Recently, Sofarsolar completed the supply of inverters for India's 1MW industrial and commercial power station. The project is the first industrial and commercial power station in a certain state of India. Investors and installers attach great importance to this and hope to build a local benchmark power station in India. Throughout considering and evaluating, Sofarsolar brand was finally chosen.
It is reported that Sofarsolar is the first inverter enterprise to enter the Indian market. After years of market accumulation and channel layout, it has established a strong brand position and occupied an important market share in more than 20 states of India. The acquisition of the 1MW project highlights the influence of the Sofarsolar brand in the local market. It has established a core position in the Indian market once again.
As one of the most popular projects in the world for PV investment, India is located in tropical and subtropical regions, close to the equator and has plenty of sunshine. Its average sunshine volume ranks the first among the top 20 economies in the world, with approximately 3,000 hours of solar radiation per year, equivalent to 5,000 trillion kWh. As early as 2016, 8 of India's top 10 component suppliers came from China, with Canadian solar, Trina solar, JA solar, GCL, and Talesun as the mainstays. Inverter suppliers mainly focus on companies such as Sofarsolar.
With the continuous growth of power demand and cost in India, the acceleration of the transition to renewable energy such as photovoltaics and wind power has become the issue that India has been doing for the past two years. The first quarter of 2018 is the strongest quarter for the Indian PV industry since the launch of the Indian solar program. In addition to the decline in component prices, both rooftop power plants and centralized ground power plants have shown strong growth. This provides a good market environment for Chinese PV companies.
David Zhong, the Vice President of Sofarsolar, he said that we have been insisting on the expansion of the Indian market. It has never stopped for more than four years. Now users are satisfied with our products, and the market recognizes our brand. This is what we have now. The highest honor, with an increasing number of projects using Sofarsolar inverters, has once again strengthened our determination to continue to lay out the Indian market. In the future, in the face of fiercely competitive market structure, Sofarsolar will continue to adhere to stable inverter products and core competitiveness technologies, and work closely with Indian companies to build a new order in India's photovoltaic market and boost India's rapid sustainable growth of the renewable energy industry.