Interview: Vineet Mittal

Director & Co-Founder at Navitas Solar

Poor implementation of policies, and dynamic policies are biggest challenges in solar sector

January 03, 2023. By Manu Tayal

Poor implementation of policies, and dynamic policies at the national and state level are the biggest challenges in the solar sector, discussed Vineet Mittal, Director & Co-Founder, Navitas Solar, in an exclusive interaction with Manu Tayal, Senior Associate Editor, Energetica India. Mr. Vineet also discussed about his company’s manufacturing facility, expansion plans, industry challenges, etc. Here’re the edited excerpts from that interaction:

Que: Kindly tell Energetica India readers in brief about Navitas’ various products’ manufacturing facility, quality check parameters, capacity, etc.

Ans: Navitas Solar currently offers multi and mono-crystalline PV modules ranging from 5 Watts to 600 Watts per panel, with a manufacturing capacity of 500 MW p.a. We have our own EVA manufacturing plant as a backward integration with a current capacity of 800 MW, and its production will be extended to 1.8 GW in the same facility. We are one of the few companies in India that has both backward and forward integration. Navitas Solar is already among the top 10 manufacturers featured by JMK Research & Analytics.

Our USP is a young team that can adapt to changes in technology quickly. We are focusing on new technology while improving the product continuously. Our new lines are at par with the best technology, which will be able to provide world-class multi-bus bar panels. We are backed by a very strong in-house QA and QC lab. We also have a technically sound QA and QC team, as well as an R&D team that is continuously dedicated towards improving quality. We have our in-house EVA sheet manufacturing unit as our backward integration, and we are hugely benefiting from it.

Que: Can you brief us more about the company’s latest solar module, Bonito, including its efficiency?

Ans: We are delighted to expand our portfolio with 9 BB half-cell modules in M6-size wafers offering 435 to 500 Watts in 144 & 156 cells and 10 BB half-cell modules in M10-size wafers offing 530 to 600 Watts in 144 & 156 cells. Navitas Solar foresees strong & steady demand for high-power solar modules in the future. The highly competitive Indian market, consciousness for the balance of system (BOS) and product performance are the additional advantages for choosing high-power modules. Bonito modules are ideal for large-scale installations. Bonito modules offer high power, low LCOE, better shading tolerance, excellent temperature performance, and non-destructive cutting with offering an efficiency of 21.67%.

Que: Navitas has recently received the ‘Silver’ level from UNFCCC. Kindly shed some light on it.

Ans: Nowadays, corporate sustainability is not a mere point of talk but it has converted into actions. Stakeholders and investors want to know how the organization is affecting the environment and that is why the awareness amongst the corporates has also increased with time. We are extremely delighted to announce that Navitas Solar has become a Carbon Neutral organization. We have achieved a “Silver” level for 2021 from the United Nations Framework Convention on Climate Change (UNFCCC) on climate reporting under the ‘Climate Neutral Now’ initiative. With this step, we urge industry colleagues to minimize their emissions and work towards achieving carbon neutrality.

Que: In your view, what are the solar sector’s main challenges that need to be addressed as a priority?

Ans: Poor implementation of policies, and dynamic policies at the national and state level are the biggest challenges in the solar sector.

Que: Is Navitas planning to list on the Indian Bourses in the near future?

Ans: Yes, we do. We have plans to be a listed company in the upcoming 3 years.

Que: Any new investment or expansion plans in the next 2-3 years?

Ans: Yes, we have plans to expand our module manufacturing capacity up to 3 GW by 2025.

Que: What was the company’s revenue in FY22 and the estimated target by 2025?

Ans: Navitas Group clocked over Rs 162 crore in revenue in FY22, and we have plans to reach Rs 2,000 crore in revenue by 2025.

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