——做专业的科技财经媒体！
撰文：李星
根据能源经济与金融分析研究所（IEEFA）和JMKResearch&Analytics发布的最新报告，印度的太阳能光伏（PV）组件出口在2022财年和2024财年之间呈现爆炸式增长，短短两年内增幅接近23倍。这一变化标志着印度从传统的太阳能组件消费和进口国，成功转型为净出口国。
2024年，印度制造商的光伏组件出口总额达到约20亿美元，其中美国成为最大出口市场，占总出口的97%以上。印度三大光伏制造商——WaareeEnergies、AdaniSolar和VikramSolar——在光伏组件出口中占据主导地位。
尽管印度的太阳能组件出口市场繁荣，且有可能取代东南亚成为美国太阳能组件的主要供应商，但该报告对满足国内市场需求表示担忧，特别是在实现印度政府2030年能源目标和太阳能计划（包括《国家太阳能计划》和《生产挂钩激励计划（PLI）》）方面的挑战。
预计到2025财年，印度的光伏组件年产量将达到28千兆瓦，但由于大部分生产用于出口，该国可能未能满足实现2030年可再生能源目标所需的国内需求。
上个月当地时间10月28日，印度最大的光伏组件制造商WaareeEnergies在孟买成功上市。当天，该公司股价在盘中一度暴涨75%，最终以55.62%的涨幅收盘，总市值接近80亿美元，约合人民币570亿元。
据了解，Waaree的首次公开募股（IPO）受到投资者的热烈追捧，认购量超过70倍，吸引了高盛集团、贝莱德和摩根士丹利等知名投资机构的参与。
WaareeEnergies是印度最大的光伏组件制造商，也是印度政府批准的ALMM制造商名单中唯一一家生产650W组件型号的公司。目前，该公司年生产能力为12GW，并计划在美国休斯顿建设一座5GW的组件工厂。据招股说明书显示，截至6月的三个月内，Waaree的运营收入为341亿卢比，净利润超过40亿卢比。
WaareeEnergies的首次公开募股（IPO）引起了投资者的极大兴趣，认购量超过70倍，并吸引了高盛集团、贝莱德和摩根士丹利等知名机构的投资。彭博社指出，华尔街著名投行的支持，凸显了印度可再生能源行业的吸引力。今年，该行业的股票上涨超过300%。彭博社的世界能源指数前10名表现最佳的公司中，已有6家是印度公司。
WaareeEnergies成立于1990年，是印度最大的光伏组件制造商，总部位于孟买，业务遍及全球68个国家。公司凭借其高质量的太阳能解决方案、成本效益及可持续性，在市场上占据了领先地位。其产品线涵盖单晶、多晶、PERC和TopCon光伏组件，以及建筑集成光伏（BIPV）产品，广泛应用于全球太阳能发电领域。此外，WaareeEnergies还生产和分销适用于住宅和商业环境的太阳能逆变器等产品。
在产能方面，WaareeEnergies已在印度建立多个生产基地，年产能力达到12GW。公司还积极拓展国际市场，产品远销欧美亚等多个地区。为了巩固全球领先地位，Waaree计划在美国休斯顿建设一座5GW的组件工厂。此外，Waaree计划到2025年将光伏组件产能提升至20GW，电池片产能增至11.4GW，硅片产能达到6GW。
而AdaniSolar公司是印度首家最大的、垂直整合度最高的光伏制造商。作为印度最大的跨国公司阿达尼集团旗下的一部分，AdaniSolar阿达尼绿色能源近年来通过大量投资，迅速扩大了其在光伏和风能领域的市场份额，并成为了全球可再生能源领域的重要玩家之一。目前AdaniSolar的太阳能电池和组件总产能已达到4GW，其中单晶PERC和TOPCon技术各占2GW。
上个月，印度另一家光伏企业VikramSolar向印度证券交易委员会（SEBI）递交了招股说明书，计划通过首次公开募股（IPO）筹集资金，并计划以每股10卢比的价格发行不超过1745万股股票。该公司目标筹集150亿印度卢比（约合1.8亿美元，12.7亿人民币），资金大部分将用于在印度南部泰米尔纳德邦建设一座集成太阳能电池和组件的工厂，采用TOPCon技术。
根据招股书，VikramSolar的产能扩建将分为两个阶段进行。第一阶段计划建设3GW的太阳能电池和组件生产线，第二阶段将使组件厂的年产能增至6GW。第一阶段的投资目标为79亿印度卢比，第二阶段计划投资60亿印度卢比。
目前，VikramSolar在印度西孟加拉邦和泰米尔纳德邦的工厂总计拥有3.5GW的年铭牌组件产能。公司使用多种电池技术进行组件组装，包括p型PERC、n型TOPCon和异质结（HJT）技术。
VikramSolar是印度最大的光伏组件制造商之一，去年在第二轮产品清单激励中获批建设1GW的太阳能电池和组件产能。此外，VikramSolar还是领先的太阳能解决方案提供商，业务遍及32个国家，拥有1.42GW的EPC项目（已委托和正在执行中），并拥有1899名员工。公司总部位于西孟加拉邦加尔各答，并已成为PVEL光伏组件可靠性记分卡中的“最佳表现者”，同时被列入BloombergNEF的一级太阳能光伏组件制造商名单。
