India's Cleantech Visionaries- 2018 Edition Coffee Table and Year Book by SolarQuarter

2018 Edition Coffee Table and Year Book

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018 Leaders That Make Tomorrow Happen

तं सूर्यं जगतां नाथं ज्ञानविज्ञानमोक्षदम् । महापापहरं देवं तं सूर्यं प्रणमाम्यहम् ॥ Tam Suuryam Jagataam Naatham Jnyaana-Vijnyaana-Mokssadam | Mahaa-Paapa-Haram Devam Tam Suuryam Prannamaamy[i]-Aham ||

Meaning: (Salutations to Sri Suryadeva) You, O Suryadeva are the Lord of the World, Who grants Understanding and Knowledge which leads to Liberation, You are the Deva Who removes great Sins from our minds (by Your Illumination); I salute You, O Suryadeva.

Published in 2018 FirstView Media Ventures Pvt. Ltd. This book is for the personal information of the authorised recipient and is not for public distribution. No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission in writing from FirstView Media Ventures Pvt. Ltd. This book is for general information of the clients of FirstView Media Ventures Pvt. Ltd. We have exercised checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information., but do not guarantee its accuracy or completeness, The opinions expressed in these book are that of our clients, of the person interviewed in this book, and are subject to change. FirstView Media Ventures Pvt. Ltd. or any person connected with it do not accept any liability arising from the use of this document. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information. FirstView Media Ventures Pvt. Ltd. or any of its connected persons including its directors or subsidiaries or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained or opinions expressed in this publication. Copyright FirstView Media Ventures Pvt. Ltd. First Edition: September, 2018 All rights reserved. FirstView Media Ventures Pvt. Ltd. 907, 9th Floor, NMS Titanium, Plot No. 74, Sector 15, CBD Belapur, Navi Mumbai, Maharashtra, India. 400614. SolarQuarter | WindInsider | GridsNext | EMobility+ ASIAâ&#x20AC;&#x2122;S LARGEST Cleantech MEDIA COMPANY

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2018 Edition Coffee Table and Year Book

INDIA’S CLEANTECH VISIONARIES Leaders That Make Tomorrow Happen

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India’s Cleantech Visionaries 2018

INDEX THE STATESMEN SHRI. KULJIT SINGH POPLI

SHRI. PANKAJ BATRA 17

SHRI. SAURABH KUMAR 23

SHRI. M. KAMALAKAR BABU

SHRI. MANU SRIVASTAVA

KAILASH TARACHANDANI

MANOJ KUMAR UPADHYAY 62

THE RESOLUTE BUILDERS SANJAY AGGARWAL

MALCOM WRIGLEY

GAURAV SOOD

ISHVER DHOLAKIYA, CHETAN SHAH & BHARAT BHUT

VIKRAM KAILAS

ASHISH KHANNA

MANAN THAKKAR & SHOBIT RAI MUKESH SHARMA

105

THE VOYAGERS GABRIEL SCHWANZE

NILESH GARG

MUKESH SHARMA

110

SHAILESH VAIDYA

NAVEEN VUNNAM, SRUJAN YELETI & NAGA SANTOSH

112

RAUF JAVID

114

MUNJAL RANGWALA

KAPIL MAHESHWARI

116

100

RAHUL DASARI, ANSHUMAAN BHATNAGAR & INDRAJEET DUDILE

118

120

THE TRANSFORMERS SIMON STOLP & Dr. AMIT JAIN

126

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PAWAN KUMAR AGRAWAL

130

SANDEEP UPADHYAY

134

VINAY KUMAR P.

137

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

FOREWORD In our endeavour to celebrate the success of the Cleantech Industry and the transformation it has bought in the country, we have created a unique coffee table collection featuring some of Cleantech Industry’s top decision makers and breakers. The energy and utilities sector faces radical transformation. Renewable generation, new technology and changing consumer anticipation are developing a brand new energy world that’s more complicated, competitive and hard. And it is coming quicker than you think. Survival for utilities will be contingent on their capacity to develop new capacities, different business models and also a state of mind focused on agility and collaboration. The energy sector has probably undergone more rapid change in the last ten years than in the previous fifty. Wind and solar are increasingly popular sources of energy, but the sun does not always shine, and the wind doesn’t always blow. Batteries to store their intermittent energy are not yet cheap and powerful enough to fill the gaps. Nuclear energy produces no greenhouse gases directly, but the current generation of reactors has other problems. Solutions like storing carbon dioxide underground or turning it into clean fuel are promising, but they also need much development. None of the possible solutions is without challenges. A lot still remains to be done and these challenges provide great opportunities. These are fascinating stories of individuals who have inspiring stories because of the lessons they hold. Each one has emphasised that it is important to have focus & commitment to long-term goals. This book is brought in together the people who believe that they are working for a much greater purpose - to make India a better place for their fellow citizens. This coffee table book, Indian Cleantech Visionaries, features a selection of industry leaders who have successfully taken or on their way to the success path to grow the Cleantech industry to new heights. The conversations brings the following pages to life. We hope this collection will provide a rich source of inspiration for many players & professionals alike. Happy reading!

Vijay Kumar Gulati Managing Director, FirstView Media Ventures Pvt. Ltd

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India’s Cleantech Visionaries 2018

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The demand for electric vehicles is huge in india. Our expectation is to take the number of electric vehicle to 15% of total vehicle in india in the next 5 years.”

Shri Nitin Gadkari

MINISTER OF ROAD TRANSPORT & HIGHWAYS OF INDIA

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We have pledged in paris that by 2030, 40% of our installed capacity will come from renewables. I believe we have already crossed about 30%, if we add hydro power. So by 2030, 53-55% of our capacity will come from renewables.”

Shri R. K. Singh

MINISTER OF STATE (IC) - POWER AND NEW & RENEWABLE ENERGY

The Statesmen

SHRI. KULJIT SINGH POPLI CHAIRMAN & MANAGING DIRECTOR INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED (IREDA)

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

Tell us more about IREDA’s role in the Cleantech sector.

How has the journey been so far?

Indian Renewable Energy Development Agency (IREDA) is a specialized public sector financial institution dedicated to financing renewable energy (RE) projects in India and has been playing pivotal role in developing renewable energy in India. IREDA as on date, has financed more than 2450 renewable energy projects in the country with cumulative loan sanctions of more than Rs.62,000 Crores, supporting green power capacity addition of more than 12,300 MW.

IREDA was incorporated under the Companies Act on March 11, 1987 to carry out funding activities in the RE sector, with a small outlay of Rs. 2 Crs for the year 1986-87. As requirement of funds grew, raising of adequate low cost funds for operations became one of the major challenge. During 1993-94, IREDA received lines of credit from multi-lateral/ bilateral agencies such as WB, ADB, DANIDA etc. facilitating in resource mobilization. IREDA became the prime mover in the RE financing. The financing of wind power projects in India has evolved a great deal since IREDA started financing in 1989 when Banks / FIs were hesitant to finance wind projects. IREDA sanctioned first ever loans in the Small / Mini hydro, bagasse and biomass space.

IREDA has been financing renewable energy and energy efficiency projects for more than 31 years. Taking a cue from the successful business model created by IREDA, other financial institutions / banks have been increasingly coming forward to finance RE sector. Over the years, IREDA has introduced several Innovative financing schemes/ mechanisms like structured / flexible repayments linking with seasonal generation, longer door-to-door repayment periods of more than 10-15 years and higher Debt Equity ratio for Solar and Wind Projects, including facility for bid-bonds. IREDA has been offering most competitive rate of interest for financing RE projects and acting as a trend setter for other FIs and banks. IREDA has been a focal point of attracting international finance in the Indian RE sector; many multilateral/bilateral lending agencies such as the World bank, JICA, ADB, KFW, AFD & EIB prefer to route their funds through IREDA for supporting the Indian RE sector. Besides fulfilling its role as a financial institution, IREDA has been pro-actively disseminating information to stakeholders on various facets of the Renewable technologies by way of Awareness Programs, Best Practices Manuals, Compendiums, Useful Sectoral studies and Trade Journal etc. When did IREDA begin its journey in Indian Renewable Industry?

India’s Cleantech Visionaries 2018

During last 7-8 years period, IREDA has seen accelerated growth in terms of overall business activities. IREDA, from time to time has introduced various new & innovative funding mechanisms / products in line with changing market requirements. IREDA registered a CAGR of more than 33% and 35% in terms of loan sanctions & disbursements respectively during last 5 years. In nutshell, the journey has been very exciting and satisfying with 15 times growth in loan sanctions and disbursements and assets book and profit each growing around 8 times in last 10 years.

