Luminous Power aims to contribute to India’s energy transformation journey and the net zero target. In an interview, Preeti Bajaj talks about her vision. Excerpts:
How is Luminous Power Technologies contributing to environmental sustainability? Can you tell us about your initiatives for reducing carbon emissions?
Renewable energy and sustainable manufacturing practices are at the heart of our corporate strategy. In a significant move towards our solar energy initiatives, we have recently inaugurated our solar panel factory in Rudrapur. This marks a significant step forward for Luminous in playing a bigger role in India’s journey to net zero. We provide comprehensive solar solutions, including solar panels, inverters, and batteries, along with connected solutions.
Additionally, through our ‘Project LIFE’ (Luminous Initiatives For Environment), we help combat deforestation, mitigate climate change, and restore ecosystems. We have been planting trees in and around Gurugram, Baddi, Gagret, Hosur, and Haridwar and this has already reduced CO2 emissions by more than 230 tonnes.
What are some key initiatives by Luminous for strengthening its position in solar power?
As India’s leading energy solutions company, we have taken a significant step in enhancing its sustainability and solar efforts by opening a state-of-the-art Solar Panel Factory in Rudrapur, Uttarakhand. This aligns with the solar vision and sustainability goals outlined by the Hon’ble Prime Minister during the launch of ‘PM Suryodaya Yojana’. Today, Luminous is India’s only manufacturer providing complete solar solutions, including solar panels, inverters, batteries, and connected solutions.
Another redefining innovation is the Connect X App, designed to help our customers manage and monitor solar products, especially inverters and associated systems.
What are the biggest challenges of your industry and what is the way forward?
Solar power in India presents both, an opportunity, and a challenge. It’s a proven technology that can solve intermittency issues when paired with batteries, in a system engineering context. With a potential to grow at 20-25% CAGR, the myths on high costs have significantly decreased, with solar panel prices alone dropping by 78% in the last decade. Advancements in technology continue to improve efficiency. Good solar financing plans will expedite its adoption.
The cost and availability of rare earth metals pose a challenge for solar PV manufacturing. As the sector matures and demand rises, building a stronger value chain and scaling up production will help mitigate this challenge. Additionally, there is a need to spread more awareness about the importance of solar energy and the available government subsidies.
What is your vision for a sustainable future?
Our vision for a sustainable future revolves around harnessing the power of renewable energy, especially solar, to meet the world’s growing energy needs while preserving the planet for future generations. We believe that solar is the future, and we are committed to being a leading company in this energy transformation journey.
We envision a world where clean energy solutions are accessible to all, and environmental conservation is at the forefront of global priorities. Through innovation, collaboration, and advocacy, we strive to make this vision a reality.