8JULY 2024WAAREE ENERGIES TO SUPPLY 900 MW OF MODULES FOR SOLAR POWER PLANTINDIA BECOMES THE 3RD LARGEST AUTO MARKET AFTER CHINA & USWaaree Energies on Monday said it has received an agreement from Serentica Renewables India to supply 900 mega-watts (MW) modules for a task situated at Fateh-garh in the Jaisalmer region of Rajasthan. Accord-ing to the company, the project is anticipated to be one of the largest solar power plants constructed in India using Waaree modules, marking a significant milestone for both businesses.The delivery plan for these Top-Con bifacial modules is set from August 2024 to February 2025. These solar PV modules will be made, tested, packed, and shipped by Waaree Energies, who will make sure that the quality standards are met and the project is completed on time.Sunil Rathi, Director of Sales, Waaree Energies said, "Our elite series modules are expected to contribute to the efficiency, durability, and perfor-mance of this project. Moreover, our company has been deploying multiple projects in Rajasthan and Gujarat, thereby contributing to the clean energy shift in these states."Waaree Energies will regulate the far reaching producing, testing, packing, and transportation of these solar based PV modules, guaranteeing adher-ence to the quality guidelines and timely execution of the venture. According to the company, the imple-mentation of this project is anticipated to increase the region's capacity for renewable energy, reduce carbon emissions, and promote environmental sus-tainability. India outran Japan in automotive sales last year for the first time and became third largest auto market in the world, ac-cording to Nikkei Asia on Friday. The country's sales of new vehicles accounted to at least 4.25 million units, topping the 4.2 million sold in Japan. Society of Indian Automobile Manufacturers stated that new vehicle delivered in India totaled 4.13 million between January and November 2022. Adding December's sales volume reported on Sunday by Maruti Suzuki, India's largest carmak-er, brings the total to roughly 4.25 million units, as per ANI re-ports.India's sales volume is expected to further rise with the in-clusion of pending fourth-quarter sales figures for commercial vehicles, along with year-end results yet to be released by Tata Motors and other automakers.China continued to lead the global automotive segment in 2021 with 26.27 million vehicles sold. The US gained second position at 15.4 million vehicles, followed by Japan at 4.44 mil-lion units.Around 4.4 million vehicles were sold in India in 2018 but the volume dipped below 4 million in 2019, primarily due to the credit crunch that hit the nonbank sector that year. It fur-ther plummeted below 3-million mark in 2020 due to Covid-as-sociated lockdown. Sales recovered in 2021 and approached four million units, but the deficit of automotive chips weighed on growth, ANI re-ported. According to the Nikkei Asia, gasoline powered vehicles, including hybrid vehicles, accounted for most of the new au-tos sold in India last year. It added that electric vehicles hard-ly have a presence and autos for the Indian market are seen having fewer semiconductors than those sold in advanced economies. The report also stated that the relaxations in the automotive chip crunch in 2022 provided an opportunity for a recovery. Maruti Suzuki, Tata Motors and other Indian auto-motive manufacturers experienced growth in sales last year. TOPSTORIES8JULY 2024
< Page 7 | Page 9 >