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The world needs an alternative to China in the Solar value chain. India is one credible option that is led by a vibrant democracy and trade connectivity.
“President Biden and Prime Minister Modi welcomed the U.S.-India Roadmap to Build Safe and Secure Global Clean Energy Supply Chains, which launched a new initiative to accelerate the expansion of safe and secure clean energy supply chains through U.S. and Indian manufacturing of clean energy technologies and components.” – this was a joint statement made in Sept’24 and hence we believe anti-dumping or anti-circumvention duties on Indian players is highly unlikely.
Election are scheduled in the USA next month and policies of new administration are being eagerly awaited by the industry.
Lots of dubious activities going on in the company for almost a year. I decided to wait for some more clarity before checking out. Fingers crossed but doesn’t look good.
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Thin-film CdTe (cadmium telluride) panels are made from cadmium which is a waste product from mining industry but is highly toxic and it must be recycled. Because of its toxicity, some countries in Europe have banned CdTe panels. Also because of toxicity and lower efficiency than crystalline silicon panels, these are not used in rooftop solar, as it can also become a health hazard.
First Solar, has also setup a 3 GW manufacturing plant in India for domestic and exports market, it is also enlisted in ALMM to be able to sell to domestic IPPs. However, because of limitations of CdTe and technology only with 1 player, we believe Indian manufacturing capacity will be dominated by crystalline silicon
R&D is happening to add certain chemicals and additive to the process and success in same could lead to addressing of above concerns.
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The results are very saddening. 400Cr loss… NPA from 0.6 to 2.1%. And the management says this marks a positive turning point… In essence, they are low balling the measuring point to say they did better at a later stage. This is pretty much anti investor move. they gave no warnings about such provisioning during their showcase in investor meets or any interviews.
I cant trust this management anymore. Moved out with good loss, but its okay. I guess the quitting of top managment (CTO) also shows signs of some governance issues.
Poonawalla reported a loss of Rs 6.3B due to one-time provisioning of almost similar amount against its stpl portfolio. Came out of nowhere, without any warning in the previous quarters.
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The feedback from customers has been a mix of Indian panels at par with Chinese counterparts and some say Indian panels are a bit inferior to Chinese counterparts. The writing is not yet on the wall but if Indian OEM succeeds in gaining larger share of global markets via exports the same will be laid to rest.
As per our understanding, Waaree Energies has got repeat orders from the same customers in US, which makes us believe their panels are of acceptable quality.
For US customers certifications of panels are very critical, as the lender would check all the documents and certifications before processing the loan. Also credibility of OEM to deliver in timely manner and guarantee performance over the contract period would be in focus from purchaser end.