MR. ASHVIN BODA
"We started in 2021 with the vision of bringing the latest technology and offerings into the Indian market.We aim to maintain this momentum, picturing ourselves as a leading manufacturer with higher wattage and higher efficiency facilities."
Q. How do you see Credence Solar expanding over the next five years or so?
Please enlighten our readers about the marvelous journey so far? “We started in 2021 with the vision of bringing the latest technology and offerings into the Indian market. The idea stemmed from the observation that if Chinese companies could do it, why couldn’t we do it here in India? Hence, in 2022, we proudly produced our first module in our facilities, the 670W G2G, at a time when no one dared to do so. We aim to maintain this momentum, picturing ourselves as a leading manufacturer with higher wattage and higher efficiency facilities, aiming for 5GW in the next 5 years.”
Q. What is your current manufacturing capacity? What are your expansion plans?
“From a production capacity of 200MW in 2023, we have now expanded to a capacity of 600MW, equipped with the latest machinery capable of handling 20BB and the highest module sizes. As market demand continues to increase, we are committed to further expanding our capacity. Another line of 600MW is planned to be executed by the end of 2024.”
Q. What is the scope for Half Cut Mono PERC Bifacial module in India and what is Credence’s focus and why?
The scope for Half Cut Mono PERC Bifacial modules in India is promising due to several factors like High Efficiency:, Bifacial Technology, Decreasing Costs, better generation and life of glass to glass stands better, Lower LCOE and immediate ROI. Credence’s focus on Half Cut Mono PERC Bifacial modules aligns with these market trends and technological advancements. By specializing in this type of module, Credence can differentiate itself in the market and offer a product that meets the growing demand for higher efficiency and performance. Additionally, focusing on bifacial technology demonstrates Credence’s commitment to innovation and staying at the forefront of the solar industry. Moreover, given India’s diverse climatic conditions and large land availability, bifacial modules have significant potential for deployment across various regions and applications. They can be particularly beneficial in areas with high levels of diffuse sunlight or where ground reflectivity is substantial, such as deserts or snow-covered regions. Therefore, Credence’s focus on Half Cut Mono PERC Bifacial modules positions the company strategically to capitalize on the expanding solar market in India and cater to the evolving needs of customers looking for reliable and efficient solar solutions.
Q. What policy changes would you like to see to help Solar PV Modules flourish?
Is there anything else that can boost the solar installations in India? To further facilitate the flourishing of Solar PV Modules and boost solar installations in India, several policy changes and additional measures could be beneficial. Simplifying and streamlining the permitting and approval processes for solar projects can significantly reduce the time and costs associated with project development. Continued financial incentives and subsidies for solar installations, such as tax credits, grants, and low-interest loans, can make solar energy more affordable and attractive for consumers and businesses. Improving grid integration capabilities and enhancing the infrastructure to accommodate larger-scale solar installations is crucial. investment in research and development (R&D) initiatives focused on solar energy technologies can drive innovation and cost reductions in PV modules. Government support for R&D programs, collaborations between academia and industry, and technology incubators can spur advancements in solar PV efficiency, durability, and performance. Providing long-term policy stability and regulatory certainty is essential for attracting investment in the solar sector.
Q What are the roadblocks in the pathway of India’s Solar Modules segment’s growth trajectory?
Despite significant progress, India’s solar module segment still faces several roadblocks that hinder its growth trajectory. Securing land for solar projects can be a lengthy and complex process due to issues such as land availability, land use conflicts, and regulatory hurdles. Delays in land acquisition and obtaining necessary permits can prolong project timelines and increase costs. Access to affordable financing remains a challenge for many solar developers and investors in India. Limited availability of long-term debt financing, high interest rates, and perceived risks associated with solar investments can constrain project development and deployment. Inadequate grid infrastructure and connectivity challenges, particularly in remote or rural areas, can hinder the integration of solar power into the grid. Insufficient transmission capacity, voltage fluctuations, and grid stability issues may require costly upgrades and investments to accommodate large-scale solar installations. Despite the government’s efforts to promote solar energy through various policies and incentives, regulatory uncertainty and frequent policy changes remain a concern for investors and developers.
Q. Could you tell us about your major projects and clientele you are catering to?
“Our major supplies are for IPP companies, with less focus on retail. However, we have associates through whom we cater to the retail segment. Some of our ongoing supplies include projects such as the Bangalore Metro, CPWD, several Discom-based supplies and IPP requirements”
Q. What are the latest products that Credence Solar has launched at REI Expo 2023?
“We introduced the maximum power of 720W in Topcon 18BB during the last REI. This marked the beginning of the era of 700Wp+ by an Indian manufacturer. In RenewX, we will be exhibiting our models up to 685W, which is the highest listed in ALMM to date.”
