REC Group, a solar photovoltaic (PV) panels manufacturer, will supply 45 MW of solar panels for the development of rooftop solar projects in India.
According to the company, it has secured major orders in the rooftop solar RESCO segment in the month of June and July 2018.
The orders are for the three-leading solar engineering procurement and construction (EPC) companies in India. Per Mercom’s source at REC Group, the firm will be supplying 16 MW of panels to Cleanmax Solar, 22 MW to Fourth Partner Energy, and 7 MW to Sunsource.
Out of the total, close to 40 MW of modules supplied are REC’s TwinPeak technology-based modules.
“These orders make it amply evident that REC panels are a clear favorite for the commercial and industrial segment in rooftops where reliability and track-record on the ground are fast becoming the catch phrases ensuring real levelized cost of electricity (LCOE) advantage for the end-consumer,” stated the firm in a release.
According to the recently released India’s Solar Market Leaders report, the top 10 rooftop solar developers in India accounted for 27 percent of rooftop solar PV installations. Tata Power was the top installer in 2017 followed by CleanMax and Fourth Partner Energy.
According to Mercom India Quarterly Reports, approximately 2.5 GW of rooftop solar has been installed as of Q2 2018 out of the 40 GW by 2022 target set by the government. Rooftop is growing at a healthy clip, but to meet the target and the deadline, approximately 9 GW must be installed every year.
Recent announcement of 25 percent safeguard duty is also expected to slowdown rooftop solar installations in the coming months. Currently, the duty imposition is on hold due to a stay order from the Orissa high court.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.