1. Home
  2. Interviews
  3. EQ In Exclusive Conversation With Mr. Bharat Bhut – Cofounder & Director At Goldi Solar
EQ In Exclusive Conversation With Mr. Bharat Bhut – Cofounder & Director At Goldi Solar

EQ In Exclusive Conversation With Mr. Bharat Bhut – Cofounder & Director At Goldi Solar


EQ In Exclusive Conversation With Mr. Bharat Bhut – Cofounder & Director At Goldi Solar


  1. Proposed BCD on Module/Cells Import in India…What are your views on this

BCD will have a huge, positive impact on the Indian solar manufacturing industry. Not only will the solar module and cell manufacturers benefit from this, even the ancillary industries which include manufacturers of EVA, PV backsheet, aluminum, glass etc. will also see growth. BCD implementation will provide the necessary impetus to create a self-sustaining ecosystem for solar equipment manufacturing in India, job creation, and reduce solar imports. We are seeing new entrants, and the current players are increasing production by two-three folds.

There will be some price pressure on the solar developers and a marginal increase in cost of solar power. We need to view this as a small blip in the larger scheme of things. Largely, this issue is compounded by problems pertaining to grid infrastructure, policy regulation, government subsidies and land acquisition for large scale power projects and quality of the Indian modules themselves. While the domestic industry also cannot cater to the demand, implementation of BCD at the very least, will empower them to achieve economies of scale by bringing down the cost of production. The duties can be removed once the industry matures and is cost-competitive.

Overall, BCD is a step in the right direction towards boosting domestic manufacturing and reaching the nation’s vision of Atmanirbhar Bharat.


  1. Please share your Product Road Maps – Pricing, Technology etc.

As per the changing market scenario, we will start with higher power range of modules with 166mm and 182mm cells. And later on, we will upgrade to 210 mm cells, which is the one of the largest and the latest technology. Very few companies in the world have this. We will also be introducing the micro-gap technology to increase the efficiency. We will introduce a range of products from bi-facial, black, glass-to-glass etc.


  1. World Market Scenario and its impact on pricing and availability of modules in this

year. Expected Pricing & Availability in this year and next year?

Owing to the pandemic, the solar supply chain has now been disrupted heavily. The pandemic has opened up a host of issues including increase in shipping costs, almost five times increase in freight charges, multifold increase in raw material prices etc.  Not only are the polysilicon cells and wafers in short supply, but there is a rise in cost of the total Bill of Materials – EVA, aluminum, backsheet, ribbon etc. This issue has been further aggravated by shortage of raw materials worldwide. Manpower shortage at the raw materials makers’ end has led to a shortage of production. The solar industry is mainly dependent on Chinese supplies – nearly 90% of solar raw materials come from China. Bilateral relations between China and the world have also had a cascading effect on the overall costing of solar panels.


  1. What is the likely price trend, availability trend of solar modules in upcoming quarters?

2021 is going to be a year of uncertainty. Expect price fluctuations across the world. Apart from China, all other countries will face some challenges with respect to pricing and availability. We can expect some stability from the third quarter of 2021 or from 2022. Prices can be pegged at INR 21-22/Wp for Mono-PERC modules, and above Rs. 21/Wp for Polycrystalline modules and may rise depending on the market scenario.

  1. Kindly enlighten our readers on the performance of your modules in India in various

geographic locations, customer feedback

Quality Product meets Quality People at Goldi Solar, making it one of the most quality-conscious brands in the solar module manufacturing industry since our inception.

We ensure optimal output backed by a series of quality check measures. Every panel manufactured in our premises undergoes a series of tests to check its efficiency and output capacity in different geographical areas, and most importantly under different climatic conditions. Goldi Solar has a history of exceptional power generation and strong performance of modules of various locations. Performance is usually higher than promised and all modules come with a positive tolerance. There have been no complaints so far with regards to quality.


  1. Present some noteworthy projects, case studies of solar plants built using your solar


Another fine example is a 9 MW project for Maruti Enterprises in Surendranagar, Gujarat that features solar panels from six companies including Tier-1 international and national manufactures. Goldi is leading amongst the Tier-1 Indian companies. Our 1.5 MW plant with Goldi modules have recorded the highest output amongst all the Indian brands present.


  1. What are the new technology innovations in Solar Modules, logistical aspects usage of larger format modules?

Solar companies have been racing towards building high-efficiency modules. Manufacturers have been increasing cell sizes, reducing the gaps between cells, and increasing the module sizes to achieve better outputs. The industry is now seeing higher range of modules, as high as 600Wp. This innovation has led to doubling of power generation in the same or slightly larger space. Logistical aspects are taken care of while designing these modules. Designs such as 800 Wp of 2.5-meter length is unviable and cannot be transported. 182 cell modules are a more ideal choice when it comes to transportation.