How has the financing scenario changed for the Cleantech sector over the last 2 years? During the last 2-3 years, project allocation has changed from feedin-tariff to reverse bidding auction and developers have also been bidding aggressively, bringing down the tariffs for both wind and solar to almost around 4 cents per kWh. In this scenario, bigger and long term players have taken the lead. Private sector banks and

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Besides fulfilling its role as a financial institution, IREDA has been pro-actively disseminating information to stakeholders on various facets of the Renewable technologies... SolarQuarter | WindInsider | GridsNext | Emobility+

FIs have become quite active in financing renewable energy projects providing initial financial support for these projects and down-selling after commissioning. Projects have also become very sensitive to cost of funds, repayment periods because of very competitive bidding format for winning the project. What will be the key trends in renewable energy financing in the coming years? Since Indian grid-connected renewable energy sector, particularly solar, has transitioned fast towards extreme competition and lowest-ever tariffs, the sector has matured and is heading towards larger consolidation. It is expected that only the serious players who are comfortable with the low-margins and are able to raise money at low-cost of funds, would be able to operate and enhance their market share. Issue of Rupee-Denominated Green bonds, Issue and Listing of IPOs, entry of strategic investors such as pension funds and FIIs, Credit Enhancement Guarantee Schemes for raising bonds and Mergers & Acquisitions of Brownfield Projects are some of the trends that we may expect to see in future.

Vision 2030: What comes to your mind when you think of the Indian Cleantech industry in 2030? India had committed in the Paris convention to shift 40% of its installed capacity to non-fossil fuel based by 2030. As per the projections by 2030, India would have a total built up power capacity of 850 GW. India is aiming for 500 GW RE Power with 350 GW Solar, 140 GW Wind and 10 GW biomass power by 2030, based on renewable energy technologies. This will help India to offer the global community a 33- 35 per cent reduction in the greenhouse gas emission intensity of its economy below 2005 levels by 2030 as part of its INDC. SolarQuarter | WindInsider | GridsNext | Emobility+

This large Renewable energy penetration would require making our grid smart and more resilient. Hydro, gas, pumped storage and battery storage projects will play greater role towards balancing the grid. Off-shore wind, floating solar, hybrid projects would also become more preferred source for capacity addition with much higher capacity utilization factor. Further the sector would also converge with transport sector or e-mobility in private and public transport would gain huge traction by then. Cleantech would become the largest and preferred source of power by then. What are the risks involved in financing Cleantech projects? Going forward, I see relatively lesser risk in financing Cleantech projects. This is primarily as the technology for the sector is constantly improving, cost/unit is coming down, larger players entering the market. Natural preference of citizens and nations across the globe to move towards renewables and more sustainable solutions considering climate change as the one of the biggest threat of this century.

â&#x20AC;&#x153;

IREDA, from time to time has introduced various new & innovative funding mechanisms / products in line with changing market requirements.... Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

SHRI. PANKAJ BATRA CHAIRPERSON (I/C) & MEMBER (PLANNING) CENTRAL ELECTRICITY AUTHORITY (CEA)

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Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

Tell us more about your background and your entry in the Indian Cleantech sector. I am an Electrical Engineer from the Institute of Technology, Banaras Hindu University with Diplomas in Systems Management and Finance Management. I joined the Central Power Engineering Services in 1983 through the UPSC’s Combined Engineering Services Examination and was posted in Central Electricity Authority (CEA). I was initially posted in the Western Regional Load Dispatch Centre in Mumbai, which is now being operated by Power System Operation Corporation (POSOCO). I had then dealt with operational and commercial aspects of the power sector in the Western region, after which I went on deputation to the Chukha Hydro Power Corporation, a 336 MW hydro power project in Bhutan, where I was responsible for the operation of the power house, switch yard and the dam. I was later responsible for the O&M of the transmission and distribution system of Bhutan and was responsible for setting up the first 220 KV sub-station in Thimphu. Later I returned from deputation to the Head office of CEA in Delhi, where I worked in the Grid Management Division, monitoring the five regional grids. We also tackled various issues in grid operations including making the Technical Standards for Connectivity to the Grid and Grid Standards, in accordance with the Electricity Act, 2003. We also gave a number of inputs to the Central Electricity Regulatory Commission (CERC), which was constituted in the year 1999, on various regulatory aspects. Among the pioneering areas were inputs in the Indian Electricity Grid Code, Availability Based Tariff, power trading power exchange etc. I later went on deputation as Chief Engineering in the CERC, where we first introduced regulations dealing with renewable energy, i.e. forecasting and scheduling of wind and solar energy, including the Renewable Regulatory Fund mechanism for settlement of charges associated with deviation from the schedule. This was done after con18

India’s Cleantech Visionaries 2018

sultation with the stakeholders including the State utilities, which had large renewable energy content, CEA, Ministry of New and Renewable Energy (MNRE), National Institute Wind Energy (earlier C-WET), National Institute of Solar Energy, Wind and Solar Plant manufacturers etc. This was the first time renewables were included as a part of grid operations. What is the role of CEA in the Cleantech sector? The CEA is a the technical arm of Ministry of Power and gives inputs/advice to the Central and State Governments, Central and State Electricity Regulatory Commissions, Central and State power utilities in all aspects of the power sector. Therefore, CEA has given inputs to Ministry of Power, MNRE, NITI Aayog, Department of Industrial Policy and Promotion, etc. in the Clean-Tech Sector CEA is the government think-tank in the power sector. It has played a very useful role in integration of renewables to the grid, after various studies and consultations with all stakeholders. It has suggested various types of balancing generation for optimizing the cost of variability of generation. It has also conducted various studies on the calculation of financial impact on the State Distribution Companies of the intermittency of variable renewable energy sources, and the studies on use of battery to balance the intermittency. Vision 2030: What comes to your mind when you think of the industry in 2030? The CEA has taken out the National Electricity Plan, taking into consideration the Government of India’s renewable energy target of 175 GW by 2022. It is also proposed generation of 100 GW further renewable energy by 2027. We are doing a study on the optimal generation mix by 2030, including storage devices. The energy contribution is expected to be about 20% by 2022 and about 23% by 2027. It is seen that India has limited coal reserves, which would last for 45-50 years at the present rate of consumption of coal. Therefore,

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We are doing a study on the optimal generation mix by 2030, including storage devices. The energy contribution is expected to be about 20% by 2022 and about 23% by 2027.... SolarQuarter | WindInsider | GridsNext | Emobility+

we have got to look for alternative sources. In this respect, both wind and solar energy present a viable opportunity, where we can kill two birds with one stone, i.e. energy security as well as reduced emissions, in order to meet the environmental goals. I also see the reducing prices of electro-chemical energy storage, where prices have dropped by 70%from 2010-2017 and have further dropped to the extent of almost 30% in the last one year. This, therefore, presents a very viable opportunity in electro-chemical storage for balancing the intermittency of renewable energy sources. Energy storage is very useful when you have intermittent renewable energy like wind and solar power. We have made some assumptions about the cost of storage in the year 2030 and would come out with a study very soon. I also foresee a lot of consumers switching to distributed generation mainly roof-top solar PV plants, because of the reduced cost of solar PV plants, mainly the industries, which have to pay a higher tariff to the State Distribution Companies. This would present newer challenges in grid operation. What do you think are the untapped opportunities which needs to be explored in the Cleantech sector? There are various new forms of renewable energy, which needs to be explored in the Clean-Tech Sector and the Ministry of New and Renewable Energy is doing a commendable job under the dynamic Power Minister and under the overall supervision of the Honourable Prime Minister, in looking for new types of renewable technologies, which are expected to become affordable in the near future. For example, off-shore wind power, which has a higher capacity utilization factor as compared to on-shore wind projects, wind-solar hybrid, floating solar PV etc. Policies for these have either already been broughtout by MNRE or are in the process of being brought out. I also see, in future, efforts to improve the efficiency of solar cells, optimization of wind generation, using data analytics, research SolarQuarter | WindInsider | GridsNext | Emobility+

in energy storage to make it cheaper and more compact. Coupled with this, we also have to see the impact of intermittent renewable energy on grid stability. Therefore, we have to explore in future, higher capabilities of wind and solar generators, mainly relating to the inverter, which would be in the form of control of power quality like harmonics/flicker, active and reactive power control, synthetic inertia etc. What are your views on Make In India initiative and itâ&#x20AC;&#x2122;s progress so far? The Make in India initiative would be very beneficial to the country. The manufacturing sector would really have to take off and ensure that we make competitive components for the renewable energy sector in India. There are some schemes of the Government of India to encourage the Make in India initiative for use in the PSUs. The efforts of Government of India are likely to show results in the future. What are the challenges that Cleantech sector is facing today and what is government doing to combat them? One of the major challenges in the Clean-Tech Sector in India is the time difference in setting up of a renewable power project and evacuating transmission system. Whereas renewable power projects can take up to one to 1Â˝ years, transmission may take up to 3 years. Therefore, we have to think in advance for setting up transmission system. We also have to make efforts to increase transmission system optimally, by integrating energy storage devices and other smart grid elements, so as to reduce the cost of the evacuating transmission system. A cost benefit analysis needs to be done on this aspect.

these aspects are under the active consideration of the Government. We are also exploring evacuation of solar power from Leh Ladakh area, which is very high on solar potential. The challenge is the evacuation of about 30 GW of Solar PV power to the main grid, since consumption in the Leh Ladakh area is very miniscule as compared to this vast potential. This is also under active consideration of the Government.