2023年，VikramSolar宣布与私募股权公司PhalanxImpactPartners及投资公司Das&Co共同成立了美国太阳能制造合资企业VSKEnergyLLC。根据计划，第一阶段将投资2.5亿美元，在科罗拉多州的MortensonProperties和HydeDevelopment完工的建筑中建立一座光伏组件制造厂。新工厂预计将直接创造900多个工作岗位，并提供200个施工工作岗位，初始年产能为2GW，预计2024年开始运营，并计划在未来几年扩展至4GW。
在第二阶段，VSK计划实现太阳能制造工艺的垂直整合，投资12.5亿美元，在美国南部某州建立一座专门生产太阳硅锭、电池和晶圆的工厂，年产能为4GW。新工厂预计将在2025年开始运营，预计直接创造1500多个就业岗位，并提供1000个施工工作岗位。
美国一直关注中国光伏产品的价格竞争，尤其是在东南亚的生产基地。为了减少对中国光伏产品的依赖，美国采取了一些贸易保护措施，实施反倾销税和反补贴措施，特别是针对越南、马来西亚和泰国等东南亚国家。美国认为，部分东南亚企业可能通过中国制造的太阳能产品再加工，然后转口到美国市场，绕过中国的关税。对此，美国政府强化了对东南亚光伏产品的审查，尤其在2022年起，美国对越南和马来西亚的太阳能组件进口实施了新的调查，以确保这些国家的光伏组件不是在中国生产的。
而对于印度，美国则通过提供技术支持、投资合作以及绿色融资，推动印度光伏产业的发展。
美国和印度在光伏领域的合作越来越密切，尤其是在技术转移、创新研发以及共享能源解决方案方面。美国通过与印度的合作，向印度提供先进的光伏技术和制造经验，帮助印度提高光伏组件的生产能力。美国政府通过例如“印度-美国清洁能源协议”（US-IndiaCleanEnergyAgenda2030），促进双边合作，帮助印度实现其可再生能源目标，尤其是在太阳能领域。
美国公司如FirstSolar、SunPower等在印度的投资也促进了印度光伏行业的发展。这些投资不仅增强了印度的光伏制造能力，还帮助印度减少对进口太阳能产品的依赖，尤其是减少对中国光伏产品的进口。此外，随着印度市场对光伏组件的需求激增，美国的光伏企业看到了巨大的增长机会。美国政府也在此过程中通过优惠贷款、税收减免等政策来鼓励美国企业在印度投资。
同时美国政府通过国际气候基金（ICF）和美国国际开发署（USAID）等机构支持印度光伏产业的发展。USAID为印度提供资金和技术援助，帮助印度建设和扩展太阳能项目。此外，印度政府的“生产挂钩激励计划”（PLI）和“国家太阳能计划”（NSM）也吸引了美国企业的参与。美国还在印度开展光伏项目，包括大型太阳能电站和分布式太阳能解决方案。
尽管面临贸易壁垒和反倾销政策的增加，中国光伏企业在印度的市场份额依然保持较大，尤其是在太阳能组件、电池和逆变器等领域。中国光伏企业凭借其价格优势，仍主导着印度光伏组件的进口和分销市场，这也使印度成为全球最大的光伏市场之一。然而，随着印度政府政策的变化和本土企业的崛起，中国光伏企业在印度的市场份额可能会受到一定压力。
印度本土光伏企业如VikramSolar、WaareeEnergies等，也在快速提升自身生产能力，积极参与国内外市场竞争。近年来，印度政府确实在推动“去中国化”政策，特别是在太阳能产品供应链方面，旨在减少对中国光伏产品的依赖，并鼓励本土制造和创新。为了提高自给自足率，印度在电池和组件制造等环节加大了投资，这也为本土企业带来了更多机会。
印度光伏企业的快速增长，尤其是在短短两年内的增幅超过20倍，除了基数较低这一因素外，欧美市场对中国、东南亚和印度光伏企业的不同贸易政策也是印度本土企业迅速发展的一个重要推动力。欧美对中国光伏产品的反倾销政策，使得印度光伏产品在欧美市场的竞争力上升，进一步推动了印度光伏产业的崛起。
Replacing China and Southeast Asia to export to the United States, India's photovoltaic production capacity has increased nearly 23 times in two years
Editor: Lucien
According to a new report published by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMKResearch &Analytics, India's solar photovoltaic (PV) module exports have exploded between FY2022 and FY2024, with a nearly 23-fold increase in just two years. This change marks India's successful transition from a traditional consumer and importer of solar modules to a net exporter.
