At present, the solar technology firm has a branch in India, which is mainly engaged in the sales of the module. It has also been in cooperation with companies such as Sumant Sinha-led ReNew Power
New Delhi: LONGi Group, China’s solar power major, is looking at the possibility of setting up a production facility in India for which it has already carried out some preliminary preparations, the company’s director told ETEnergyWorld.
At present, the solar technology firm has a branch in India, which is mainly engaged in the sales of the module. It has also been in cooperation with companies such as Sumant Sinha-led ReNew Power.
“LONGi has been comprehensively assessing the possibility of setting up a production base in India, with some preliminary preparations done. As for further development, we need to think of the international trade context and the domestic market of India…When the conditions are mature, the project will be moved on swiftly,” said Li Feng, director, LONGi Group.
LONGi is currently the world’s largest manufacturer of monocrystalline silicon ingots and wafers, with a share of more than 40 per cent of the global capacity.
“India has always been a market we add great attention to. We hope to offer high-efficiency monocrystalline photovoltaic (PV) products in India on a larger scale. In 2019, we brought nearly 300 megawatt (MW) monocrystalline PV products to India, which has been praised and trusted by Indian customers,” Feng added.
The solar firm said that by the end of 2021, it would have 30 GW capacity of monocrystalline modules and 20 GW of monocrystalline cells.
The company expects its 2019 net profit to reach $710 million to $760 million. In the first three quarters of 2019, LONGi’s operating revenue had reached $3.2 billion, realising a net profit of $500 million attributable to shareholders of listed companies.
At present, LONGi has branches in more than 10 primary targeted markets globally, including India, and a production base in Malaysia.