We also have to see whether the cost of evacuating transmission system up to the pooling station is to be borne by the renewable generators, or be treated as part of the grid or a combination of both. This aspect is under active consideration of the Government. In fact, all Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

INFOCUS

BUILDING GREEN INDIA

SECI works towards harnessing renewable energy resources

olar Energy Corporation of India Ltd. (SECI), a CPSU under the administrative control of the Ministry of New and Renewable Energy, Government of India, is pivotal in implementation of Government of India schemes in Solar and Wind power. SECI has been instrumental in grid-parity of solar and wind power through discovery of record low tariffs. SECI’s role is through scheme implementation, own projects and turnkey project management consultancy. Year on year, there has been a marked expansion of SECI in terms of the overall portfolio of projects handled and revenue generated.

EMERGING PROJECT AREAS

Solar-Wind Hybrid projects - SECI is working on projects based on the concept of co-locating Wind and Solar capacities for land and transmission optimization in greenfield and brownfield modes. Floating Solar projects - To overcome the issue of land constraints faced by normal solar projects, SECI is working on development of 10 GW of floating solar capacity in reservoirs such as Rihand, Omkareshwar, Indira Sagar, Hirakud etc. Solar Projects with Storage - To handle the unprecedented integration of RE in India’s power system, SECI has pioneered in the incorporation of Energy Storage systems in power projects and systems. SECI is developing 160 MW Solar Wind hybrid project with 20 MWh Battery Energy Storage, as a model project. Round the Clock RE - Flattening of RE generation to gel with the conventional power sources, as Round-the-Clock firm RE power, is a promising solution for dispatchable power generation. RTC RE is a combination of Solar + Wind+ Hydro+ storage, in proportions suited to match power demand. Going forth, RTC can replace conventional power sources. Manufacturing linked solar projects To encourage companies to set up integrated solar module manufacturing facilities (i.e Ingots to module manufacturing) in India, SECI has issued a tender for setting up of 3 GW solar manufacturing coupled with 10 GW solar power projects, on 25.05.2018. The manufacturing plant and the solar projects are to be developed in the time frame of 4 years. The tender provides power off-take assurance to developers in the form of 25 year Power Purchase Agreements (PPAs) with SECI for double the capacity of manufacturing facilities set up in India.

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India’s Cleantech Visionaries 2018

0 I SHUBH YATRA I SEPTEMBER 2018

21 shubh-yatra.in

SHRI. SAURABH KUMAR MANAGING DIRECTOR ENERGY EFFICIENCY SERVICES LIMITED (EESL)

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Tell us more about your background and your entry in the Indian Cleantech sector?

of increasing the adoption for energy efficient products across public, private and residential facilities nationally.

I am an Indian Revenue Service officer of 1992 batch. I did my Electrical Engineering from Indian Institute of Technology (IIT) Kanpur and Master’s in Public Policy from National Graduate Institute of Policy Studies, Tokyo, Japan.

Ministry of Power in 2009 set up Energy Efficiency Services Limited (EESL), a Joint Venture of NTPC Limited, PFC, REC and POWERGRID to facilitate implementation of energy efficiency projects.

Prior to leading EESL, I had worked in various capacities in the Income Tax Department, Ministry of Power and Bureau of Energy Efficiency. In 2002, I joined Ministry of Power, Government of India as Deputy Secretary in charge of Budget and Financing wing with the task of appraising large power projects for government investments. My stint with energy efficiency began when I had joined Bureau of Energy Efficiency (BEE), the nodal agency for promoting energy efficiency in India as well as the core agency for the implementing of the National Mission on enhanced Energy Efficiency under the Ministry of Power. As a Secretary, BEE during 2007 -2010, I got the opportunity to implement one of the worlds largest Clean Development Mechanism projects on Efficient Lighting. I have also overseen several bi lateral projects on energy efficiency with Japan, France, and Germany etc. I then proceeded on a UN Deputation to Bangkok for 2 years and was handling environmental issues in Asia- pacific region. What is the role of EESL in the Cleantech sector? With technology ushering future-ready solutions, India stood at a precipice where several regions still had minimal access to electricity, the demand for which was witnessing an uptick. The downside though, remained that emissions also rose simultaneously with the demand. In such a market scenario, there was a need for simple, affordable and scalable solutions that could help customers save more, while cutting down energy needs and emissions. Energy Efficiency Services Limited was formed predominantly to address these issues SolarQuarter | WindInsider | GridsNext | Emobility+

EESL is an energy service company (ESCO) and is currently mandated to implement various programs and consultancy services dedicated to the conservation of energy by improving the energy efficiency in the system. It executes energy saving and efficiency improvement projects in municipal street lighting, household energy efficiency, demand side management in agricultural sector (pumps) and industrial energy efficiencies for PSUs, government bodies and municipal cor porations. EESL has also ventured into new areas such as electric vehicles, smart meters, trigeneration and solar PV power plants recently. In less than a decade, EESL has become a leader in transforming markets for energy efficiency in India and abroad. The energy efficiency measures of Government of India implemented by EESL alone have led to energy savings of over 41 billion kWh and reduced India’s greenhouse gas emissions by 32 million tonnes. EESL works in close association with various Central/State Government Authorities, DISCOMs, Multinational Agencies and Industry on energy efficiency projects. Over the last four years, EESL has demonstrated that energy efficiency initiatives like Unnat Jyoti by Affordable LEDs for All (UJALA) and Street Light National Programme (SLNP) can be executed successfully on a large scale across India. EESL has pioneered the demand side aggregation method, thereby driving down the prices of the end-product due to economies of scale. EESL has adopted its business model to implement the following:

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EESL works in close association with various Central/State Government Authorities, DISCOMs, Multinational Agencies and Industry on energy efficiency projects... India’s Cleantech Visionaries 2018

• The largest LED lighting initiative in the world without any subsidy - Unnat Jyoti by Affordable LEDs for All (UJALA) - over 306

ate this momentum of multi stakeholder cooperation as it balances the achievement of its development ambition and embarks on an

commercial establishments, two of India’s large consumers of energy. Their energy needs arise due to heating, cooling, and elec-

million LED

ambitious programme to reduce the intensity of its carbon emis-

tricity needs. The personal and macro cost of these needs can be

• The replacement of conventional street lights with smart LEDs and thereby becoming the largest street light asset owning company in the world with over 6.4 million street lights, covering over 80,000 kilometres of roads, have saved over 1.46 billion kWh of energy per year and reduced annual GHG emissions by 1.39 million tonnes • Building Energy Efficiency Program (BEEP) - retrofitting work in 4,000 Government Buildings under progress. • Municipal Energy Efficiency Program (MEEP) in 20 states for water and sewage pump replacement - audit work underway for 337 cities and 16,147 pumps. • Agriculture Demand Side Management (AgDSM)- 1.1 million pumps under replacement including 20,000 solar pumps. • Mini-solar farms ranging from 0.5 MW to 2 MW are being put up in Maharashtra for supplying electricity to Agriculture – total 3,000 MW targeted. • 20 MW solar roof top for buildings in Delhi. • 5 million smart meters being implemented under the National Smart Meter Programme to maximise efficiencies through the digitisation of energy • E-mobility with 10,000 Electric Vehicles for use of government

sions by 33-35% by 2030, relative to 2005 levels.

met through one technology: Tri-generation. The Trigeneration technology uses gas as input to produce electricity, heating and cooling, with an overall efficiency of around 2 times than that of conventional systems.

