India’s SmartTrack eyes 20% of home solar market by 2020 - report
Sep 17, 2014 - Indian firm SmartTrack Solar Systems Pvt Ltd aims to supply its tracking systems to over 20% of the 5 GW of solar farms to be built in the country by 2020, daily Business Standard said today.
The Indian firm, which has reached annual revenues of around INR 600 million (USD 9.9m/EUR 7.6m), is also planning an initial public offering (IPO) for fiscal 2015/16, according to the report.
So far, SmartTrack has installed 30 MW of its systems in the city of Hyderabad and is gearing up to grow its share of the Indian market, the daily said. It sees domestic orders for this fiscal year reaching 100 MW and it has set a 1-GW target for the next five years. Furthermore, the company plans to expand its reach in West Asia.
SmartTrack says its solar tracking systems help generate 45% more electricity than the common ground-mounted solar panels.