In 2024, the total export value of PV modules from Indian manufacturers will reach about $2 billion, with the United States becoming the largest export market, accounting for more than 97% of total exports. India's three largest PV manufacturers – WaareeEnergies, AdaniSolar and VikramSolar – dominate PV module exports.
While India's solar module export market is booming and has the potential to replace Southeast Asia as a major supplier of solar modules to the US, the report raises concerns about meeting domestic market demand, particularly in terms of the challenges of meeting the Indian government's 2030 energy targets and solar plans, including the National Solar Plan and the Production Linked Incentive Scheme (PLI).
India's PV module production is expected to reach 28 gigawatts per year by fiscal 2025, but with most of the production going to exports, the country may not be able to meet the domestic demand needed to meet its 2030 renewable energy target.
"India is at the forefront of a revolution in the energy transition, with solar technology being a key enabler," said VibhutiGarg, IEEFA South Asia Director. It is critical to ensure that India can meet both domestic demand and establish itself as a viable alternative to Chinese PV products. ”
The report suggests that while India should continue to capitalize on the US market, which is one of the world's largest solar markets and a leader in installation and technology applications, India must find a balance between meeting international market demand and securing domestic supply.
On October 28, local time last month, WaareeEnergies, India's largest photovoltaic module manufacturer, was successfully listed in Mumbai. On the same day, the company's stock price soared 75% during the session, and finally closed with a 55.62% increase, with a total market value of nearly US$8 billion, or about 57 billion yuan.
It is understood that Waaree's initial public offering (IPO) was warmly sought after by investors, with more than 70 times subscription, attracting the participation of well-known investment institutions such as Goldman Sachs Group, BlackRock and Morgan Stanley.