Vision 2030: What comes to your mind when you think of the industry in 2030? India’s energy efficiency programs have saved approximately 13 GW of annual generation capacity, translating to savings of over USD 10 billion in the form of avoided capacity generation and reduced energy bills. This achievement is testament to over 4 decades of dedicated effort involving enabling legislations and extensive collaborations by domestic and international stakeholders in the public and private sectors. India will need to amplify and acceler24

India’s Cleantech Visionaries 2018

Additionally, with at least 178 nations across the world geared towards controlling global temperature rise to 2˚C within this century, the need for exchange of economical and effective solutions is immediate. With its proven success in scaling energy efficiency and implementing the world’s largest energy efficiency portfolio, India should harness its capability to assume a more prominent role as a multinational convener of knowledge and best practices in mainstreaming the principle of energy conservation, and so facilitate global progress towards a climate resilient future. What do you think are the untapped opportunities which needs to be explored in the Cleantech sector? At present EVs are one of the most promising pathways to address not only India’s growing concerns for pollution, but also to reduce carbon emissions, and improve air quality. The Indian Government’s initiatives, such as the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of (Hybrid &) Electric vehicles in India (FAME India), facilitate concerted efforts towards building an EV ecosystem in the country. Given this context, electric vehicles (EVs) promise to be game changers and are at least 3-3.5 times more energy efficient that traditional internal combustion engine-based vehicles. Considering that India will need to build 700-900 million square meters of commercial and residential space up until 2030, and that energy demand is expected to increase by at least four times by 2032, it is time to identify large scale energy solutions. To both decarbonize and find affordable fuel options, it is critical to identify a sustainable way of meeting the energy needs of residential and

The other area which holds tremendous potential is smart meters. With their capability to cut transmission and distribution losses, and ensure 24X7 power, smart meters have been made a part of the UDAY scheme, which can unlock a cascade of benefits for discoms and consumers. As the informational building block of the smart grid, the smart meter is critical for the proper infusion of renewable energy and can trigger a veritable cascade of benefits for the Indian energy ecosystem. Mandatory adoption of these meters in a country with the size and population of India can create bulk demand and facilitate economies of scale in reducing manufacturing costs. Smart meters, thus not only act as a pathway to resolve DISCOM woes with newfound efficiencies but can create an entire domestic smart meter industry where none previously existed. What are your views on Make in India initiative and its progress so far? The Make in India” campaign was launched in 2014 to attract investments in manufacturing in India. Post the launch, India became the front runner two years back in terms of attracting foreign investment and witnessed an inflow worth $63 billion. Adding to this, the government drastically improved the business climate of the country, pushing it towards the trajectory for high and sustainable growth. Government Schemes such as UJALA, Domestic Efficient Lighting Programme (DELP) and Street Light National Programme (SLNP) SolarQuarter | WindInsider | GridsNext | Emobility+

have strongly supported the cause by distributing subsidized LEDs.

trunks around 304 million people, who do not have access to electricity, leaving a huge opportunity for renewable energy companies to tap. While during the last three years there has

In 2013, about a billion and a half lighting devices were sold in India; half of them being incandescent bulbs followed by CFLs (31%), tube-lights (16%) and a negligible share of LED bulbs. In 2015, the government launched the (UJALA) scheme which today is the largest LED distribution programme in the world. EESL recently announced the successful milestone of the distribution of 30 crore LED bulbs across the country. At EESL, we are continuing to encourage the widespread adoption of energy efficient lighting solutions. Another programme which has made a significant impact is EESL’s Street Light National Programme (SNLP) which was launched by the government in 2015, has been instrumental in retrofitting 6,472,337 street lights covering 28 states/UTs till date. To bring in large-scale transformation, EESL has adopted a unique strategy by joining hands with states, municipal bodies and Urban Local Bodies (ULBs).

been robust growth in the utility scale solar market on the back of improved project economics, the key challenges for the sector continues to remain the same i.e. grid integration and its availability followed by poor financial conditions of DISCOM’s. Further, in one of the surveys conducted by Bridge to India, majority of the solar power developers had raised concerns about the low tariff having an adverse impact on the project quality & performance and feel that poor quality of equipment being dumped in India in response to prices coming down sharply.

What are the challenges that Cleantech sector is facing today and what is government doing to combat them? India has the fifth largest power generation portfolio worldwide. India’s Twelfth Five Year Plan focuses on reducing low-carbon inclusive growth and aims to install 18.5 GW of renewable energy. There has been rapid demand for power in India due to industrialization and urbanization. Distributed renewable sources of power are anticipated to play a critical role in improving access to energy in India, where nearly 25% of the population lacks access to electricity. Solar is one under-utilized resource in India and has an estimated potential is around 100,000 MW out of which the total capacity stood at 2,647 MW. Solar energy growth in India SolarQuarter | WindInsider | GridsNext | Emobility+

To increase solar penetration, the Government of India and Ministry of New and Renewable Energy (MNRE) have set an ambitious solar power target of 100 GW by FY 2022, comprising of 40 GW Rooftop and 60 GW through Large and Medium Scale Grid Connected Solar Power Projects. Apart from Solar, the Government of India also plans to augment energy generation from other renewable sources to 75 GW (60 GW of wind, 10 GW of biomass, and 5 GW of small hydro power capacity) by 2022. Supportive government initiatives to facilitate land acquisition, improve transmission infrastructure and favourable external factors like lower capital cost & improved technology in modules, the capacity addition in solar segment is likely to remain robust in the midterm.

SHRI. M. KAMALAKAR BABU VICE CHAIRMAN & MANAGING DIRECTOR NEW & RENEWABLE ENERGY DEVELOPMENT CORPORATION OF ANDHRA PRADESH LTD. (NREDCAP) Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

What is the role of NREDCAP in the Cleantech sector? New & Renewable Energy Development Corporation of A.P. Ltd is the State Government owned company and designated Nodal Agency promoting various renewable energy programmes in the state of Andhra Pradesh and also acting as a single window agency to facilitate various clearances. NREDCAP is one of the unique organizations in the country promoting all categories of renewable energy programmes in the country. ISO 9001-2015 certificate has been awarded for promotion of all types of renewable energy projects/programmes such as wind solar, biomass mini hydel and organizing Surya Mitra Skill development programmes. NREDCAP is also designated as Nodal Agency for promotion of Electrical Vehicles. The Hon’ble Chief Minister is a visionary leader and AP is in forefront in implementation of Power sector reforms in the country under his dynamic leadership. The T&D losses in the state are lowest in the country and AP state is first in the country in ‘Ease of Doing Business’. The Hon’ble Chief Minister has given priority for promotion of Wind and Solar Power generation in the state to meet the growing energy needs in an environmentally sustainable basis. The Government have undertaken several measures to improve the power sector efficiency and the power deficit has been brought down to zero. NREDCAP has formulated the AP Wind Power Policy 2015 and AP Solar Power Policy 2015 for large scale promotion of Wind Power and Solar Power projects. NREDCAP is instrumental in acquiring the land required for 4000 MW solar parks and a separate SPV by name AP Solar Power Corporation Limited was floated with equity participation from SECI, APGENCO and NREDCAP for development of solar parks. AP State is in forefront in promotion of renewable energy projects 28

India’s Cleantech Visionaries 2018

during the last three years period due to most attractive policies announced to attract investments in solar power and wind power sectors. So far 7120 MW capacity Renewable Energy Power Projects have been commissioned in the State. Before bifurcation of the State, the RE capacity in the State was only 1358 MW and huge capacity addition of 5761 MW has been added during the last four years period, an increase of 430%. . The State has stood first in promotion of solar and wind power projects in the country during the year 2016-17. In order to benefit agriculture community, NREDCAP is implementing solar pump sets programme jointly with DISCOMs. An innovative scheme has been developed by availing loan from PFC and farmers will contribute only 10% of the system cost. So far 30,000 Solar Pump sets have been installed, which translates into addition of 144 MW capacity. The Government is giving priority for installation of solar pump sets under NTR Jalasiri programme. The State has stood first in the country in promotion of solar pump sets during the last three years period. Under Grid Connected solar rooftop programme, 60 MW have been added so far. Vision 2030: What comes to your mind when you think of the industry in 2030? The Government have accorded high priority to facilitate renewable energy development in the State and set target to achieve renewable capacity addition of 10,000 MWt by 2018-19 and 18,000 MW by 2021-22 which is around 10% of the National target of 1,75,000 MW. By the year 2030, the RE Power will become main contributor in meeting the growing energy needs of the country. The share of Renewable in total energy mix in A. P state is 18% in 2017-18 (the RPO achievement by the APDISCOMs) and the renewable power gener-

“

AP State is in forefront in promotion of renewable energy projects during the last three years period due to most attractive policies announced to attract investments in solar power and wind power sectors... SolarQuarter | WindInsider | GridsNext | Emobility+

ation has supplemented the power demand in the State during the months June – August to an extent of 40% of total demand.

ered under A.P. Industrial Policy 2015-20. In the last two years, On implementation of RE power projects after bifurcation of the State,

What are the challenges that Cleantech sector is facing today and what is the Andhra Pradesh government doing to combat them?

It is expected that the share of RE Power will reach 30 % by the year

an investment of Rs.42,700 crores have come to the State particularly in the drought prone areas of Ananthapuramu, Kadapa and

The major challenges are availability of Power Evacuation infra-

Kurnool Districts. The projects have created direct employment to 14,250 persons. Further, manufacturing facilities have been created for wind and solar power equipment.

structure and integration of RE power due to its variability. The other challenge if availability of huge extent of barren uncultivated land banks to set up large scale solar power projects.

M/s Suzlon Energy and M/s Siemens Gamesa have also set up wind turbine manufacturing facilities in Ananthapuramu and Nellore Districts. Large solar manufacturers such as Trina Solar (Visakhapatnam), Longi Silicon (Chittoor) are setting up facilities for manufacturing solar cells and modules.

