Enhancing awareness and addressing critical factors related to good quality solar rooftop installations are essential for the sustained growth of the sector

Mumbai, October 22, 2024: Mahindra Solarize, the distributed solar EPC division of Mahindra Group, is poised for annual growth of 20-25%, driven by its superior rooftop solar installations, a robust network of partners, and excellence in sales, service, and spares. The company aims to become the top player in Lucknow /Pune’s /Nashik’s /Ahmedabad’s /Mumbai’s rooftop solar market.

The government’s PM Suryaghar Muft Bijli Yojana, announced in this year’s budget, will further provide opportunities for growth of the rooftop solar market. PM Suryaghar Muft Bijli Yojana involves seeking installation of solar rooftops in 1 crore households, providing up to 300 units of free electricity. The steady rollout of rooftop solar (RTS) systems under this scheme is a significant step toward powering homes and small businesses with sustainable energy, creating further opportunities for Mahindra Solarize's growth.

To meet market demands while maintaining a focus on quality and service, Mahindra Solarize plans to double its workforce by FY25. Its goal is to secure a top 3 position in the national rooftop solar market, with a strong foothold in Lucknow /Pune’s /Nashik’s /Ahmedabad’s /Mumbai’s.

Hemant Sikka, President of Mahindra & Mahindra’s Farm Equipment Sector, stated, “The rooftop solar (RTS) segment has tremendous growth potential, with expected year-on-year growth of 15-20%. However, scaling up rapidly will present some challenges. By leveraging the Mahindra brand’s strengths, extensive experience, and vast partner network, we are well-positioned to drive significant progress in the RTS market in Lucknow /Pune’s /Nashik’s /Ahmedabad’s /Mumbai’s.”

With the segment being highly fragmented, Sikka also noted, “In the next 2-3 years, as customers increasingly recognize the value of high-quality solar power systems, only a few players with the right capabilities will stand out. Mahindra Solarize aims to differentiate itself by focusing on reliability, quality, and customer-centricity, supporting our goal of sustained 20-25% annual growth.”

Sikka also emphasized the critical role of DISCOMs (power distribution companies) in accelerating the adoption of rooftop solar in India. “To boost uptake, DISCOMs need to streamline the permit process and create more efficient systems for net metering and open access for commercial and industrial (C&I) customers. This will further drive adoption in the C&I segment.”

As per the latest MERCOM report, India’s total installed solar capacity stands at 87 GW, with 13% (around 11 GW) from rooftop solar. To meet future goals, raising awareness and addressing key challenges are vital for the sector’s continued success.

About Mahindra

Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/news-room

Media Contact:

Arthur Serrao
Communications, Mahindra Farm Equipment Sector
Email  - [email protected]