Waaree Energies Ltd, one of India’s largest manufacturers of Solar PV Modules with a capacity of 1.5 GW, sees revenue from solar rooftop segment growing to ₹400 crore in the next fiscal.

“We have been doing rooftop installations since 2010 and this year we are likely to cross 25 MW. Next year, we are targeting another 100 MW in the rooftop segment,” Sunil Rathi, Director, Waaree Energies told BusinessLine .

Optimistic on growth

The company, he said, is targeting commercial and industrial segments, where the return on investments is assured and project funding is available.

In the residential segment (from 1kV to 10 kV), Waaree relies on its franchise partners as customers prefer to deal with local dealers, Rathi said. According to him, next year is looking “more promising” for the solar industry than the current fiscal, which has seen many uncertainties over the GST rate and safeguard duty, depreciating rupee and tariff caps.

“We also intend to do rooftop solar in the international market, we are already opening our offices across the world,” he added.

Waaree Energies has been building capabilities around providing third party EPC services and project development. The company sees opportunities in the EPC space in West Asia, South-East Asia and South America.

The Union Cabinet’s “approval for roof-top solar programme phase II with focus on enhancing adoption by homes, is a positive for the sector,” Sabyasachi Majumdar, Group Head - Corporate ratings, ICRA Ltd, said.

ICRA estimates the installed roof top solar capacity in the country at 1.4 GW as on December 31, 2019 against the target of 40 GW by FY2022.