The above challenges may overcome by promoting the Wind-Solar Hybrid Projects and developing the Energy Storage Technologies. Further, the decentralised promotion of Solar Power generation may overcome land availability constrains.

2030. Considering the falling in tariffs and development of storage technologies, the target of 30% can be easily achieved. Establishing 160 MW (120 MW Solar Power & 40 MW Wind Power) Wind Solar Hybrid Power Project with 20 MWhr storage in Ananthapuramu District with the financial support of World Bank. The solar wind hybrid park with storage would be the first of its kind Green Field Hybrid Project with storage in the World. What do you think are the untapped opportunities which needs to be explored in the Cleantech sector? The untapped opportunities are mainly the Wind- Solar Hybrid Projects, Repowering of existing wind power projects and Energy Storage Technologies. The other opportunities include the decentralised generation of solar power using the building rooftops in large scale and solarisation of agriculture pumps. A pilot project for installation of 250 solar pump sets with net metering facility has already been implemented for the first time in the country in Vizianagaram District to provide additional revenue to the farmers on sale of surplus power. It is expected that the farmer will get additional revenue of Rs.4,500-6000 per annum. The programme will be expanded for solarisation of agriculture pumps in the state. What are your views on Make In India initiative and it’s progress so far? Specific provisions with incentives are announced in AP Wind Power and Solar Power Policies to encourage manufacturing in RE sector. These incentives are in addition to the incentives considSolarQuarter | WindInsider | GridsNext | Emobility+

“

It is expected that the share of RE Power will reach 30 % by the year 2030. Considering the falling in tariffs and development of storage technologies, the target of 30% can be easily achieved..... India’s Cleantech Visionaries 2018

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SHRI. MANU SRIVASTAVA PRINCIPAL SECRETARY NEW & RENEWABLE ENERGY DEPARTMENT, GOVERNMENT OF M.P (MPNRED)

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Tell us more about your background and your entry in the Indian

of Commissioner, RE, MP and Managing Director of Madhya

Cleantech sector.

Pradesh Urja Vikas Nigam, a wholly-owned government company, set up to look after RE and energy efficiency in the state of MP.

I grew up in a small town, Modinagar in Uttar Pradesh, where power cuts were a part of life. I remember being awake through the night

What is the role of MPNRED in the Cleantech sector? What has

with a hand fan perspiring profusely, while preparing for a school

been your contribution in the advances made by the state of the

examination the next morning. I came to understand the hard way

M.P. in the ClearTech sector?

that electricity is a basic necessity of life. Perhaps because of this reason, I chose Electrical Engineering as my stream in IIT Delhi, even

The total renewable capacity of MP has increased from 316 MW in

though I had the 19th rank in the Joint Entrance Examination(JEE),

2012 when the department was set up to 3852 MW as of now: in the

and the norm those days was to choose Computer Science, since this

same period, wind installed capacity has increased from 314 MW

was thought of as a passage to a US University followed by a lucrative

to 2445 MW, and solar installed capacity from merely 2 MW to 1407

job there.

MW.

From 2006 to 2012, I worked in the Ministry of Petroleum and Natural

MP has had the distinction of having implemented the Rewa So-

Gas in Government of India and looked after issues pertaining to nat-

lar Project (750MW). In India, large-scale power projects, including

ural gas, thus getting exposure to the cleanest form of energy in the

renewable, had, so far, been developed by big federal government

world of hydrocarbons.

companies, such as NTPC, SECI, etc, and States were assigned only the responsibility of arranging for land. With this background,

From 2012 to 2015, I worked as Managing Director of MP Power Man-

Rewa Ultra Mega Solar Ltd (RUMSL) was formed in July 2015,

agement Company and Chairperson of all the Distribution Compa-

with myself as the Chairperson and with not even one full-time

nies (Discoms) of MP in Government of Madhya Pradesh, where I

staff member. In spite of this, RUMSL undertook the entire gamut

was responsible for power management in the state, including power

of activities for the development of the Rewa Solar Project, from

procurement, power trading, scheduling, etc. The period saw efficient

identifying land to the final auction, as also responsibility for the

procurement of solar power, and MP got solar power at Rs. 5.05 per

next 25 years of park infrastructure and scheduling of power.

unit, which was a record then, since solar energy was being procured at national level at Rs. 5 with the support of VGF. I realized then that

Rewa project has proved to be an inflection point for growth of so-

prices of renewable energy can be brought down further, if we ad-

lar projects in India. It was the first ever project in the country to

dress the challenges faced by developers and their bankers. This was

break the grid parity barrier; while federal companies were giving

the background of the way Rewa Project was developed.

subsidy to achieve a tariff of Rs 4.50 per unit, Rewa achieved a first year tariff of Rs 2.97 per unit. Rewa is the first project in the coun-

In 2015, I was posted as Principal Secretary of Department of Renew-

try supplying power to an inter-state open access customer, viz.,

able Energy, Government of Madhya Pradesh, with additional charge

Delhi Metro, which opens up an entirely new chapter in utilization

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â&#x20AC;&#x153;

The challenge for RE sector is to invite investment and get energy at a low and affordable rate. At the same time, globally there are funds waiting to be deployed in good and bankable projects.... Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

of RE in India, where large institutional open access consumers can

tion asymmetry. This includes information like Google coordinates

RE was costlier than conventional electricity. Thus, we were in a

start procuring inexpensive RE. It was the first and is, till now, the

of the buildings, indicative Solar PV array layout superimposed

“vicious cycle” with respect to RE. Now, with RE becoming more

only solar project in India to be developed with a World Bank loan,

on Google image and electricity consumption history. The bidders

economical than conventional energy, it is becoming the energy of

as also a super-concessional loan at 0.25% (irrespective of LIBOR)

even knew the number of panels and inverters, and the length of

choice for commercial considerations, and not just because of eco-

from Clean Technology Fund. Ministry of New & Renewable Ener-

cable needed to implement the project. This greatly reduced the

logical reasons or regulatory directions. Thus, the total demand for

gy, Government of India has incorporated many features of Rewa

risk profile of the projects and enabled more informed bid partic-

RE is increasing. Hence, principles of economy of scale are now op-

in its Standard Bidding Guidelines. The Project secured a place in

ipation. This data room was developed with Technical Assistance

erating to the benefit of RE projects, thus further pushing down the

the book on innovations, ‘New Beginnings’, released by the Prime

from the World Bank. Complete contractual clarity was provided

price of RE. With this, RE has entered a “virtuous cycle”. I expect

Minister of India. The project has been given the World Bank Pres-

to the bidders on effecting change of law, facilitative cash flow, out-

this process to further strengthen till 2030.

ident Award for its transaction structure.

come driven project monitoring, early monetization, deemed generation, payment security, compensation on early termination, etc.

Industrial revolution, while bringing prosperity and growth, has

Madhya Pradesh has achieved spectacular bid results with its in-

The documents developed have an appropriate risk allocation be-

harmed the environment and mother earth. One can be hopeful

novative Solar Rooftop RESCO program. This has laid down path

tween building-owners, RESCO developers and MPUVN. Exten-

that by 2030, the revolution in Cleantech sector would, while re-

for fast track adoption of solar rooftops in the country without any

sive pre-bid consultations were held with the prospective bidders.

taining the advantages of growth, serve to improve the environ-

capital investment whatsoever by the beneficiary. PowerGrid, a

Discussions were also held with prominent lenders for enhancing

ment and make the mother earth somewhat closer to its pristine

Central Government PSU, was a beneficiary in the tender and has

bankability of project contracts. World Bank and International So-

glory.

got a rate of Rs. 1.58 per unit, which is the lowest in country so far.

lar Alliance are planning to implement these best practices in other

This is almost one-fifth of what they are paying today to DISCOMs.

States of the country and member-countries of ISA.

What do you think are the untapped opportunities which need to be explored in the Cleantech sector?

Numerous policy, contractual and procedural innovations and

MPNRED has rolled out 18,500 solar pumps to farmers in areas

best practices were deployed and followed in this RESCO pro-

with no electricity. GoI subsidy has been supplemented by State

The nation is passing through a phase with comparatively low elec-

gram, which has made this low tariff possible. Pre-identification

subsidy, so that the farmer has to bear only 10-15% of the cost.

tricity demand. Increasing the demand of electricity in the country

of 643 project sites and grouping them into 27 project groups cre-

can be a solution to the low utilization of our existing power plants.

ated the much needed market. This saved bidders from spending

Vision 2030: What comes to your mind when you think of the

Further, any addition in electricity generation is happening in the

their energy in identifying procurers that have sufficient electricity

industry in 2030?

renewable energy sector and, thus, any increase in electricity pro-

demand and space for rooftop solar solutions. Further, it enabled good economies of scale, efficient material procurement, project execution planning and efficient financing. MP had extensively collaborated with the beneficiary consumers to obtain pre-clearance on the terms of Power Purchase Agreements, which usually comes in the way of implementation of a typical RESCO project. First time in India for the ease of doing business, unique data room was created and made accessible to the bidders to address informa34

India’s Cleantech Visionaries 2018

Gazing into the crystal ball is not what engineers and policy makers are best at. However, one can feel confident that, with the recent advancements in technology, the industry would become more sustainable by 2030. RE had, until recently, been more expensive than power from conventional sources. This limited the total demand of RE, and principles of economy of scale did not operate on RE projects. Hence, the price of RE continued to be high and

duction would not be harmful to the environment. Apart from industrial growth and general increase in prosperity level in the country, which are issues by themselves, areas where electricity demand can see a step increase are mobility and cooking. Usage of electricity for the same would help in reducing foreign exchange outgo on account of import of crude oil and LPG; even otherwise, propane and butane in LPG should be better used SolarQuarter | WindInsider | GridsNext | Emobility+

for production of petrochemicals than burning for cooking

rity Mechanism that was one of the special features of Rewa

purposes.

