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Vikram Solar, an India-based PV module manufacturer, has identified a broader renewable energy opportunity spanning storage and integrated manufacturing in addition to modules. Chairman and Managing Director Gyanesh Chaudhary estimated the market at INR 1 lakh crore (~$10 billion). India’s installed solar capacity surpassed approximately 160 GW in FY2026, following additions of nearly 45 GW. At the same time, peak power demand has crossed 270 GW and may rise to around 388 GW by FY2032. Rising demand is increasing the need for dispatchable renewable power, which government tenders are increasingly pairing with storage. The Energy Storage Obligation requires distribution companies to raise storage-backed procurement to 4% by FY2030. Industry estimates place India’s storage requirement near 900 GWh by 2035-36, with Viability Gap Funding exceeding INR 9,000 crore (~$900 million). Global bids have been invited for the remaining 10 GWh of Advanced Chemistry Cell manufacturing capacity.
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