Solar energy solutions provider Waaree Energies is eyeing revenues of Rs 3,000 crore this fiscal mainly on the back of growing demand for solar projects in the country, a senior company official said. The company, a part of the Waaree Group, is engaged in manufacturing of solar PV modules and providing EPC turnkey solutions. “We see a huge growth potential in the solar sector especially when the government is taking several initiatives to increase power capacity from the renewables. Being a complete solution provider in the segment, we expect to clock Rs 3,000 crore revenue in 2016-17,” its International Business Head Prasad Chaporkar told PTI today.
Last year, the company had reported revenues of Rs 1,000 crore. He said the company has also planned to increase the solar PV modules capacity from the current 500 MW to 1,000 MW this year. “With our plans for expanding the production to not only meet the domestic but also global demand, we are confident we will be able to achieve the target this fiscal. “Last year, out of the total production, nearly 15 per cent was exported but for this year we expect it to grow by more than 20 per cent,” Chaporkar added. Waaree exports to markets like the US, Asia, Middle East, Australia and Europe. He further said the government’s target of having 40,000 MW of rooftop solar capacity is also one area of huge potential. The government has set up an ambitious target of 175 GW generation capacity from renewable energy sources by 2022 out of which 100 GW will be from solar alone.