Energy storage solutions company Luminous Power Technologies aims to double its growth in the next four years, and is looking at solar energy vertical as a major growth enabler, where it is investing substantially, CEO Preeti Bajaj said.

Luminous Power, now completely owned by French engineering company Schneider Electric, has plans to invest around Rs 2,000 crore in capacity expansion of its existing plants, a solar greenfield project, research and development (R&D), digitisation, brand building and channel engagements.

The company sees solar as a "growing market" and reach an "inflection" point in the next 2-3 years in terms of cost, as demand for clean energy sources is going to rise, where Luminous Power aims to be a leading company in this transformation journey here, she said. "Our vision is that solar will be a substantial part of our business," said Bajaj.

With the rise in per capita income and increase in power consumption due to multiple appliances in urban households, the demand is shifting towards higher capacity inverters, batteries and residential solar adoption. It is in the process of opening a PV (photovoltaic) module factory at its Rudarpur plant in January, which will have 500 MW to 1 GW (expandable) solar production capacity.

"For the organisation, the growth engines to increase market capitalisation include a stronger focus on solar products. Solar is important towards sustainable and profitable growth," she said.

The company is making "forward-looking investments" to build capacity for solar products and create an ecosystem, which Bajaj sees "as a manufacturing imperative and an opportunity".

"We believe in this market and it is growing at 25 per cent. We want to play a part in that and to that effect, we are bringing new products to market," said Bajaj.

Besides, Luminous Power in collaboration with its channel partners is providing solar solutions to its customers as well.