Key Takeaways
Kosol’s decades of infrastructure experience enable it to deliver complex EPC projects involving land acquisition, transmission infrastructure, and evacuation challenges
The company focuses more on horizontal integration over backward integration
It prioritizes long-term product reliability and generation guarantees over rapid capacity expansion, positioning itself as a premium supplier
From delivering a challenging Coal India project in just nine months to building an integrated renewable energy portfolio, Kosol Energie is pursuing a different growth path from many Indian solar manufacturers. Instead of focusing on complete backward integration, the company is expanding across the renewable energy value chain with EPC, trackers, battery energy storage, and green hydrogen solutions, while maintaining a strong emphasis on quality, long-term reliability, and execution.
As part of the India Roadshow 2026, TaiyangNews Managing Director Michael Schmela interviewed Kosol’s CMD Kalpesh Kalthia and Executive Director Kayan Kalthia, where they explained the company's strategy, manufacturing philosophy, and vision for the next phase of India's energy transition.
Here is an edited transcript of the interview.
TaiyangNews: Let's start with the Coal India project you recently announced. What is it about?
Kalpesh Kalthia: Coal India started this project quite some time ago, but the previous EPC contractor was unable to complete it due to various challenges. The project was re-tendered together with the land and evacuation scope.
We completed the project in a record nine months, including land acquisition, a 16 km transmission line and several on-ground challenges. It was commissioned on schedule and is performing very well. Coal India is pleased not only with the technology but also with our ability to handle local issues, land-related challenges, and grid evacuation.
TaiyangNews: It was clearly a difficult project. How did Kosol make the difference?
Kalpesh Kalthia: Our strength comes from our infrastructure background. Our family has been in the infrastructure business since 1960. We have extensive experience in land acquisition, shifting electrical lines, and relocating existing infrastructure. We're very comfortable handling evacuation lines, land aggregation, and local issues.
At the same time, we also have to deliver the committed Capacity Utilization Factor (CUF) and guaranteed annual energy generation over the next five years. So, success depends on combining technical capability with execution on the ground, and that's where our experience helped.
TaiyangNews: Kosol's journey is interesting because you came from infrastructure into manufacturing, whereas many companies take the opposite route. How do those businesses complement each other?
Kalpesh Kalthia: Our manufacturing experience goes back to 1998-99 when I returned from the US. I first established a Coca-Cola bottling plant and later entered a joint venture with Suzlon, where we manufactured around 110,000-120,000 tons of wind towers.
Today, we have nearly three decades of manufacturing experience alongside decades of infrastructure expertise. That combination gives us a balanced approach to the solar industry.
We've completed numerous EPC projects for the Government of Gujarat, including challenging wasteland projects for Gujarat State Electricity Corporation (GSEC). Many involved difficult land issues, encroachments, and evacuation challenges, but we've consistently delivered projects on schedule.
TaiyangNews: Solar is often described as a ‘solar coaster’ because of how quickly technology and markets change. How has your experience in manufacturing and infrastructure shaped your approach?
Kalpesh Kalthia: When we started module manufacturing in 2012, I wanted to backward integrate into cells, wafers, and ingots. We spent almost a year studying the feasibility before deciding against it.
At that time, module efficiencies were only around 12-13%, and solar still had to compete with wind, which was also part of our business. We concluded that efficiency improvements would continue driving technology changes. So, instead of chasing every part of the value chain, we decided to focus on modules and project development.
Since then, we've witnessed every major technology transition – from 3-busbar to 4-busbar, 5-busbar, multi-busbar, half-cut cells, PERC, TOPCon, and now zero-busbar (0BB). These developments are inevitable because the industry must generate more power from increasingly limited land.
Having been part of the industry for 15-16 years, we're confident we can manage future transitions as well.
We've also been patient in adopting new technologies. For example, when the industry moved to half-cut cells in 2021-22, we deliberately waited because we saw quality and reliability concerns. Since our modules carry 25-30-year warranties, we don't rush products to market until we're confident they are ready.
That experience on both the manufacturing and EPC sides gives us a balanced perspective and prepares us for the next phase of growth.
