Yingkou Jinchen Co. Ltd., a Chinese supplier for equipment used in the manufacturing PV modules, has signed a major sales agreement with Waaree Energies Ltd., an Indian company that produces PV modules and provides EPC services. This deal indicates that the trading of PV technologies between India and China remains fairly buoyant despite the border tensions between the two countries. Jinchen has emerged as a top-tier supplier for module manufacturing equipment following many years of engagement in the domestic and overseas markets. Its solutions for module assembly and inspection have been adopted by numerous companies in the solar industry. As for Waaree, it is currently the largest domestic module manufacturer in India.
The deal is the latest success in Jinchen’s efforts to expand its presence abroad. According to the newly signed agreement, Jinchen will provide Waaree with an automated production line for high-efficiency PV modules. The whole production line is designed to have a production capacity of 3GW. Jinchen has touted that the contract is the largest of its kind signed between a Chinese module equipment supplier and a foreign module manufacturer.
The Indian solar market encountered some tough challenges in during 2020. COVID-19 outbreaks caused disruptions across the supply chain for PV products, and quite a few solar projects in India suffered delays. The same public health crisis also dragged down the growth of the Indian economy. On the other hand, India’s PV demand kept rising despite the COVID-19 pandemic. The Indian government has become proactive in the development of the domestic solar industry, and constructive policies have been implemented to encourage the adoption of renewable energies and protect domestic manufacturers. Consequently, investments in the Indian solar industry have also increased due to the widespread expectation of greater returns in the future.
Speaking at the 15th G20 Summit in November last year, Indian Prime Minister Narendra Modi mentioned that the renewable generation capacity of his country is on track to climb to 175GW ahead of 2022, which is the target year for reaching that specific figure. Modi then said that India’s next renewable energy target is 450GW by 2030. His government has promised to be fully committed in taking that next huge step as part of the national energy transition process.
Headquartered in Mumbai, Waaree is the leading domestic manufacturer for PV modules in India. Its business relationship with Jinchen has existed for many years. Under the latest contract, the 3GW module production line will be delivered to Waareee this April and enter operation this June. With this addition, Waaree’s production capacity for modules will come to 5GW. The massive capacity expansion will also make Waaree one of the major module manufacturers outside China.
The partnership between Jinchen and Waaree is also another striking example of the contributions that China has made to sustainable development worldwide with its manufacturing and technological capabilities.
Jinchen has stated that as one of the major suppliers for equipment used in the solar industry, it continues to uphold an outlook that revolves around “value creation, dedication, truth-seeking, and excellence”. In the future, the company will accelerate its overseas expansion while supporting the development of the new (renewable) energy industry in the home country. Regardless of market condition, Jinchen intends to push through all obstacles in order to achieve the common goal of zero CO2 emissions in electricity generation.