Nextracker to Inaugurate India’s R&D Center for Solar Excellence in Hyderabad

Rhea-AI Summary

Nextracker (Nasdaq: NXT), a global provider of intelligent solar trackers, has inaugurated India's first Center for Solar Excellence (CFSE) in Hyderabad. The 13-acre facility aims to advance solar tracker technology and accelerate the region's energy transition. The CFSE features a 30,000 square foot lab, a comprehensive solar tracker installation, and training facilities covering the entire project lifecycle.

The center will focus on developing, testing, and commercializing proprietary technologies in collaboration with supply chain partners, customers, and third-party laboratories. Nextracker has already delivered over 35 utility-scale projects in India, totaling over 5 GW of projects, with 95% content under Make in India for their products. The company aims to develop high-performance solar trackers that enhance energy capture, particularly during peak periods in the early morning and late afternoon.

Positive

• Inauguration of India's first Center for Solar Excellence in Hyderabad
• 13-acre state-of-the-art facility for advancing solar tracker technology
• 30,000 square foot lab and comprehensive solar tracker installation
• Over 35 utility-scale projects delivered in India, totaling over 5 GW
• 95% content under Make in India for Nextracker products

Negative

• None.

Insights

Tech Expert

Nextracker's new Center for Solar Excellence (CFSE) in Hyderabad represents a significant investment in India's solar energy sector. The 13-acre facility, featuring a 30,000 sq ft lab and comprehensive training facilities, demonstrates Nextracker's commitment to advancing solar tracker technology and supporting India's renewable energy goals.

Key points to consider:

• The CFSE will focus on R&D, testing and workforce development for the Indian and Middle Eastern solar markets.
• Nextracker has already achieved 95% local content under the Make in India initiative, showing strong localization efforts.
• With over 5 GW of projects delivered or in progress across 35+ utility-scale installations in India, Nextracker has established a solid presence in the market.
• The facility aims to optimize solar trackers for local conditions, potentially improving energy capture during peak demand periods.

While this development showcases Nextracker's long-term commitment to the Indian market, its immediate impact on the company's financials may be Investors should view this as a strategic move to strengthen Nextracker's competitive position in a high-growth market rather than a short-term revenue driver.

Market Research Analyst

The inauguration of Nextracker's CFSE in Hyderabad is a strategic move that could yield long-term benefits for the company in the rapidly growing Indian solar market. Consider these market implications:

• India aims to achieve 500 GW of renewable energy capacity by 2030, presenting a massive growth opportunity for solar technology providers.
• By establishing a local R&D center, Nextracker positions itself to better adapt its products to specific regional requirements, potentially gaining a competitive edge.
• The facility's focus on workforce development aligns with India's push for skill enhancement in the renewable energy sector, which could lead to stronger partnerships with local stakeholders.
• Nextracker's investment demonstrates confidence in the Indian market, which may positively influence investor sentiment and potentially lead to increased market share.

While the immediate financial impact may be minimal, this move strengthens Nextracker's long-term prospects in a key growth market. Investors should monitor how this translates into market share gains and potential revenue growth in the coming years.

Facility aims to advance photovoltaic research and development, testing, and workforce development serving India and Middle East solar markets

HYDERABAD, India--(BUSINESS WIRE)-- Nextracker (Nasdaq: NXT), a leading global provider of intelligent solar trackers, foundations, and software solutions, today inaugurated India’s first Center for Solar Excellence (CFSE) in Hyderabad, India. Spanning across 13 acres this state-of-the-art facility will serve to advance solar tracker technology, further accelerating the region’s energy transition.

Nextracker Inaugurates Center for Solar Excellence in Hyderabad, India (Photo: Nextracker)

The CFSE will feature a 30,000 square foot, state-of-the-art lab, a comprehensive solar tracker installation, and training facilities encompassing the entire project lifecycle—from structural, mechanical, and electrical design to construction, operation, and maintenance. Working closely with supply chain partners, customers, and third-party laboratories, Nextracker’s cross-functional team of experts will be developing, testing, and commercializing proprietary technologies. CFSE overview video, here.