  1. Kindly comment on policies and regulatory aspects like BCD, BIS, ALMM etc.

The other issue at hand is that SGD (safeguard duty) ends in July 2021, and BCD will be implemented only next year. This time period leaves the solar developers a window of opportunity to import modules from outside India, resulting in a huge blow to domestic solar manufacturers. Also important is the announcement of anti-dumping duty application on units in SEZs (Special Economic Zone). Earlier, SEZ’s supplied domestically without any implications of the saved duties resulting in almost a one-rupee gap in the cost of 1 unit. While there is still no clarity, manufacturers operating in DTU (Domestic Tariff Unit) are hopeful that they will no longer have to deal with price disparity owing to concessions.

Government bodies should invite industry players in the BIS committee, and take into account the industry stand. BIS is a necessity, but should cater to both customer and manufacturers’ demands. Currently, there are many loopholes in the implementation of BIS, creating hurdles, administrative clashes and negatively impacting the manufacturing industry.

As for ALMM (Approved Lists of Models and Manufacturers) – it is a good initiative. The government needs to be firm and should ensure smooth, swift execution.


  1. What are your plans to ramp up or set up or grow your manufacturing base in India in light of the Proposed BCD.

Currently we have 500 MW production capacity. We plan to set up 5 GW in next four years, out of which the setting up of 2 GW has been commissioned for August 2021. We plan to foray into solar cell manufacturing as well. Within a year, we will have a 600 MW cell manufacturing line.

We are also tying up with raw material manufacturers and developing a whole ecosystem in South Gujarat.


  1. Please describe in brief about your company, directors, promoters, investors, its vision & mission

Goldi Solar is one of the leading Tier-1 Indian solar panel manufacturers, EPC services provider and independent power producer (IPP). Founded in 2011, it is headquartered in Surat, Gujarat. The company was born with the vision of harnessing an abundant power source to produce sustainable energy. This was also expected to further develop skills, as well as meet the energy requirements of a burgeoning Indian population.

A leading OEM supplier catering to several international brands in 20+ countries like USA, UAE, Turkey, Myanmar, Italy, Greece, Germany, France, Denmark and Croatia we deliver high-end quality at a competitive price. Today, as we continue to explore global export opportunities, strengthen our production, technological and marketing capabilities, we intend to further consolidate our leadership position in the Indian solar industry.

Our vision is to Transform Tomorrow’s Energy and bring about wide acceptance of green energy in India.  Our mission is to provide clean energy solutions to the world and protect Mother Earth.

Ishver Dholakiya is the Managing Director and Founder of Goldi Solar. A successful serial entrepreneur, Ishver was always passionate about the environment and was looking to make a lasting, positive impact on future generations. He brought to solar precision, quality and perseverance from his 14 years of exposure in the diamond industry.

Bharat Bhut is the Director & Founder of Goldi Solar. He provides the strategic direction for growth and is responsible for all operations. He spearheads all the expansion and technology tie-ups efforts. Bhut has helped increase revenue, margin and customer satisfaction levels, owing to his razor-sharp focus on team building, strategy execution and client relationships.


  1. What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures etc.

Goldi Solar is one of the oldest players in the country with more than 10 years of experience in the manufacturing. Right from its inception, Goldi’s growth has never stopped. We started with 10 MW and we now have a 500 MW manufacturing capacity. We are installing another 2 GW line soon. We are the one of the few players in India who can manage and run gigawatt-scale manufacturing successfully.

Goldi Solar has the vision, strength and expertise, backed by a legacy of decades of manufacturing not just in solar, but other industries as a group company. We have a strong team of professionals and have setup an excellent sales and business network globally. The company is growing at an annual growth rate of 80% CAGR.


  1. How much is your R&D budget as % of your sales / profits

We have a dedicated R&D lab for process development and have been innovating to offer better products to our customers. For example, we have brought down the frame size from 50 mm to 35 mm with the same efficiency, making the panels easier to transport and move more panels in one truck. We have special gap system and are developing products that will help reduce the shadow effect.

We are developing a full-fledged solar lab and we will accredit it through NABL.

  1. What are the top 5 markets for your company in the past, present and future?

Our top 5 markets globally are India, Europe, USA, Latin America & Canada. In India, we are focused on various regions like North, West and South.


  1. Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your modules

Our modules have undergone all stringent quality tests at reputed third-party laboratories, along with being certified for PID resistance. Besides, we are one of the few companies globally to have 4mm glass certification. Our modules are also marked for “CE” certification and also tested at ERTL and UL laboratory as per STQC/MNRE standards for projects initiated under the policy of Government of India. We are ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and OHSAS 18001:2007 certified.

We cater to international business requirements, and have met all the standard quality criteria in all major countries.  Our modules have successfully passed all the stringent quality tests at SGS TUV SAAR, one of the reputed German Laboratories and are certified for IEC61215, IEC61730, IEC 61701 (Salt Mist Test). Our panels are also tested at Fraunhofer Institute, Germany.

Anand Gupta Editor - EQ Int'l Media Network