Waaree Energies introduces off-grid solar solutions

Waaree Energies Ltd, one of the leading EPC players and solar PV manufacturers in India, announced its foray into the standalone solar solutions segment with off-grid inverters. With an aim to substantially reduce dependency on the electrical grid, the solar inverters are available in capacities ranging from of 375 VA to 10 KW across a wide scale of commercial and residential consumers. This new offering would uphold the strong ‘quality control’ measures of Waaree and will be made available across India in a span of a year through its robust supply/distribution/franchise chain. With a strong business plan in place, the vertical aims to contribute significantly to the revenue of Waaree in FY 19-20.

The Indian solar inverter market is expected to grow at over 25 per cent CAGR in the next five years and Waaree aims to capitalise on the growth curve and satiate the much needed quality service in the segment. Moreover, with 10 states that are power deficit, Waaree aims to bridge the demand-supply gap and offload capacity from local DISCOMs, while simultaneously reducing the carbon footprint. The “generate, store and consume” energy solution will also cater to clientele in remote areas, especially zones with challenging topography. Solar has been recognised to offer up to 50 per cent savings in electricity bills and the off-grid inverter solution will follow suit.

Sunil Rathi, Director, Waaree Energies said, “We have always worked towards making India a solar reliant country and our standalone solar solutions will only further the agenda. With poor transmission infrastructure in select parts of the nation, the solar off-grid inverters will provide respite to residential and commercial units in these areas. Moreover, the post-sale service/maintenance of the indigenously developed product will be made possible through our robust network of 270+ franchise units across the country.”

“With the solar off-grid inverter market currently valuated at Rs. 600 crore, we aim to capture over 15 per cent of market share by 2022, thus becoming one of the largest solar inverter players in the segment”, he added.