As solar technology continues to increase forcing prices to drop, Indian solar panel manufacturer Surana Ventures Ltd. is planning to double production. Chinese makers have oversupplied the market forcing prices down by nearly 34% in the past year.
The company will increase its output to 30 MW and invest about $4.5 million in a solar cell plant, according to managing director Narender Surana in a Bloomberg interview. “The shortage in coal supply is a great opportunity for us as more and more people are looking at solar energy as a viable alternative,” Surana said. “As India’s energy needs rise, the shift towards solar power shall become more pronounced.”
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