group housing societies and resident welfare associations will get financial support to install rooftop PV as India aims to achieve 40 GW of rooftop solar by 2022—40% of the country’s 100 GW solar target.

Waaree Energies offers end-to-end solutions, as an engineering, procurement and construction (EPC) contractor and solar panel manufacturer. It also provides operations and maintenance services and robust energy storage solutions.