Where did the project idea come from?
Floating PV is the fastest-growing type of solar installations. Lack of suitable land is the main driver for floating PV installations, floating PV power plants also decrease water evaporation by covering the water surface and increases the efficiency of PV modules via the cooling effect of water.
Why did you select that specific target country?
India is the largest floating PV market in the world with over 4 GW of announced tenders and a 10 GW goal by 2020. High land acquisition costs in India have made floating PV favorable over regular ground-mounted solar PV power plants. India is a very price-sensitive country and many providers of floating solar systems have found it difficult to supply their solutions in India at the expected cost. TYT sees opportunity in developing a customized and optimized floating system solution addressing and fitting the needs of the Indian market.
Who are your partners in the target country?
Our partners in the target country are a reputable Engineering and Consultancy working in the field of solar PV in India since more than 10 years. They have provided valuable insights from the market, connected us with a wide range of subcontractors for manufacturing, and most importantly used their strong existing network to connect us with the largest clients in the country.
What is your long term vision for your company working in your chosen partner country?
We plan to establish a Joint Venture in the upcoming few months including a manufacturing partner and our business development partner. This will allow us to optimize our supply chain and operations and provide high quality solutions at the required cost. Afterwards, we will use India as base for our expansion in Asia.
What impact do you believe INNOWWIDE will have on your company?
INNOWWIDE program is a well-thought program and it provided the needed resources and framework for evaluating and planning our expansion in one of the most strategic markets in our field. This will have a deep positive impact on moving our company to the international scene.
Can you offer any advice or guidance to others looking to apply for INNOWWIDE grants?
The guidelines and the documentation provided regarding the application process was very valuable, reviewing it carefully and understanding it is a key step for a successful application.
The questions in the application form is your friend, it helps you think thoroughly and plan your project properly.
The INNOWWIDE team have been very responsive and helpful during the application process, do not hesitate to contact them if you have any questions!