The 17th edition of the Renewable Energy India Expo 2024 was a monumental event for India’s solar industry. The three day showcase during October 3rd to 5th at Greater Noida, Uttar Pradesh not only displayed India’s growing prowess in solar manufacturing but also highlighted the challenges and opportunities that the Indian solar industry faces.
At SafEarth, our participation in this event was both insightful and impactful, as we were able to engage with a diverse range of stakeholders including EPCs, component manufacturers, and financiers.
A Proud Moment for Indian Solar Manufacturing
One of the most significant trends we observed at REI 2024 was the growing confidence in India’s solar manufacturing capabilities. For the first time, many Indian solar module manufacturers were fully booked through 2025, signaling that Indian makers are stepping up to meet both domestic and global demand. With the success of the Make in India initiative, India is fast becoming a leader in the clean energy transition, and the contributions from the solar industry are a crucial part of this movement.
However, while high-quality solar panels and components are essential to this growth, our interactions at the expo confirmed that success in solar projects requires much more than just great technology.
Key Challenges Faced by EPCs
During our discussions with EPCs, component manufacturers, and financiers, three recurring themes emerged that are critical for the continued success of solar projects in India:
The Need for Solar Financing
One of the most urgent challenges faced by EPCs is access to sufficient financing. Capital flexibility is essential for these firms to operate smoothly, particularly for small and medium-scale EPCs. The discussions at REI 2024 reinforced our belief that financial solutions tailored to EPCs are necessary for their success.
Availability of Quality Components at Optimized Prices
Another concern raised by industry professionals was the challenge of securing high-quality components at competitive prices. As solar adoption accelerates, it is crucial that EPCs have access to the right components that meet both cost and quality requirements. This balance is often difficult to achieve, but it’s an area where SafEarth is determined to provide support, connecting EPCs with trusted suppliers.
Project Closure Rates
Despite the growing solar market in India, smaller EPCs often find it difficult to land and close projects. The competition is fierce, and even though there is a demand for solar solutions, these firms face obstacles in converting opportunities into successful project completions. We found this to be a key area where SafEarth’s project management solutions can make a significant difference.
SafEarth’s Commitment to EPC Success
At SafEarth, we have always been driven by our commitment to help EPCs succeed in this fast-evolving landscape. This year’s REI Expo reaffirmed the necessity of focusing on solar financing as a cornerstone for enabling the growth of small and medium-scale EPCs.
With our array of financing solutions, we aim to give EPCs the capital flexibility they need to scale their operations. Our solutions are curated to meet the specific needs of Indian EPCs, ensuring that they can focus on delivering high-quality solar projects without worrying about financing hurdles.
In addition to financing, we offer custom solar design services and project management tools that streamline operations for EPCs. By providing comprehensive support, we help EPCs optimize their workflows, improve their chances of project closure, and grow their businesses in a sustainable way.
A Renewed Purpose
Our participation in REI 2024 gave us a clearer understanding of the pain points that EPCs face, particularly around financing, component sourcing, and project execution. These valuable insights have strengthened our resolve to continue developing solutions that empower EPCs to unlock their full potential.
At SafEarth, we are proud to play a role in India’s clean energy revolution, and we are more committed than ever to helping EPCs lead the way in this transformation. The feedback and learnings from REI 2024 will fuel our efforts as we work to support Team India in shining brighter in the global solar market.
To our partners, customers, and everyone who visited our booth at REI 2024, we extend a heartfelt thank you. Your insights and engagement have been invaluable, and we look forward to continuing to collaborate on innovative solutions that drive the solar industry forward.