Commenting on the expanded R&D capability, Nextracker President Howard Wenger, emphasized, “Nextracker is further deepening its commitment to developing solar technology in India with a new Center for Solar Excellence in Hyderabad. This state-of-the-art facility advances our ability to optimize our local customer’s needs into the product design. Today, Nextracker has over 35 reliable utility scale projects delivered and under fulfillment in India with over 5 GW of projects, and we have achieved 95% content under Make in India for our products. Through this new center, we aim to develop high performance solar trackers that significantly enhance energy capture, particularly during critical peak periods in the early morning and late afternoon.”

Shri Shripad Naik, Hon’ble Minister of State, Ministry of New & Renewable Energy, Government of India, commented on the development, “Nextracker’s Center for Solar Excellence is a forward-looking initiative that will help inform India’s clean energy journey. Through cutting-edge research and development, this center will drive innovation, making solar more affordable and accessible. As India strives to meet its ambitious 2030 renewable energy goals, R&D efforts like these are critical to ensuring the reliability and performance of our solar assets. This collaboration exemplifies how industry and government can work together to advance our renewable energy mission while protecting the environment and ensuring energy security.”

The CFSE will also play a significant role in fostering local workforce development by delivering regular PowerworX Academy installer training courses. Seasoned instructors will provide cross-functional, hands-on instruction to regionally based engineering procurement and construction companies (EPCs) and third-party installers on solar tracker best practices for design, installation, commissioning, software, and operations and maintenance of advanced PV tracker systems.

Speaking on this milestone, Rajeev Kashyap, Nextracker SVP and General Manager for India, Middle East and Africa, stated, “High uptime of solar projects is extremely critical for our customers. We are committed to providing advanced technologies and services that help power plant owners, EPCs, and other stakeholders optimize the performance of their assets. By using local expertise and infrastructure, we aim to propel India and surrounding markets towards a cleaner, more sustainable energy future. Our focus is also to help develop a skilled workforce, bolster manufacturing capability in the region, and advance product and quality planning (APQP) training and skill development.”

Commenting on Nextracker’s Center for Solar Excellence, Subrahmanyam Pulipaka, CEO of the National Solar Energy Federation of India, said, “Focused research and development of this nature is critical for India, not only to accelerate the deployment of solar energy but also to ensure that cutting-edge technology and high-quality standards are maintained throughout the process. The real-world testing and validation capabilities offered by Nextracker’s new facility will play a crucial role in driving the adoption of advanced solar solutions, ultimately contributing to the country’s renewable energy goals.”

Today, 95% of Nextracker's tracker components are manufactured in India, supported by robust local partnerships that enable more than 10 GW of annual production capacity. Nextracker combines comprehensive support—from on-site project management and engineering to the seamless delivery of systems designed for quick installation—with advanced software, world-class tracker technology, and robotic cleaning solutions to maximize performance.

Nextracker has two other R&D and test lab facilities in Northern California (headquarters) and in Sao Paulo, Brazil. In comparable size and scope, these facilities enable Nextracker to incubate and commercialize PV technologies, localized for regional needs and demand.

About Nextracker

Nextracker is a leading provider of intelligent, integrated solar tracker, software solutions and foundation solutions used in utility-scale and distributed generation solar projects around the world. Its products enable solar panels to follow the sun’s movement across the sky and optimize plant performance. With plants operating in more than thirty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, visit Nextracker. Stay in touch with us: X, LinkedIn, Instagram, Facebook, YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240930556809/en/

Media:

Nirya Sharma (in India on behalf of Nextracker)

Nirya.sharma@adfactorspr.com

+91 9899219015

Kristan Kirsh

media@nextracker.com

Investor Relations

Mary Lai

investor@nextracker.com

Source: Nextracker

FAQ

What is Nextracker's new facility in Hyderabad, India?

Nextracker (NXT) has inaugurated India's first Center for Solar Excellence (CFSE) in Hyderabad, a 13-acre facility aimed at advancing solar tracker technology and accelerating the region's energy transition.

What are the key features of Nextracker's Center for Solar Excellence in India?

The CFSE features a 30,000 square foot state-of-the-art lab, a comprehensive solar tracker installation, and training facilities covering the entire project lifecycle from design to maintenance.

How many projects has Nextracker (NXT) delivered in India?

Nextracker has delivered over 35 utility-scale projects in India, totaling over 5 GW of projects, with 95% content under Make in India for their products.

What is the main goal of Nextracker's new R&D center in Hyderabad?

The main goal is to develop high-performance solar trackers that significantly enhance energy capture, particularly during critical peak periods in the early morning and late afternoon.