TaiyangNews: India is now widely seen as the next major manufacturing hub for solar. But as you mentioned, the country has actually been manufacturing for many years. The difference today is that the right market conditions are finally in place.
Kalpesh Kalthia: Correct. The industry now has the policy support it needed, but we also grew during the difficult years, when there was very little government support.
I remember selling only about 2 MW of modules in 2013. If you wanted to manufacture high-quality modules, it was extremely difficult to compete with imported products, especially when some suppliers were not concerned about long-term warranties.
We've been in business since 1960 and intend to be here for another hundred years. That means we cannot walk away from our warranty commitments. We have always been careful about the products we introduce because we have to stand behind them for 25 to 30 years.
Our objective has never been to chase the biggest manufacturing capacity. Whether you sell 2 GW or 20 GW is less important than ensuring those modules perform throughout their promised lifetime.
Our focus has always been on quality, reliability, and delivering international standards at the right value for customers.
TaiyangNews: Solar is attracting enormous attention today. Capacity is expanding rapidly, new companies are entering the sector, and investors are increasingly interested. How do you position Kosol in such a competitive market?
Kalpesh Kalthia: Today, we operate through six business verticals, three of which are independent brands.
Sunray focuses on the commercial & industrial (C&I) market as well as dealer and distributor channels.
Koraam serves the agricultural sector with products such as solar pumps, solar dryers, solar chillers, and other applications that help farmers reduce their dependence on diesel and other fossil fuels.
Our EPC business, KOSEP, develops projects for government agencies and independent power producers (IPPs). We also design and manufacture critical electrical components that help reduce DC and AC losses, improving overall plant performance.
In addition, we've been developing solar trackers since 2019. We first deployed them on our own projects, monitored their performance, refined the design, and recently launched them commercially under KOAXIAL, an independent tracker company.
We've also been investing in battery energy storage systems (BESS) for the past three to four years. We invested in a US company with its own Energy Management System (EMS) software that has been delivering grid services projects in California since 2015. We're bringing that experience to India for both C&I and utility-scale applications.
Our battery manufacturing plans begin with a 5 GWh facility. We'll source battery cells globally, including from the US and eventually from Indian manufacturers, but we'll manufacture the battery packs and containerized systems in India.
We've already started bidding for energy storage projects and are executing several smaller projects for defense and other sectors.
Within the next year, all these facilities should be operational. Our tracker business already has more than 250 MW of orders, while our BESS business has secured around 50 MW.
As a group, Kosol aims to provide a complete solution, from engineering and design to modules, mounting structures, trackers, electrical systems, and battery energy storage.
TaiyangNews: Would it be fair to say your strategy is more horizontal than vertical? While many companies are integrating upstream into cells and wafers, you're building capabilities across the entire renewable energy system.
Kalpesh Kalthia: That's exactly our strategy. Since 2012-13, we've consciously decided not to move beyond cells. Instead, we wanted to strengthen every other part of the renewable energy value chain.
The same philosophy applies to battery storage. Our focus is on battery packs, containerized systems, software, hardware, and EPC execution rather than cell manufacturing.
Ultimately, we want to offer customers a complete solution while guaranteeing long-term energy generation.
TaiyangNews: Beyond solar and storage, you're also looking at green hydrogen.
Kalpesh Kalthia: Yes. We're preparing the land, infrastructure, and renewable energy supply needed for green hydrogen and green ammonia projects. Our role will be as a developer and EPC partner. We're already in discussions with several companies.
We don't intend to manufacture electrolyzers ourselves, but we want to manage the entire value chain around them, from land development and renewable power supply to the supporting infrastructure required for green hydrogen production.
Kayan Kalthia: The key is delivering the lowest possible Levelized Cost of Energy (LCOE), because that's ultimately what determines the competitiveness of green hydrogen and green ammonia.
TaiyangNews: On the solar side, besides utility-scale projects, you've also entered the residential rooftop segment with a very interesting project.
Kayan Kalthia: Yes. It's the world's largest distributed residential solar project with a total capacity of about 1.1 GW made up of 2 kW individual units. Kosol is executing approximately 300 MW of that, covering nearly 150,000 homes.
