Indian Solar Business

Information on Indian Solar business provided by Mr. Mahavir Poddar who has a good experience and understanding of this sector:

Chinese government not allowing Chinese companies to set up component factories in India.

Solar panels are made of following components –

1.     Solar cells – 55% cost component. Cells are made from wafer – Poly ingots – poly silicon. This is key component for panel. India has about 2 GW capacity for cells. Nil capacity for wafers, ingots and poly silicon, most of it coming from China. Waferis just slicing of poly ingots by wires. Poly ingots is a furnace srt up wherein the poly silicon is melted and made into small ingots.

2.     Solar glass – 10-15% cost component. India has anti dumping duty on glass

3.     Aluminium frames – 10-15% cost component. India has huge AI reserves and building material section company. But only 1.5 GW of solar section. Rest being imported from China.

4.     EVA and backsheet  together comprises of 10%+ cost component. India has sufficient capacity but many Indian factories closed due to mainly price and also quality issues.

5.     Junction Box – 7%+ cost component. Few factories in India now. But still 50% being imported.

6.     Welding wire and consumables – Remaining % of cost component. Mostly imported

Glass price currently is Rs. 350 per sqm. 1 panel is approx. 330 wp and consumers approx. 2 sqm.
Main 95% market for Solar glass is regular 3.2 mm. Borosil Renewables made the world’s first fully tempered 2 mm thick solar glass with lowest iron content giving highest glass efficiency and removed hazardous substance “Antimony” from its solar glass.

Chinese cells prices are approx. $0.27/pc vs India cell prices of $0.55/pc for a 4.55wp. Domestic cells prices are 1.8 times imported cells.