EQ In Exclusive Conversation With Mr. Ketan Vora – MD & CEO – WAA Cables Private Limited

Tell us more about your own professional journey, key learnings, key message from yourself

WAA Cables, India’s leading manufacturer, heralded as the catalyst for transformation. With an unwavering dedication to excellence and cutting-edge technology, WAA Cables offers exceptional cables and wires that surpass industry standards, embodying reliability, efficiency, and innovation.

WAA Cables Private Limited, an illustrious venture was forged in 2019, anchoring its headquarters in the vibrant city of Gandhinagar, Gujarat. Boasting an awe-inspiring manufacturing process, WAA cables – a multiple award winning brand, clearly differentiate from other players in the market when it comes to offer the world class cable solutions with highest quality assurance to the renewable energy and EV sector. “Our unwavering mission orbits around the commitment to stakeholders, while our visionary outlook aspires to provide top-notch cables and wires that exude both superiority and cost-effectiveness, ensuring the utmost satisfaction for their esteemed clientele”, speaks Mr. Ketan Vora.

The firm’s illustrious repertoire encompasses a captivating array of offerings, including Solar Cable, Flat Submersible Cable, House Wire, Earthing Cable, Welding Cable, Rubber Battery Cable, Aluminium/Copper Armoured&Unarmoured cable, and Flexible cable, among others. With the motto of ‘Connecting the Sun to Grid’, WAA cables solar segment delivers solar cables, solar connectors, ACDB & DCDB to all end users.

We are overjoyed to announce that WAA Cables Pvt. Ltd. has been honoured with the EN 50618 : 2014 certification by TÜVRheinland!! 🏆✨ TÜV is a well-respected neutral inspection and product certification service that scrutinizes and regulates products of many highly technical industries. Receiving the EN 50618 Certification is an important milestone in WAACAB’s journey towards commercialization of our Solar DC Cables for photovoltaic systems and is an essential fundament of our commitment to our present and future customers for our high quality solar DC cables.

Upholding an unwavering commitment to quality, WAA Cables possesses an impressive collection of certifications, such as ISO, BIS, TUV, IEC, RoHS, CE, and EN50618, assuring customers of uncompromising standards.

How does export market looks like to yourself in 2023?

The export market of India for renewable energy in 2023 looks promising and lucrative, as India has emerged as a global leader in renewable energy production and consumption. India’s renewable energy exports have increased over the years, as the country has become a major supplier of solar modules, wind turbines, biomass pellets, and other green technologies to various markets around the world. This is driven by

1. Government Initiatives
2. Decreasing Solar Panel Costs
3. International Demand
4. Quality Standards
5. Bilateral Agreements

India’s renewable energy sector has attracted significant foreign investments, especially from countries like Singapore, Mauritius, the Netherlands, and Japan. The decreasing cost of solar and wind power has made them more competitive and affordable than coal-based power in most parts of the country. India has also launched several initiatives and policies to promote the use of renewable energy sources, such as the National Solar Mission, the wind energy program, the green energy corridor project, and the International Solar Alliance.India’s main export destinations for solar modules were the US, Europe, Australia, and Africa.

India is well-positioned to take advantage of increasing demand and opportunity and increase its share in the global renewable energy market. India’s competitive edge lies in its abundant natural resources, low-cost manufacturing base, skilled workforce, supportive government policies, and strong domestic demand. India can also leverage its leadership role in the International Solar Alliance and other multilateral platforms to expand its renewable energy cooperation and trade with other countries.

It’s important to note that the outlook for the export market can be influenced by various factors, including changes in government policies, fluctuations in global energy markets, and international trade dynamics.

What could be the major changes in renewable energy market in terms of major policy and regulatory announcements in 2022 like New Open Access Rules etc

Some of the major changes in renewable energy market in terms of policy and regulatory announcements in 2022 are:

1. Expansion of Renewable Energy Targets: Many countries and regions have been setting ambitious renewable energy targets to reduce greenhouse gas emissions. In 2022, governments may have announced new and more aggressive renewable energy goals, such as increasing the percentage of renewable energy in their energy mix or achieving net-zero emissions by a certain date.
2. Incentives for Renewable Energy: Governments often provide financial incentives and subsidies to encourage the adoption of renewable energy technologies. In 2022, new incentive programs, tax credits, or grants may have been introduced to support renewable energy projects and investments.
3. Grid Integration and Open Access Rules: Open access rules and grid integration policies can have a significant impact on the renewable energy market. These rules determine how renewable energy producers can access the grid and sell their electricity. In 2022, changes in these rules may have been announced to facilitate the integration of renewable energy sources into the grid.
4. Carbon Pricing and Emissions Trading: Some regions have implemented carbon pricing mechanisms or emissions trading schemes to incentivize the reduction of carbon emissions.
5. Environmental Regulations: Environmental regulations related to the construction and operation of renewable energy facilities, such as wind farms and solar installations, could have been updated in 2022 to address concerns about wildlife protection, land use, and ecosystem preservation.
6. International Agreements: International agreements and commitments related to renewable energy and climate change mitigation may have been announced or revised in 2022. These agreements can impact the global renewable energy market and promote cross-border cooperation.
7. Storage and Grid Resilience: Policies and incentives related to energy storage technologies, like batteries, and grid resilience measures might have been introduced or expanded to support the integration of intermittent renewable energy sources.
8. Decentralized Energy Generation: Regulations governing decentralized energy generation, such as rooftop solar panels and community solar projects, may have evolved in 2022 to promote consumer empowerment and energy independence.
9. Electrification and Transportation: Governments could have introduced policies to promote the electrification of transportation, which would increase the demand for renewable energy sources like electric vehicle charging infrastructure.
10. Green Bonds and Financing: Financial regulations and incentives to promote green financing, such as green bonds and sustainable investment practices, may have been strengthened in 2022, facilitating funding for renewable energy projects.

