Besides Europe & Africa, Solex To Focus On Module Exports To US

Besides Europe & Africa, Solex To Focus On Module Exports To US

After trying hands with solar module exports to the European and African markets, Indian solar module maker Solex Energy is now eyeing the United States. The top management of the company in a latest investors call talked about their plans to venture into the US solar market for their exports.

Chetan Shah, Chairman and MD of the company said that with the proposed 4 GW of solar module expansion plan, the firm is set to look towards the US market for diversifying its export landscape. The company, however, refrained from commenting on opening any new solar module manufacturing plant in the US. It, however, hinted that currently, it does not have a plan to venture into manufacturing in the US.

“I mean government is anyway supportive, but it’s not basically, our manufacturing journey is not dependent only on India and Germany. We are focused on Europe and American market also. We have already exported some numbers to Europe last year and Africa. Once we achieve, I mean, we are done with our expansion by June 2025 of 4 GW, we will focus on the U.S. market also,” Shah told investors in the investors call. 

The management said that US offers huge demand and a gap between demand and supply. It said that it offers new opportunities for Indian solar module makers like Solex Energy to explore the market. Shah, however is optimistic over the avenues of his firm, owing to the legacy of the firm.

Demand & Supply Gap in US 

“U.S. has a huge demand, and then there is always a huge gap between demand and supply. So, basically, we have a good opportunity. So we are not worried about the government decisions there in U.S. or, India like, we do have our business model is such where like we do have a relationship with our competitors also. And not only Indian competitors but international brands as well,” he said.

Shah said that the global recognitions it had harnessed in the past was a positive sign for its export market.

“These are the some of the recognitions that we have from the different, different organisations for our work, which is a relentless work for 29 years, and this is how. So we qualify for, almost all international markets, including the Europe, U.S., the Britain, Commonwealth countries, and India. So these are the different, different certifications that we have it.  And we are the first Indian company to achieve I mean, achieve the MCS certificate, which is actually required by the Britain and the other Commonwealth countries,” he said.

US: A preferred market 

Nevertheless, the US market has remained the most sought-after market for Indian solar module makers. Government as well as think tanks have indicated the highest preference of Indian solar makers for US.

A latest report from the Institute of Energy Economics and Financial Analysis (IEEFA). The report said that the export of Indian photovoltaic (PV) modules has risen exponentially by more than 23 times between Fiscal Year (FY) 2022 and FY2024, primarily to the US, which accounted for more than 97% of India’s exports in both FY2023 and FY2024.