Nextracker just released strong FY24 Q3 results today featuring record financial results and backlog. The full presentation is available here . We also increased our annual financial targets for the third consecutive quarter.
In this video, we unpack two staggering developments related to the U.S. power industry. First, after decades of ~1% annual growth in generating capacity, the U.S. is projected to require almost 5% annually increasing power plant capacity, according to the U.S. Energy Information Administration (EIA). EIA’s projections show that about 300 GW will be required over the next five years, and 500 GW over the next decade. Furthermore, EIA is forecasting that solar will grow much faster than any other energy source, with a 26% CAGR over the next 5 years – with solar becoming the #1 source of energy in the U.S. within a decade.
As the world transitions to renewable energy, Nextracker has played a pivotal role, delivering over 90 GW globally. We reached a significant milestone with over 10 gigawatts of projects across India, the Middle East, and Africa. And our footprint continues to expand, with new projects in New Zealand, South Africa, and Sweden. Today, we operate in over 30 countries with over two million tracker systems and more than 70 major suppliers across five continents.
Our growth is fueled by strategic investments in research and development, resulting in a portfolio of over 500 patents. Recently, we launched our next-generation technology suite, featuring innovations including NX Horizon Hail Pro, NX Horizon XTR-1.5, and Zonal Diffuse, all in operation or scheduled for delivery this year.
I want to express my gratitude to our amazing customers for their partnership and confidence, and to the Nextracker team – none of this would have been possible without your dedication and outstanding performance. We are only getting started, and eager for what the future holds.
Shug