Yingkou Jinchen Co. Ltd. and Waaree Energies Ltd. have strengthened their existing partnership by signing a new sales agreement this August. Jinchen is a Chinese supplier for equipment used in the manufacturing of PV products, whereas Waaree is one of the major Indian suppliers for PV modules. According to the new agreement, Jinchen will provide Waaree with an automated production line for high-efficiency PV modules. The whole production line will have a production capacity of 3GW per year. Furthermore, Jinchen will continue to support Waaree in its efforts to build up at least 10GW of module production capacity. This deal was first reported by other renewable energy news outlets.
Waaree is currently regarded as the largest domestic module supplier in India, and it is also Jinchen’s most valuable client in that regional market. The two companies formed a business relationship in 2017. Then, in 2021, Waaree placed an order at Jinchen for a 3GW production line for high-efficiency PV modules. It was the largest order for module production line that a Chinese PV equipment supplier had received from an overseas customer.
Thanks to the incentives and support of government policies, the Indian PV market is showing continuing demand growth this year. The Indian government has set the target to attaining a total domestic PV generation capacity of 280GW by 2030. Moreover, for its fiscal year of 2021-2022, the Indian government has budgeted INR 240 billion to promote the domestic PV industry and rapidly strengthen the overall domestic manufacturing capability.
After years of developing its presence in overseas markets, Jinchen has emerged one of the leading suppliers for equipment deployed in production lines for high-efficiency PV modules. Also, India is a key regional market that Jinchen has been cultivating for many years. The company has established a strong local operation comprising of units specializing in sales, engineering, project management, and after-sale service. It offers a comprehensive, one-stop solution. Besides its strengths with respect to equipment systems and spare parts, Jinchen has advantages in terms of market connection, project management, and immediate site support. The company boasts that it can provide the best kind service to its clients in the timeliest manner.
While the Indian government is enforcing tariffs to reduce the importation of PV products, the country’s PV industry will continue to rely on foreign equipment and technology providers to build up its own production capacity. So far, Jinchen has shipped 6GW worth of equipment to Waaree. The remaining 4GW is expected to be delivered within this year. Also, Adani Group, which is another major Indian green energy company, reportedly signed an agreement with Jinchen earlier this June to acquire a 2GW module production line.