This is a completely different type of project compared to utility-scale installations. Apart from execution, it requires an extensive supply chain, warehousing and logistics network. Since it is a domestic content requirement (DCR) project, every module has to be tracked down to its serial number. We know exactly which four modules and which microinverter are installed at each home. All of that information has to be uploaded, maintained. and linked to the minimum energy generation guarantee for the next five years.
It has been a major learning experience for us. The project is also significant because it targets subsidized housing. Many Indian states already provide free electricity to these households, and this program is expected to become a model for similar projects across the country.
This 1.1 GW project represents only a fraction of the total opportunity, so we expect additional phases in the future. There are already discussions about integrating battery storage into these residential systems to maximize local consumption and further strengthen the distribution network.
We've also invested considerable effort in developing local installers. Many were previously electricians whom we've trained and upskilled into solar professionals. That ecosystem development has been an important part of the project's success.
TaiyangNews: The local governments seem to have been lagging with their plans for the distributed segment until recently. When you look at the energy triangle, the affordability component becomes quite visible. It appears that the government has put in a lot of effort on the distributed solar front.
Kayan Kalthia: Yes. Government initiatives over the last two to three years have significantly accelerated distributed solar.
Programs such as PM-KUSUM have empowered both individuals and communities. Earlier, solar development in India was largely limited to large IPPs. Today, middle-income and even lower-income households are becoming participants in the energy transition across the states.
That creates wealth from the grassroots while expanding renewable energy adoption across the country.
TaiyangNews: You also mentioned investing in a US company. What are your international plans, particularly for the US, but also for Europe, given the latest free trade agreements?
Kalpesh Kalthia: We have plans to establish manufacturing in the US. Most preparations are complete, and we're waiting for the right market conditions before moving forward.
In the meantime, we've started executing smaller EPC projects in partnership with our US investment company. Those projects are helping us understand the market before expanding further.
We also continue supplying customized solar modules to several customers in the US. We have a good track record in the US; we know how the market operates and how customers behave, and we will put this knowledge to good use.
With Indian manufacturing capacity now approaching 175-200 GW, competition will undoubtedly increase. However, we're well positioned because we've spent years building our sales channels, our brand, and long-term customer relationships. Today, we have an order book of more than INR 4,000 crore, so we believe we're in a comfortable position. Our strategy of building multiple business verticals has given us a diversified business model that continues to perform well.
Developing new products takes time, but because we started early, we're now ahead in several areas. Throughout that process, we've maintained our focus on quality and reducing long-term maintenance requirements.
TaiyangNews: Despite concerns about oversupply, you're still optimistic about the Indian market?
Kalpesh Kalthia: Yes. India is expected to remain a market of more than 40 GW annually. There are certainly challenges around grid connectivity and evacuation, but every growing industry faces similar issues.
I don't believe the country's solar growth will slow down because solar, particularly when combined with battery storage, has become significantly more economical than conventional fossil-fuel generation.
There could be concerns about manufacturing overcapacity, but companies with established sales channels, strong customer relationships and differentiated offerings will continue to find opportunities.
We also have a long-standing presence in the US dating back to 1991 through our hospitality business. We employ nearly 1,000 people across 13 to 14 states, so we're already familiar with the US market, customer expectations, and business environment. That gives us confidence as we expand internationally.
TaiyangNews: Where do you see Kosol five years from now?
Kalpesh Kalthia: We want Kosol to be recognized for quality above everything else. Some customers say our modules are priced slightly higher than others, and we're comfortable with that because we use premium raw materials and prioritize long-term reliability. We also want to replicate this quality on the BESS side and we want to compete with international giants in BESS EPC.
Five years from now, we want Kosol to be known as a trusted EPC company that delivers on its generation guarantees, offers some of the highest-quality modules available in the Indian market and brings the same standards to battery energy storage.
We also intend to establish ourselves as a strong player in the tracker business while continuing to compete with leading international companies.
Our objective is simple: deliver complete renewable energy solutions without compromising on quality or long-term performance.
TaiyangNews: Thank you for the interview.
