Nextracker Primed For India Growth With 4.5 GW Order Book, 10 GW Capacity

Nextracker Primed For India Growth With 4.5 GW Order Book, 10 GW Capacity

US-based solar tracker leader Nextracker is set to ride the solar growth story in India, with its local manufacturing capacity up to 10 GW now. Spread across 13 factories across the country through its eleven contract manufacturing partners, the firm claims to have achieved 80% indigenization levels, giving it a strong advantage over global competitors. The 10 GW capacity places the firm very strongly in the domestic Indian market as well as for exports, as key regions, including the Middle East, pivot to a high solar tilt in the coming months and years.

“Nextracker has firmly established its presence in India’s vibrant renewable energy sector, with over 5 GWs of systems under fulfillment or operational”, said Dan Shugar, Nextracker Founder and CEO.
Nextracker has focused on innovations to differentiate itself, with offerings like the recent NX Horizon -XTR, which breaks the paradigm of “straight-line row” design constraints. XTR conforms to the natural terrain, generating a series of benefits such as eliminating cut and fill earthworks, reducing pier lengths, and easing permitting, ultimately accelerating project construction schedule while saving more than time and money.

Besides that, the firm’s ever-expanding suite of software services, including predictive analytics, has placed it firmly in the large, utility-scale market it targets, where LCOE is the primary driver.
Speaking to Saur Energy, Shugar also emphasized how the Indian manufacturing base is serving Nextracker globally with exports to 4 continents.

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The company, which had revenues of $1.9 billion in 2022 and over 17 GW of installations, has crossed a cumulative capacity installed of 75 GW worldwide. While the US is the market it dominates, it is present across 30 countries now.

In India, the advent of larger modules and bifacials, in particular, has opened up the tracker market for the firm in a big way again, with some major wins, including gigawatt plus orders in the recent past.

A large Hyderabad-based team, including research and design, has made India the growth hub for its 200-strong team running worldwide operations. For Dan Shugar himself, who first came to the country on a World Bank project that sought to introduce solar pumps in rural areas in 1991-92, an India presence has been almost as long as the company he founded in 2013. The markets have also rewarded the firm with a healthy market cap of over $5 billion for the NASDAQ-listed firm since its IPO in 2023, as it has done more than deliver on projections in the past two years.

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The patience and investment in the market are finally delivering locally and globally now, as Nextracker looks to maintain dominance over a global market where multiple regions are simultaneously booming for solar for the first time ever. Well-capitalized and globally experienced, the firm is strongly seen as one of the more probable winners from the ongoing solar push worldwide.

In India, Nextracker competes with Chinese as well as local brands, from Arctech to Gamechange Solar and more.

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