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Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market

Inc42 · 1y ago

Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market

Tesla is reportedly planning to enter India's rooftop solar panel manufacturing market. The company has approached the government with its plans and requested subsidies. Tesla will partner with a selected company to set up the manufacturing plant while bringing its technology and sales expertise. This move aligns with the Indian government's initiative to generate solar energy and provide free electricity to 10 million households. Additionally, Tesla is in advanced talks to establish a battery manufacturing plant and manufacturing Tesla cars in India. The negotiations for the first manufacturing unit are in the final stages. Starlink, Elon Musk's satellite broadband service, is also expected to launch in India soon.

Related News

A Tesla on your rooftop? Not as far-fetched as it sounds

Livemint

Livemint · 1y ago

A Tesla on your rooftop? Not as far-fetched as it sounds

Electric carmaker Tesla is looking for local partners in India to manufacture its rooftop solar panels. The company plans to provide the technology and sales expertise, while the selected partner will handle manufacturing and installation. Tesla has already expressed its plans to the Indian government and has requested subsidies for the venture. This move comes as Tesla's US solar business has slowed, with a decline in deployments, while India offers incentives to encourage the rooftop solar sector. The country's solar rooftop capacity has grown considerably over the years, presenting a significant opportunity.

Zunroof spent Rs 60 Cr to make Rs 30 Cr in FY23

Entrackr

Entrackr · 1y ago

Zunroof spent Rs 60 Cr to make Rs 30 Cr in FY23

Rooftop solar startups faced a slowdown in funding after a flurry of activity in 2016-19. ZunRoof, a six-year-old player in this sector, saw its revenue dip by 36% in FY22. However, in FY23, its revenue from operations increased by 15.5% to Rs 29.85 crore. ZunRoof focuses on rooftop solar solutions, leveraging AI for efficiency and diversifying into 'smart home' products. Despite investments, its losses grew by 10.2% to Rs 29.48 crore in FY23, impacted by high costs. ZunRoof competes in a market estimated to have a 200 GW potential for rooftop solar in India.

Fibe launches rooftop solar financing solution, partners with 100 solar EPC firms

Economic Times

Economic Times · 14d ago

Fibe launches rooftop solar financing solution, partners with 100 solar EPC firms

Fibe has entered the green energy sector with a new rooftop solar financing solution to make clean energy accessible to middle-income households. Partnering with over 100 solar installation EPC companies across India, Fibe offers collateral-free loans up to Rs 5 lakh to cover project costs, including panel and installation expenses. This initiative aims to overcome financial barriers to solar adoption, particularly in Tier-II and III cities, supporting the government's solar energy objectives.

SolarSquare Is Helping Indians Harvest Solar Power With Its Full-Stack Solutions

Inc42 · 1y ago

SolarSquare Is Helping Indians Harvest Solar Power With Its Full-Stack Solutions

SolarSquare, a full-stack rooftop solar solutions startup based in India, has secured INR 120 crore ($16 million) in funding since its inception. The company offers rooftop solar solutions to residential households and currently operates in over 15 cities, including Bengaluru, Mumbai, and Delhi NCR. SolarSquare provides a range of services from free consultations and installation to after-sales support. The company aims to tap into India's growing solar energy market and help customers reduce their electricity bills. It has plans to expand its operations and double its revenues by 2025.

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

VCCircle

VCCircle · 2m ago

Lightspeed-backed SolarSquare nearly doubles revenue in FY25, trims losses

SolarSquare, a rooftop solar panel provider backed by investors like Lightspeed Venture Partners and Elevation Capital, nearly doubled its revenue in the financial year ending March 2025. The Mumbai-based company also managed to reduce its losses, according to a top executive. SolarSquare is supported by several other prominent investors such as Lightrock, Lowercarbon, Rainmatter, and Gruhas Proptech. This growth reflects increased investment and a strong market presence in the renewable energy sector.

Rooftop solar subsidy scheme a billion dollar opportunity for Tata Power

Livemint

Livemint · 1y ago

Rooftop solar subsidy scheme a billion dollar opportunity for Tata Power

Tata Power sees a $1 billion-plus business opportunity in India's rooftop solar subsidy scheme for households. The Prime Minister's Surya Ghar program aims to provide subsidies for rooftop solar installation to 10 million households, and Tata Power wants to cater to 5-6 GW of the anticipated demand. With its new solar cell and module manufacturing unit in Tamil Nadu, the company aims to ramp up its market share from 13% to 20%. The manufacturing unit will also give Tata Power an advantage in the scheme as it requires the use of domestically manufactured solar cells and modules.

Trident commissions solar project in Madhya Pradesh, stock gains

Money Control

Money Control · 1y ago

Trident commissions solar project in Madhya Pradesh, stock gains

Trident Limited has announced the commissioning of a 1.1 MWp solar power project in Budhni, Madhya Pradesh. The project is part of the company's initiative to reduce its carbon footprint and will contribute to the captive consumption of power for its manufacturing facilities at the same location. The total installed capacity of the rooftop solar power plant at the facility has now reached 29.5 MWp. Trident Limited, based in Ludhiana, Punjab, is known for manufacturing various products including yarn, paper, stationery, home textiles, chemicals, and captive power.

SolarSquare Nets $4.2 Mn To Scale Up Its Solar Tech Portfolio

Inc42 · 1y ago

SolarSquare Nets $4.2 Mn To Scale Up Its Solar Tech Portfolio

Indian solar solutions startup SolarSquare has secured $4.2 million in fresh funding from investors including Zerodha Technology, Gruhas Proptech, Lowercarbon Capital, and Good Capital. The funds will be used for expansion, working capital, and general corporate purposes. The startup offers full-stack solutions for designing, installing, and financing rooftop solar systems. Despite an increase in net losses from INR 8 crore to INR 30 crore, SolarSquare saw its revenue surge from INR 81 crore to INR 107 crore in FY23. The company has now raised a total of $16.05 million in funding.

Tata Power to invest ₹1.2 trillion in Rajasthan for power distribution, transmission and green transition | Mint

Livemint

Livemint · 9m ago

Tata Power to invest ₹1.2 trillion in Rajasthan for power distribution, transmission and green transition | Mint

Tata Power has signed a MoU with the Rajasthan government to expand its renewable energy presence in the state. The agreement includes initiatives such as solar module manufacturing, EV charging infrastructure, nuclear power, and rooftop solar installations. Tata Power plans to invest Rs 1.2 trillion, with Rs 75,000 crore allocated to renewable energy projects, including 10 GW of capacity. The company will also invest in upgrading transmission and distribution infrastructure and establishing 100,000 EV charging points. The initiative aims to support Rajasthan's transformation into a power surplus state and create over 28,000 direct jobs.

MC Interview | Tata Power targeting 50% of revenues from consumer-focussed businesses by 2030: MD

Money Control

Money Control · 10m ago

MC Interview | Tata Power targeting 50% of revenues from consumer-focussed businesses by 2030: MD

Tata Power Company is shifting its focus from being a utility to a consumer-oriented business with a keen expansion into rooftop solar, electric vehicle charging, and energy management. The company is aiming for a revenue mix of 60:40 (B2B to B2C) and potentially a 50:50 split by 2030. Tata Power is also investing in hydropower projects in Bhutan and pumped storage hydro projects in India. Additionally, the company has manufacturing capabilities for solar cells and modules, and it is considering an eventual IPO for its renewable energy subsidiary.

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