WaareeEnergies is India's largest PV module manufacturer and the only company on the list of ALMM manufacturers approved by the Indian government to produce a 650W module model. Currently, the company has an annual production capacity of 12GW and plans to build a 5GW module factory in Houston, USA. In the three months to June, Waaree recorded an operating income of Rs 3,410 crore and a net profit of over Rs 4 billion, according to the prospectus.
The initial public offering (IPO) of Waaree Energies has generated a lot of interest from investors, with more than 70 times subscriptions, and has attracted investment from well-known institutions such as Goldman Sachs, BlackRock, and Morgan Stanley. Bloomberg noted that the support of prominent Wall Street investment banks underscores the attractiveness of India's renewable energy sector. Stocks in the sector have risen by more than 300% this year. Six of the top 10 top-performing companies in Bloomberg's World Energy Index are Indian.
Founded in 1990, Waaree Energies is India's largest PV module manufacturer, headquartered in Mumbai, with operations in 68 countries around the world. The company is a market leader with its high-quality solar solutions, cost-effectiveness and sustainability. Its product line includes monocrystalline, multicrystalline, PERC and TopCon photovoltaic modules, as well as building-integrated photovoltaic (BIPV) products, which are widely used in the global solar power generation sector. In addition, Waaree Energies manufactures and distributes products such as solar inverters for residential and commercial environments.
In terms of production capacity, Waaree Energies has established multiple production bases in India with an annual production capacity of 12GW. The company also actively expands the international market, and its products are exported to Europe, America and Asia and other regions. To consolidate its global leadership, Waaree plans to build a 5GW module factory in Houston, USA. In addition, Waaree plans to increase PV module production capacity to 20GW, cell production capacity to 11.4GW and wafer production capacity to 6GW by 2025.
AdaniSolar is India's first and largest PV manufacturer with the highest vertical integration. As part of the Adani Group, India's largest multinational company, AdaniSolar has rapidly expanded its market share in the photovoltaic and wind energy sectors through significant investments in recent years, and has become one of the major players in the global renewable energy sector. AdaniSolar's total solar cell and module production capacity has reached 4GW, of which monocrystalline PERC and TOPCon technologies each account for 2GW.
Last month, another Indian PV company, VikramSolar, filed a prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) and plans to issue up to 17.45 million shares at Rs 10 per share. The company aims to raise 15 billion Indian rupees (US$180 million, 1.27 billion yuan), most of which will be used to build a factory in the southern Indian state of Tamil Nadu that integrates solar cells and modules, using TOPCon technology.
According to the prospectus, VikramSolar's capacity expansion will be carried out in two phases. The first phase plans to build 3GW of solar cell and module production lines, and the second phase will increase the annual capacity of the module plant to 6GW. The investment target for the first phase is INR 7.9 billion and the second phase is planned to invest INR 6 billion.
VikramSolar's factories in West Bengal and Tamil Nadu now have a combined annual nameplate module production capacity of 3.5GW. The company uses a variety of cell technologies for module assembly, including p-type PERC, n-type TOPCon and heterojunction (HJT) technologies.
VikramSolar, one of India's largest PV module manufacturers, was approved to build 1GW of solar cell and module capacity in a second round of product list incentives last year. In addition, VikramSolar is a leading solar solutions provider with operations in 32 countries, 1.42GW of EPC projects (commissioned and executing) and 1,899 employees. Headquartered in Kolkata, West Bengal, the company has become a "Top Performer" in PVEL's PV Module Reliability Scorecard and is included in BloombergNEF's list of Tier 1 solar PV module manufacturers.
In 2023, VikramSolar announced the formation of VSKEnergyLLC, a U.S.-based solar manufacturing joint venture, with private equity firm PhalanxImpactPartners and investment firm Das&Co. According to the plan, the first phase will invest $250 million to build a photovoltaic module manufacturing plant in a building completed by Mortenson Properties and HydeDevelopment in Colorado. The new plant is expected to directly create more than 900 jobs and provide 200 construction jobs with an initial annual capacity of 2GW, with operations expected to begin in 2024 and expand to 4GW in the coming years.
