ReneSola eyes 10% of Indian solar projects, sets up corporate office in Mumbai

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ReneSola India, the Indian subsidiary of Chinese solar maker ReneSola, is strengthening its product portfolio and expanding OEM partner network in India.

The Chinese solar energy will introduce micro inverters, string inverters, mounting structures, power storage systems, monitoring systems, LEDs, and other green products by the end of 2013, the company said.

The company has also launched its Virtus III AC modules in India. ReneSola Virtus III panels integrate with ReneSola micro inverters and are PID free which is most suitable for high temperature and humidity environments like India.

ReneSola booth

The company is opening multiple logistic and warehouse facilities across cities like Hyderabad, Mumbai, Kolkata, and Delhi in the next 2-3 years.

ReneSola has also set up corporate office in Mumbai and has partnered with large EPC companies in India.

With these products, ReneSola hopes to reach 10 categories and 1,000 catalogues by the end of 2014.

So far ReneSola India has sold around 110MW modules in India out of a total of 1.5GW installations which include 5.5MW project in Phalodi and Rajasthan by Solar Direct, 1.5MW project in Gujarat by Sun Edison, and 54MWproject in Neemuch MP by Welspun.

ReneSola has been focusing on Indian renewable energy for the past couple of years.  With Indian solar industry estimated to grow to 12.6 GW by 2016, ReneSola is accelerating the business in the country.

ReneSola targets to grab 10 percent of the MW scale projects which stands at 150MW or INR 600 crores and 15 percent of the Off Grid Market in India standing at INR 120 crores. This will further rise to 25 percent of MW scale projects and 50 percent of the Off Grid Market by 2020, ReneSola officials said.

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