EQ In Exclusive Conversation With Mr. Ashok Kumar Singh, President, Novasys Greenergy Pvt. Ltd. – Novasys Perspective On Market, Technology, And Policy Outlook

EQ: How much business have you done last Financial year in India?

AKS: Regarding business volume done in the last financial year, we can confirm that we have been operating our factory 24×7 for the last 3years. Business volume will be 300MW plus.

EQ: What’s your target or anticipated business for this FY for India?

AKS: This year we are expecting to double our business volume.

EQ: What are your current product / technology / service offerings?

AKS: We are currently offering a mono-Perc Half Cut P-Type module and got few orders of N-Type Topcon as well.

EQ: What’s your view on the Emerging Green Hydrogen Sector and Possible impact on Scalability of Capacity Addition of RE Assets in India?

AKS: We are in process of getting certification of N-Type with size upto 650Wp and also launching Glass to Glass module.

EQ: What sort of pricing road map, demand – supply gap you anticipate for this FY?

AKS: We expect stable pricing for P-type as well as N-Type module for next 6months.

EQ: Tell us more about your own professional journey, key leaning, key message from yourself?

AKS: About me, I am BE-Mech with PGDBM & DSM degree having 32+years of experience. My Solar Experience is about 20years. Currently I am working with Novasys as President-Solar Business.

EQ: Please tell us more about your company, directors in detail.

AKS: Novasys Greenergy Pvt. Ltd. was founded in 2004 for various energy trading purposes. In 2016, we started our journey in the Renewable Sector as an EPC player & started manufacturing Solar Panels in 2019. Today, we are a 1.2GW company and very soon expanding to 3.5GW. Our Directors Mr. Sushil Bunsal who has got BTECH & MBA Degree & Mr. Ramesh Bansal is C.A. Both are from established business families with 50 plus years of family business background.

EQ: What is the Opportunity in India Currently…in Terms of Projects in Tender, Pipeline etc…Opportunities in Manufacturing etc.

AKS: As we all know, India is set to achieve 450GW Solar Installation by 2030 and till now we have reached 90GW & we are yet to complete 360GW. Many govt. tenders are coming & Pvt. Solar Parks are being developed. We expect 50GW installations every year. Manufacturing sector of Solar components is growing by 100% every year.

EQ: Which regions or states looks most promising to you for 2024?

AKS: I believe Maharashtra & Gujarat are doing a great job in terms of Solar Installation. However, Tamilnadu & Kerala in the south are also doing good. Karnataka & Andhra are also sowing improvements in the requirements.

EQ: What’s your view on the Emerging Green Hydrogen Sector and Possible impact on Scalability of Capacity Addition of RE Assets in India?

AKS: Regarding Green Hydrogen, I am not much aware.

EQ: According to you, what is the impact of ALMM?

AKS: ALMM is good in order to boost domestic manufacturing sectors.

EQ: Tell us about the Impact of the PM – Rooftop Solar Scheme?

AKS: Due to PM-Rooftop scheme, DCR requirements have increased by 4 folds.

EQ: How much manufacturing capacity India has in terms of Solar Modules, Inverters, Cells etc and whats your anticipation in capacity addition in 2024?

AKS: Regarding growth in Solar Module manufacturing sector, currently the capacity is 50GW which is expected to be 100GW by 2025.

EQ: How does export market out of India looks like to yourself for 2024?

AKS: Export markets, mainly US and neighbouring countries are also growing @ 20-30% every year.

EQ: What could be the major changes in market in terms of major policy and regulatory announcements in 2023 like New Open Access Rules etc (Har Ghar Solar)?

AKS: Open Access and other policies for Solar are going to be the same, stable to boost the solar sector.

EQ: Whats the total installation in India for Zero Export Solar Plants, Open Access Plants and what is the market size in 2024?

AKS: We have reached 90GW+ by July 2024 & expect 20GW addition by the end of 2024.

EQ: What kind of Solar Tariff Trends do you see coming?

AKS: Solar Tariff is expected to be around Rs.3/- per unit.

EQ: Visible Changes in RE Industry w.r.t. Energy Storage, RTC, Hybrid RE Projects, Floating etc and their likely impact?

AKS: Storage, can’t say more.

EQ: What kind of growth do you see coming in the Residential Sector Demand?

AKS: Residential sector demand is expected to grow by 30% every year.