Solar power has the potential to grow 8x. This company could benefit the most.
Subscribe to enjoy similar stories. India, the third largest electricity producer, is gradually shifting to renewable sources of energy to meet its rising power demand. The country's installed solar power capacity stands at 92.19 gigawatts (GW), a 35x growth since 2014, according to the data as of October 2024.
The National Institute of Solar Energy has projected that India can generate ~748GW of solar power, assuming 3% of the wasteland area is covered by solar photovoltaic (PV) modules. This potential is 8x the present capacity of 92.19GW. The Government of India is constantly making efforts to promote the use of solar energy through various schemes and benefits.
The government aims to reduce the projected carbon emissions by 1 billion tonnes by 2030 and achieve net zero carbon emissions by 2070. The government has also allocated ₹10,000 crore for solar power grid projects in the Union Budget 2024-25, a rise of 110% over the amount allocated in the Union Budget 2023-24. Now, the question arises: Which company will directly benefit from this increased demand for solar power? We are referring to product manufacturers as well as allied companies.
Perhaps the company best placed is Borosil Renewables Ltd, the largest manufacturer of solar glass in India. Solar glass is used in solar photovoltaic modules, roof-top solar panels, utility-scale solar projects, and greenhouses. Borosil Renewables manufacturs textured low iron solar glass ranging between 2mm and 6mm thickness, and sheet length up to 3500mm and width up to 2500mm.
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