The US-based solar tracker and software solutions provider Nextracker announced that it has contracted with an Indian domestic production capacity of 10 GW per year. The Nasdaq-listed company's founder and CEO, Dan Shugar, claimed today that trackers were transported from India to four continents. As of March 31, 2023, it had shipped over 75 GW worth of tracker and control systems.
We generated $1.9 billion in annual income in FY23, and Shugar predicted that figure will rise to $2.2 to $2.4 billion in FY24. Regarding its financial approach, Shugar stated that the business has a very low capex model and makes significant recurring investments in R&D. We have a healthy cash position, which indicates that our debt levels are modest, he continued.
The company has contracted to supply India's utility-scale solar power generation with more than 5 GW of solar tracker systems with 80% local content. "We currently have over 5 GW of equipment operating or in development in India. In order to achieve the country's objectives for local content and decarbonization, we are dedicated to providing our consumers with the best solar power systems, according to Shugar.
EPCs like NTPC, Sterling and Wilson Renewable Energy, Amara Raja Infra, and Rays Power Infra are just a few of the ones the organisation has associated with. Among other places, projects are in progress in Rajasthan, Gujarat, and Karnataka. With 14 plants spread around the nation and 11 manufacturing suppliers, it supports 2,000 employment.