Project. This enabled as many as six international companies, namely, Softbank (Japan), Engie (France), Enel (Italy), Canadi-

Apart from this, another area where we need to be active is

an Solar, Soleenergi (backed by pension funds) and Sembcorp

energy efficiency. UJALA Programme has led to acceptance

(Singapore), to participate in a state-run tender like Rewa, and

of LED bulbs at a huge level. We need to be making similar

also helped India break grid parity price. The challenge is not

interventions in other areas of energy efficiency as well.

as much the availability of inexpensive funds as development of well-prepared projects which have been sufficiently de-

What are your views on Make in India initiative and it’s

risked. It is believed that there are one trillion US$ funds in-

progress so far?

vested at negative rates of interest and three trillion US$ funds at zero rate of interest; these funds from pension funds, sover-

The Make in India initiative has led to new opportunities for

eign funds, etc need to be deployed in projects with assured,

job creation and value addition in the country. With enor-

albeit low, returns. This presents an attractive opportunity for

mous work force and technical knowhow available in the

RE projects, wherein these funds can be invested if such proj-

country, this initiative could go a long way in addressing the

ects can be suitably de-risked. Madhya Pradesh intends to use

challenges that face our country and making possible our

this opportunity to take forward the RE sector in the State.

dream for a prosperous India. What are the challenges that Cleantech sector is facing today and what is the Madhya Pradesh government doing to combat them? The challenge for RE sector is to invite investment and get energy at a low and affordable rate. At the same time, globally there are funds waiting to be deployed in good and bankable projects. The biggest learning from Rewa and MP’s RESCO Project is that, if risks in the project are appropriately allocated and developer risks are suitably reduced, there is substantial availability of low-cost finance, both equity and debt, available in the world, which can be deployed in the RE sector. Government of MP took an initiative in this field by offering State Guarantee to address investor concerns about DISCOM payments; this enabled the 3-tier Payment SecuSolarQuarter | WindInsider | GridsNext | Emobility+

“

MPNRED has rolled out 18,500 solar pumps to farmers in areas with no electricity; GoI subsidy has been supplemented by State subsidy, so that the farmer has to bear only 10-15% of the cost.... India’s Cleantech Visionaries 2018

The Resolute Builders

SANJAY AGGARWAL

MANAGING DIRECTOR FORTUM INDIA

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So let’s begin with talking more about yourself as a person

itive business. We always needed to scrape the barrel and squeeze the lemon hard to reach winning tariff at the same time managing

I get my adrenalin shots from creating new businesses from ground

return expectations. Reverse auction tests you mentally and it’s

zero. You could see them germinating, growing and it’s a very exhil-

very easy to get swayed by real time dynamic situation. Its intense

arating feeling. Off course it has its set of challenges and has a fair

pressure zone, nobody knows where the race would end and there

share of setbacks but maybe I am made that way. I get my thrill and

is always a guy who will change the tariff in the last 10 seconds be-

excitement that way. I get bored quickly by status quo. Books accom-

fore the 8 minutes window closes and the auction extends. So you

pany me wherever I go and I try to finish a book every week, recently I

had bidding continuing till wee hours of the morning. Your swag-

finished Yuval Noah Harari “Sapiens” and “Homedeus” and current-

ger should not overtake you then or you will be left with winner’s

ly reading “Factfullness” by Hans Rosling apart from Nassim Taleb

curse. But excitement and pride to be a part of Cleantech journey

“Skin in the game”.

motivates us to push the envelope further and be more efficient as months pass by!!

When did you begin your journey in this industry? How has the journey been so far?

Having achieved a lot of success already in this sector, what inspires you as an individual?

I have been in the Utility and Industrial business since the last 32 years. I have been on both sides of the table, as a seller and a buyer and

Curiosity. Starting something, I have no idea how to finish. A strong

handled multiple assignments along the project cycle from project de-

belief that we will navigate through. I still remain a child trying to

velopment to project management to O&M. I have marketed and sold

crack a jigsaw puzzle or climbing up the tree to pluck the elusive

vapor absorption chillers, waste heat recovery boilers, economizers,

pink centered guava!

IC engines for captive and utility purposes, steam and gas turbines, Operation services, spare parts. I have even Undertook Project devel-

So, what are your ambitions in the Cleantech sector?

opment and project management of large thermal plants, hydro and also coal mines.

We want to continue our focus on solar. That would remain our foundation. We will build it up step by step, gradually creating

For last four years I have been involved in Solar business and lately

projects that are best in class. We have already launched our EV

ventured into EV charging business, bio ethanol refinery and DeNox

charging infra and will expand it in sync with EV adoption in India

solutions. Cleantech journey has been exciting and uncertain. Govt

along with battery swapping pilots.

thrust on solar and enabling regulatory environment created excellent tail winds. Govt articulated ambitious solar targets which seemed too

We have already started our bio ethanol refinery along with Num-

out of reach at times but every time all naysayers were proved wrong.

aligarh refinery in North east and our intent is to expand it further

Tariffs fell like nine pins and competition intensity increased by each

and do more on biomass side. We have wonderful optimized solu-

passing month. I have never operated before in such a hyper compet-

tions for DeNox in coal fired plants and will continue to expand on

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“

Curiosity. Starting something, I have no idea how to finish; A strong belief that we will navigate through. I still remain a child trying to crack a jigsaw puzzle or climbing up the tree to pluck the elusive pink centered guava! India’s Cleantech Visionaries 2018

that front. Lastly waste to energy excites Fortum and we have done

restage.

several projects in Nordics. We definitely want to grow in that area

Where do you see growth opportunities in this sector for Fortum?

From acquiring a 5 MW solar plant to constructing a 10 MW and then 70 MW and then 100 MW and then winning 250 MW are all

but haven’t found worthwhile projects as yet. Solar is an obvious answer. EV charging, DeNox, Bio ethanol and

milestones that we navigated through. Successfully creating In-

Vision 2030: What comes to your mind when you think of the

biomass related energy systems, waste to energy, Battery lifecy-

dia’s first private Solar yieldCo was a major milestone and I am

industry in 2030?

cle solutions, hazardous waste management would increase their

proud to be a part of it. Staring EV infra and now setting up bio

share of Fortum offering as we go forward.

refinery takes the journey forward.

down from Rs18/Kwhr just 6 years back to Rs 2.44/Kwhr. All I

What have been the most interesting & challenging projects that

What interesting developments do you see happening in Fortum

know is that coming years will be incredibly exciting and energy

you have undertaken so far?

and the industry over the next year?

battery storage will be a game changer and along with renewables,

While Rajasthan as a state is an ideal place for locating solar proj-

We would continue to move forward on our solar journey. EV infra

it will take away whatever value is left with conventional coal. It

ect, it has its unique challenges of hot climate and dust storms. In

and battery would be our focus area along with construction of bio

will cut through the peak demand times and just as Germany last

summer temperature reach excess of 50 deg and working during

refinery.

year had 250 hours of negative thermal tariff, India will face the

day is extremely challenging and dust storms make it nearly un-

same. I can’t visualize anybody yearning to put up a coal-based

workable. Land acquisition also comes with unique challenges.

Frankly I cannot visualize. I could not visualize solar tariffs coming

ecosystem as we know today will completely change. For starters,

As an industry, there are too many players right now with very different approaches. Consolidation in industry would happen.

plant as there would be no feasibility. Marginal cost of power theories will be seriously tested. Depreciated plants would make tons

Reverse auction process is the most interesting & challenging proj-

Companies have gone beyond their financial means for securing

of monies with an expiry date clearly written.

ect. You can never get prepared for what will happen. Starting

MWs and are trying to walk a tight rope with finances. Risk hasn’t

from biting your nails whether you will be prequalified to enter

been priced sufficiently or as I fear priced nothing at all. Fortunate-

Renewables will rule the roost. EV would take over IC engines irre-

reverse auction to the actual auction is an intense journey. When

ly, nobody has got hurt in this musical chair of guessing module

spective of how long EVs are resisted. EVs will come like a tsunami

numbers flash on the screen and you try to guess the company who

prices on a forward curve and the downward price trajectory of

and many existing players will vanish. Alongside EVs “Vehicle to

quoted lower than you, why he did that, how long will he keep

modules has masked aggressive positions taken by developers.

