Mumbai: Orient Solar, a solar panel manufacturer, plans to expand its solar manufacturing business from the present 800 MW to 2 GW by mid-2025, its Managing Director, Rishab Kohli, told ETEnergyWorld.
He said that the capacity will be built with about Rs 130 crore including capex, land, and building.
“From this capacity, 65 per cent will be used for utility-scale solar projects, and the remaining 35 per cent for commercial and industrial, and rooftop solar projects including solar street lights and pumps,” Kohli said in an exclusive interaction.
The company, which is a group firm of the TPH Orient group of companies set up in 1946, has been logging average monthly revenue of about Rs 50 crore now and aims to double it by the end of FY24.
Kohli said that the company is debt-free at present and has been profitable since day one.
“We are not diluting any equity. We are bootstrapped from day one… The source of the investment right now, we are funded by KOTAK in the form of debt fully. These 2 GW, we’ve bootstrapped it from day one,” he said.
On revenue, he said that the company this year will close at about Rs 700 crore and the projections for the year after are about more than double – Rs 1,500 crore in terms of orders in hand.
“We have always more than doubled our turnover in the past three to four years. At the moment, we are at about a one-gigawatt panel manufacturing capacity and by next year we will be at about 2 GW,” said Kohli.
He added that the second gigawatt is under construction for Topcon and Mono-perc solar modules, but primarily focused on topcon modules. Both of these technologies aim to improve the efficiency and temperature performance of solar panels.
The Delhi-based company manufactures solar inverters, off-grid and hybrid inverters from scratch, and also assembles lithium-ion batteries.
The company is primarily a manufacturer of solar panels with utility-scale projects where it supplies to clients such as NTPC, Oswal Pumps, Livgard, and Fujiyama Solar.