Whats your expectations from the Renewable Industry Stakeholders

My expectations from the renewable industry stakeholders are that they work together to achieve the common goal of increasing the share of renewable energy in the power sector and reducing the dependence on fossil fuels. Some of the possible ways to do this are:

• The Central Government should continue to formulate and implement policies that support the development of renewable energy projects (REPs) and provide incentives for private investments. The Government should also honor the power purchase agreements (PPAs) with the independent power producers (IPPs) and ensure timely payments for the electricity generated by them1.
• The State Governments should facilitate the establishment of solar parks and other REPs in their respective regions and encourage the citizens to install rooftop solar systems by offering attractive subsidies and net metering schemes. The State Governments should also coordinate with the Central Government and the State Electricity Companies (PLNs) to integrate the REPs into the grid and ensure grid stability123.
• The PLNs should cooperate with the IPPs and the biofuel producers to purchase electricity from renewable sources at competitive prices and distribute it to the consumers. The PLNs should also invest in upgrading their transmission and distribution infrastructure to accommodate the variable and intermittent nature of renewable energy12.
• The IPPs should adhere to the quality and safety standards of REPs and ensure their optimal operation and maintenance. The IPPs should also explore innovative ways to reduce the cost of renewable energy generation and storage, such as hybrid systems, battery technologies, etc14.
• The biofuel producers should comply with the environmental and social regulations of biofuel production and use. They should also ensure the sustainability and availability of feedstock for biofuel production, such as palm oil, jatropha, etc2.
• The fuel distributors should support the transition to renewable energy by diversifying their product portfolio and offering biofuels as an alternative to fossil fuels. They should also collaborate with the biofuel producers to ensure the quality and supply of biofuels2.
• The citizens should participate in the renewable energy movement by adopting rooftop solar systems, using biofuels for their vehicles, and raising awareness about the benefits of renewable energy among their peers. They should also demand clean and affordable electricity from their service providers3.

Whats your expectations from the Government, Policy Makers and Regulators as far as renewable energy sector is concerned

Renewable energy is a vital component of India’s energy transition and development goals. As the world’s third-largest energy consumer and one of the fastest-growing economies, India has a huge potential and responsibility to promote clean and sustainable energy sources.

Some of the expectations from the government, policy makers and regulators as far as renewable energy sector is concerned are:

• To provide a clear and consistent policy framework that supports the development and deployment of renewable energy technologies, such as solar, wind, hydro, biomass and waste-to-energy.
• To create a conducive environment for private sector investment and innovation in renewable energy projects, by providing incentives, subsidies, tax benefits, low-cost financing, land acquisition, grid access and power purchase agreements.
• To enhance the grid integration and management of variable renewable energy sources, by investing in smart grid infrastructure, energy storage solutions, demand response mechanisms and regional power markets.
• To address the social and environmental impacts of renewable energy projects, by ensuring proper consultation, compensation, resettlement and rehabilitation of affected communities, as well as compliance with environmental standards and regulations.
• To foster international cooperation and collaboration on renewable energy development and research, by participating in multilateral initiatives, such as the International Solar Alliance, the Mission Innovation and the Clean Energy Ministerial.

What kind of Solar Tariff Trends do you see coming in near future?

Solar tariff trends in India are influenced by various factors, such as the cost of solar modules, the availability of domestic manufacturing, the imposition of import duties, the demand and supply of solar power, the technology choices, and the policy environment. Some of the possible trends in the near future are:

• Solar tariffs are projected to increase by about 21% over the next 12 months, mainly due to the 40% basic customs duty on imported solar modules.
• Domestic manufacturing of solar cells and modules is likely to have a positive impact on solar tariffs, as it can reduce the dependence on imports and provide cheaper and reliable modules. However, a lack of availability of domestic modules will be a major challenge for developers.
• Technology will play a major role in maximising plant output and reducing tariffs. For example, bifacial modules along with single-axis trackers can achieve about 20% to 22% generation gain and partly compensate for higher tariffs.
• Policy clarity and stability are essential for ensuring low and sustainable solar tariffs. The central and state governments must provide clarity on the timeline and scope of application for duty on modules and also the Approved List of Models and Manufacturers.