Grid” would become a reality. So, energy will truly get democra-

on reducing, intense discussions within the team around the table,

Music would stop one day. It won’t last long or at least not forever.

tized. You plug in your vehicle to grid when not in use and become

shrieking, shouting and breathlessly waiting for the auction ham-

When it happens, we will have a perfect storm brewing up, module

a part of the grid. This would play havoc with power prices and

mer to fall, its ground zero. Winning a tariff is just the beginning

price not favoring developers, unhedged positions biting, interest

only nimble footed players would survive. Block chain would pro-

as one would have practically given away all contingencies and

rates climbing. Land acquisition and evacuation challenges piling

mote peer to peer power sales and a whole new business would

everything that was up his sleeve. And then to put up a project in

up. It did in thermal plants wherein companies became overam-

emerge. EV next step would be shared EVs and then driverless

that tight band is a journey in itself.

bitious, over leveraged and in a way forgot risk. Risk would do a comeback.

EVs. Bio based fuels would start having greater share than now and oil consumption would steadily go down first and towards

What would you say have been the major milestones in your

latter half of next decade rapidly go down as EVs would take cent

journey so far?

India’s Cleantech Visionaries 2018

History has been witnessed that whenever we have forgotten risk,

SolarQuarter | WindInsider | GridsNext | Emobility+

it has costed us dearly. In the last decade nearly 11 trillion

scenarios in their tariff bid. There will be a shakeout. So, de-

dollars have been printed by central banks and this fueled

velopers would need to pencil the projects after evaluating

easy liquidity. Interest rates would no longer remain benign.

emerging scenarios.

Fed has already increased the rates thrice and the path is to raise atleast 5 times 25 bps over next 12-18 months! The era

The good news is that inspite of above, renewables will carry

of cheap money is over. Low cost easy liquidity has been

the journey forward. New technologies would emerge, effi-

fueling renewal energy, now it needs to adjust to new reality.

ciencies would improve, and renewables would gain trac-

Unwinding is always painful, and we saw that in 2013 “Taper

tion. As industry would mature, stability in prices would

tantrum” and resultant chaos. Forex concerns would always

come. Focus on returns would come back. That will be the

remain, more so as in current scheme of biddings, 24-month

new normal.

commissioning is the norm due to lack of solar parks and

“

evacuation mechanism. Companies have priced optimistic

Renewables will rule the roost. EV would take over IC engines irrespective of how long EVs are resisted. EVs will come like a tsunami and many existing players will vanish. Alongside EVs “Vehicle to Grid” would become a reality...

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India’s Cleantech Visionaries 2018

MALCOM WRIGLEY

COUNTRY MANAGER ENGIE INDIA

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So, let’s begin with talking more about yourself as a person.

What are your ambitions in the Cleantech sector?

I am the Country Manager for Engie’s activities in India. I am a British citizen with 30 years’ experience in the Power Industry. 18 of those years have been in international locations as diverse as Abu Dhabi, USA, Ghana, South Africa, Morocco and Pakistan. Prior to taking the assignment to Country Manager in October 2016, I was the CEO of two companies in Bahrain which together owned and operated two combined cycle gas turbine power plants totalling 2,200MW and seawater desalination plant making 48 million gallons per day of drinking water.

The strategy of India as a country and Government is perfectly aligned with the Vision of Engie to Decarbonise, Decentralize and Digitize our world to attack the threat of Global Warming and improve efficiency. Here in India we plan to treble our size over the next four years and build a material business in pursuance of both Engie’s and India’s stated goals.

When did you begin your journey in this industry? How has the journey been so far?

By 2030 the industry will be on the path to radical change, we will see meaningful capacity of storage becoming available coupled with an ever-increasing pressure to reduce carbon emissions. This will shift the entire industry away from centralized coal buring plants toward decentralized renewables coupled with storage. The world MUST go in this direction to tackle global warming.

I started out in the electricity industry in the UK in 1987, I joined as a Graduate Electrical Engineer working on Distribution Systems. After three years I moved into the commercial side of power sales with the UK’s then largest generating company National Power and then worked on electricity market trading. I joined the International division in 1995 and have since worked on developments in Thailand, Pakistan, UAE, South Africa, Namibia, Zimbabwe, and now India. I’ve also worked on asset operations in Pakistan, UAE, Ghana, Morocco, Bahrain and again now India. It’s been a very varied and exciting journey with lots of chang: in technology (I’ve worked on oil, gas, coal and renewables projects); politics (I’ve met five Heads of State and numerous of Ministers and their Secretaries); and markets. Having achieved a lot of success already in this sector, what inspires you as an individual? I love travel and cultural differences and finding a way of working in the local context, I love the idea of bringing development and facilitating economic growth, electricity is a fundamental for that.

SolarQuarter | WindInsider | GridsNext | Emobility+

Vision 2030: What comes to your mind when you think of the industry in 2030?

Where do you see growth opportunities in this sector for Engie? Solar and Wind are current and obvious growth areas, less obvious is storage and grid services from storage. What have been the most interesting & challenging projects that you have undertaken so far? Implementing simple projects cleanly in India is a challenge, technology is relatively easy, navigating the bureaucracy is not!! What would you say have been the major milestones in your journey so far? Recently we won four major projects, game changers, last year a 250MW solar park in AP and this year three wind auctions totaling

280 MW, our first was in Gujarat, then two in Tamil Nadu, these are giant leaps for us and bode well for the future. What interesting developments do you see happening in your Engie and the industry over the next year? On a practical level we are growing, moving offices for a bigger place, we’ll be hiring more people to cope with the developments we are planning and build and operate the projects we have won. We also intend to expand into energy related services, efficiency, facilities management, distributed generation. So many changes!

“

I love travel and cultural differences and finding a way of working in the local context, I love the idea of bringing development and facilitating economic growth, electricity is a fundamental for that.. India’s Cleantech Visionaries 2018

LONGi Solar Technology Co., Ltd. is a world-leading manufacturer of high-efficiency monocrystalline silicon solar cells and modules. The Company has its headquarters in Xiâ&#x20AC;&#x2122;an and branches in Japan, Europe, North American, India and Malaysia. LONGi Solar specializes in the R&D, production and sales of monocrystalline solar cells and modules, with a planned capacity of 8GW for cells and 12GW for modules in 2018. LONGi Solar has invested cell research center and module design center, equipped with advanced R&D and testing equipment. LONGi Solarâ&#x20AC;&#x2122;s innovative Hi-MO series of PERC mono-crystalline modules Hi-MO 1, Hi-MO 2 are widely recognized by customers around the world for their excellent power generation performance and superior reliability. LONGi Solar is committed to enhancing the value of photovoltaic systems for customers, and utilizes solar technology to sustain a green and clean environment for all.

Major milestones

Vision

Mission

“The World’s Most Valuable Solar Technology Company”

“Utilizing solar energy, Building a green world”

“The World’s Most Valuable” means LONGi Solar

In the past, solar energy was considered as a supple-

will not only provide superior value products and

mentary energy source, while LONGi Solar makes

services to customers, but also create the best

it clear step by step that this green energy will be the

investment value for shareholders. Meanwhile,

most sustainable one that human beings can rely on.

LONGi Solar strives to be the best employer brand. Since its establishment, LONGi Solar dedicates to “Solar Technology Company” means LONGi Solar

using technological innoavation to expand the appli-

commit to offer more innovation-driven solar

cation of solar power and provide reliable and

products, as well as try to stay ahead of the curve and

sustainable green energy for human beings at all

becoming a leading brand of solar technology.

times. In the future, LONGi Solar will continue to improve overall strength and furnish best LCOE solution all over the world.

Management Team

Zhong Baoshen Chairman | LONGi Group

Li Zhenguo President | LONGi Group

Li Wenxue President | LONGi Solar

Mr. Zhong Baoshen graduated from Lan-

Mr. Li Zhenguo is the President, legal rep-

Mr. Li Wenxue graduated from Lanzhou

zhou University. He is an expert in magnet-

resentative and founder of LONGi. He had

University in 1990, majoring in physics of

ic materials. From 2002 to 2004, Mr. Zhong

graduated for Bachelor of Semiconductor

metals. In 2010, Mr. Li joined LONGi Sili-

held several social positions, including vice

Materials Science from Lanzhou University

con Materials (Ningxia), where he succes-

chairman of the Washing Process Division

and Master degree from Xi’an Jiaotong Uni-

sively held the positions of executive dep-

of China Heavy Machinery Industry As-

versity. He has been engaged in production

uty general manager and vice president of

sociation (CHMIA) and vice chairman of

and research of mono crystal silicon rod and

the operation center. Since Feb. 2015, he has

the First Session of Shaanxi Solar Energy

silicon wafer since 1990. He has been award-

been the president of LONGi Solar, making

Photovoltaic Industry Alliance. Since June.

ed “outstanding contribution expert of Xi’an

great contributions in upgrading corporate

2014, he has been the chairman of LONGI

city in 2009”, and also won the title of “The

management, improving production effi-

Group.

second Xi’an city outstanding builders of

ciency and stimulating staff’s initiative.

