New Delhi [India], November 8 (ANI): India will develop the complete ecosystem of solar equipment manufacturing in the next four to five years compared to other countries which have taken over 20 years says Vineet Mittal, Founder and Chairman of Avaada Group.
Mittal spoke exclusively with ANI on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference at Abu Dhabi.
Indian companies are dependent on other countries for solar energy components, which are hindering the abilities of Indian solar companies, expressing optimism that the situation will change soon.
On the development of a complete manufacturing ecosystem of solar energy, Mittal said
“What other countries have done in the last 20 years, they have built the complete ecosystem of every component of supply chain, which India would take four to five years to develop,” Mittal said.
Mittal added that his company, a green energy company headquartered in Mumbai with business interests in renewable energy generation using Solar energy, Wind energy, Pumped Hydro, and Green Fuels, aims to eliminate dependence on imported components, reducing costs and increasing competitiveness.
“We are setting up a campus where you insert a wafer at one end of the factory and the solar panel will be coming out on the other side of the factory,” he said, positioning the model as a game-changer in India’s renewable energy sector.
He further added that country like India should encourage e-methanol for the transport sector.
“We are already using grey methanol in the North East to run cars and it’s the best solution for heavy transport, car transport, and green ammonia for fertilizers. So I think opportunity is humongous. The government should bring out the policy through mandates, through aggregating the demand, and by making it as a fuel of choice,” Mittal said.
The founder of Avaada group highlighted the need for long-term government support through mandates and off-take contracts for future development in hydrogen energy sector.
Hydrogen energy is a reliable source of energy but there is a need to work on the cost structure front globally.
“The cost is still high because the whole ecosystem is not well developed. And unless we grow it like solar sector, in solar, when I did my first project, the tariff was closer to 30 US cents. Now we are doing it less than four US cents. So, basically, unless global government decides and brings several projects through long-term off-take contract, the sector would find it difficult to bring prices closer to grey ammonia and blue ammonia,” he said.
To encourage green fuels, Mittal asked the government to establish a carbon market to accelerate the transition to green fuels, which is still very costly compared to traditional fuel sources.
A carbon market would provide incentives that are currently missing for businesses and individuals to shift toward cleaner fuel options.
“The biggest practical advice would be for governments to introduce carbon market, in absence of carbon market, there is no incentive for the user community to go for the green fuel,” he said.
Mittal said that Avaada Group is advancing India’s renewable energy goals through significant investments in solar and wind power. The company has an ambitious plan to contribute to India’s 2030 target of 500 gigawatts of renewable energy.
“Currently, Avaada Group is focusing on building 30 gigawatt projects of solar and wind across India,” he said, noting that the portfolio includes 5 gigawatt-hours of battery storage and 10 gigawatt-hours of long-duration pumped hydro storage.
With government policies now encouraging the addition of storage systems to existing renewable energy farms, companies can store energy for use during peak hours, effectively stabilizing the market. (ANI)