In the second phase, VSK plans to vertically integrate its solar manufacturing processes, investing US$1.25 billion to build a 4GW annual capacity in a southern US state dedicated to the production of solar ingots, cells and wafers. The new plant is expected to start operations in 2025 and is expected to directly create more than 1,500 jobs and provide 1,000 construction jobs.
The U.S. has been concerned about price competition for Chinese PV products, especially at production bases in Southeast Asia. In order to reduce its dependence on Chinese photovoltaic products, the United States has adopted a number of trade protectionist measures, imposing anti-dumping duties and countervailing measures, especially against Southeast Asian countries such as Vietnam, Malaysia and Thailand. The U.S. believes that some Southeast Asian companies may bypass China's tariffs by reprocessing Chinese-made solar products and then re-exporting them to the U.S. market. In response, the U.S. government has stepped up its scrutiny of PV products in Southeast Asia, especially since 2022, when the U.S. implemented a new investigation into solar module imports from Vietnam and Malaysia to ensure that PV modules from these countries are not produced in China.
As for India, the United States has promoted the development of India's photovoltaic industry by providing technical support, investment cooperation and green financing.
The U.S. and India are increasingly cooperating in the PV sector, especially in technology transfer, innovative R&D, and shared energy solutions. Through cooperation with India, the United States has provided India with advanced photovoltaic technology and manufacturing experience to help India increase its photovoltaic module production capacity. The U.S. government promotes bilateral cooperation through, for example, the India-U.S. Clean Energy Agenda 2030 to help India meet its renewable energy goals, especially in the solar sector. Investments in India by U.S. companies such as FirstSolar and SunPower have also contributed to the development of the Indian PV industry. These investments have not only strengthened India's PV manufacturing capacity, but also helped India reduce its dependence on imported solar products, especially from China. In addition, with the surge in demand for PV modules in the Indian market, PV companies in the United States see a huge growth opportunity. In the process, the U.S. government has also encouraged U.S. companies to invest in India through preferential loans, tax breaks, and other policies.
At the same time, the U.S. government supports the development of India's photovoltaic industry through institutions such as the International Climate Fund (ICF) and the U.S. Agency for International Development (USAID). USAID provides financial and technical assistance to India to help build and scale up solar projects. In addition, the Indian government's Production Linked Incentive Scheme (PLI) and National Solar Initiative (NSM) have also attracted the participation of US companies. The U.S. is also working on photovoltaic projects in India, including large-scale solar farms and distributed solar solutions.
Despite increasing trade barriers and anti-dumping policies, Chinese PV companies still have a large market share in India, especially in the fields of solar modules, cells and inverters. Chinese PV companies still dominate the import and distribution market of PV modules in India due to their price advantages, which also makes India one of the largest PV markets in the world. However, with the change of Indian government policy and the rise of local companies, the market share of Chinese PV companies in India may come under some pressure.
India's local PV companies, such as Vikram Solar and Waaree Energies, are also rapidly increasing their production capacity and actively participating in domestic and foreign market competition. In recent years, the Indian government has indeed pushed for a "de-China" policy, particularly in the solar product supply chain, aimed at reducing dependence on Chinese PV products and encouraging local manufacturing and innovation. In order to increase self-sufficiency, India has increased investment in sectors such as cell and module manufacturing, which also brings more opportunities for local companies.
The rapid growth of Indian PV companies, especially the growth rate of more than 20 times in just two years, in addition to the low base, the different trade policies of the European and American markets to China, Southeast Asia and India are also an important driving force for the rapid development of Indian local enterprises. The anti-dumping policies of Europe and the United States on China's photovoltaic products have increased the competitiveness of Indian photovoltaic products in the European and American markets, and further promoted the rise of India's photovoltaic industry.