Socialism with Chinese characteristics”.

Featured Projects

11.2MW Fishery and PV Complementation Project in Jiangsu, China

26MW Datang BEIH PV Project in Shanxi, China

Maharashtra 135 MW Utility Scale Solar Power Plant-Maharashtra, India

45MW Wind and PV Complementation Project in Shaanxi, China

170MW Utility Scale Solar Power Plant, Karnataka, India

350MW REWA M.P Utility Scale Project, India

Featured Products

LR6-72BP-375W (Front Side)

LR6-72BP-375W (Back Side)

LR6-72HC 345-365W

Mono Module

Business Strategies LONGi Group has been focusing on monocrystalline field for nearly 17 years since its establishment. In its development process, based on the judgment on value of solar energy, the Company not only improves product and customer structure accumulation over the years, but also holds prudent attitude towards expansion and does not make investment only for short term result. In 2006, LONGi Group conducted detailed study on different technology: thin film, monocrystalline and multicrystalline silicon PV, and reached final conclusion: monocrystalline is the technology that can deliver the lowest LCOE (levelized cost of electricity) in the future. The rapid development of LONGi Group is supported by the strong core capability in technology. For years, it invests more than 5% of revenue into research and development. From 2013 to 2015, the investment even reached nearly 7%, and in 2016 it was as high as USD 83 million (exchange rate assumes 6.8, the same below). The first class core technology of LONGi Group includes diamond wire cutting technology, PERC cell technology, which enable non-silicon cost of monocrystalline silicon wafer product in 2016 reduced by 67% comparing to 2012 and the highest power of 60 cell P- type monocrystalline module reached 325W. LONGi has won Supplier Quality Excellence Award issued by LG Electronic Solar Energy Business Division, Artes Excellent Supplier Award, Trina Solar Supplier “High Quality” First Prize, TÜV NORD Excellent Quality Award, TÜV SÜD IEC TS62941 PV Industry Quality Management System Authentication Certificate, China PV Business Model Award, “Independent Innovation Award” and “Market Development Award” of Global Top 500 New Energy Enterprises, 2016 “North Star Cup” Top Ten Cell/Mould Brands, Energy Technology Outstanding Enterprise Award, etc. Meanwhile, LONGi is widely approved in the industry in overseas market with its high product quality and is elected as “Top Ten Global PV manufacturers with Highest Market Influence” organized by PV TECH. Its monocrystalline silicon wafer shipment continues keeping the first place in the world, performance of monocrystalline module improves rapidly, and module product is rated as “Global PV Module Premium Brand” evaluated by Bloomberg. The company has become a member of Silicon Module Super League (SMSL).

Clientele

GAURAV SOOD

CEO

SPRNG ENERGY

SolarQuarter | WindInsider | GridsNext | Emobility+

Tell us more about your background and your entry in the Indian

tor was finally starting to open up.

Cleantech sector. India was the perfect market for solar in particular as the country I started my professional journey as a management consultant focus-

is bestowed with abundant sunshine throughout the year. Also, the

ing primarily on strategy and operations in the early days. However,

per capita consumption of electricity was low and hence growth

with time, my interests started to lean more and more towards re-

was a given. Lastly, there was a clear political will to develop the

newable energy sector. And my 3.5+ year long stint at Bharat Forge

sector in India. With these factors in background, it set the stage to

Limited played a crucial role in refining these interests.

be at the right time in the right place. A lot of companies from outside were looking to enter India and they required entrepreneurial

This was the time when Bharat Forge Limited was looking to diversify

management individuals who would be comfortable working in

its offerings, and they chose renewable as one of the key sectors. I was

an evolving nascent industry, working within challenging financ-

part of the core team which devised Kalyani Group’s entry strategy

ing environment, buying land, building projects within very short

into the wind sector. From concept and operationalization to raising

timelines, and with few trained individuals. So, it was the perfect

equity from PE investor, we set up the complete turbine manufactur-

opportunity to work as an entrepreneur, work hard, prove your

ing business, Kenersys. Post that, I was focusing on BFL’s entry into

credentials, and grow at a fast pace as a leader in a new industry.

the solar sector both within solar thermal and solar PV. And that’s how I got into the Solar Sector. I knew renewables was my calling and

Vision 2030: What comes to your mind when you think of the

there was no looking back from there. To further hone my technical

industry in 2030?

skills, I did my Masters in Engineering in Renewable Industry and MBA in Marketing and Finance and currently pursuing PhD in Man-

Renewable Energy would be the mantra! I see India leading the

agement titled Solar Energy Policy Framework for Sustainable growth

way in sustainable energy consumption by 2030. I see us not only

of Industry in India as the subject.

heading towards a significantly renewables within the energy-mix, but also enabling other countries to do the same.

Thereafter, I moved on to Solaire Direct as the head of Indian Market. From being the first employee to setting-up about 450MWp capacity

Renewable is not just the future of energy, it’s the future of life as

over the years, that experience was thrilling as well as revolutionary

we know it. And rapid technology innovation is the ray of hope

for me in a way.

that will guide us to create this future.

When did you decide to pursue your entrepreneurial ambitions and

The renewable industry would be growing and spreading at a

what drove you to be an entrepreneur in this sector?

much faster pace by 2030 and should form about 25% of the generation capacity of the country. This growth would be driven by both

2010 was the year when I took the entrepreneurial leap. With the ad-

utility scale and distributed generation systems. Grid management

vent of Gujarat Solar policy and the JNNSM, Indian solar energy sec-

& integration would become very important subject and according-

SolarQuarter | WindInsider | GridsNext | Emobility+

“

Vision 2030: Renewable Energy would be the mantra! I see India leading the way in sustainable energy consumption by 2030. I see us not only heading towards a significantly renewables within the energy-mix, but also enabling other countries to do the same.... India’s Cleantech Visionaries 2018

ly the systems would need to be designed, optimised and operat-

For wind you have to have suitable turbines as per site, optimized

We are currently building the 250MW Rewa project. This is a very

ed. The Electric Vehicle evolution enabled by rapid innovations

micro siting, larger rotors, higher hub heights etc. You have to be

interesting project, as it is best structured PPA so far with various

in energy storage solutions would further augment the installed

innovative on O&M aspects for both solar and wind domain and

features such as guaranteed off-take, deemed generation in case

renewable energy capacity and the overall mobility space would

ensure that the availabilities are as high as possible and predic-

of grid unavailability, GST pass through, well defined Change in

influence the growth in a significant manner.

tive/preventive/breakdown maintenance factored in.

Law clause, majority land handed upfront post which timelines for execution commence. It is getting built over 1250 acres of land

How has your entrepreneurial journey been so far and what is

On the above lines, our both wind projects have the best suitable

and being connected into PGCIL network. Although the commis-

your vision for SPRNG Energy?

turbines for our sites and one with highest rotors in the country.

sioning timeline is due in April 2019 but we have already com-

On the solar side, we have been using only 1500V systems with

missioned initial 10MW capacity as the grid evacuation network

“The Journey is the Reward” would be the apt summary of my

optimized design, higher module capacity and incorporating ro-

was made ready by both RUMSL and PGCIL. The project has

entrepreneurial journey so far. It has been exciting, challenging,

botic cleaning and thereby building assets which would operate

been quite challenging owing to rocky terrain, and the extended

enriching, and hugely rewarding in terms of building projects

effectively for 25year life.

monsoon and a big set-back in the form of safeguard duty which

from scratch, sizes from 5MW to 300MW, solar and wind, build-

all have acted as dampeners towards a smooth execution. We are

ing great teams, working together, and leading them to deliver

Where do you see growth opportunities in this sector for SPRNG

successful projects at most competitive costs.

Energy?

however targeting commissioning the entire capacity by Jan 2019. What would you say have been the major milestones in your

Vision for Sprng Energy is to build a very successful renewable

There is immense push from the government for the growth of

platform with high quality solar and wind assets delivering most

renewable in the country and as a result the market is witnessing

competitive LCOE over the life of projects. The assets need to stand

GW scale tenders for both solar and wind. On solar, the competi-

Setting up Kenersys business from concept to operationalization,

out in terms of quality and need to improve life of all stakeholders

tive intensity is much higher and currently there are uncertainties

heading SolaireDirect in India and building the first 5MW proj-

including local community wherever our investments take place.

w.r.t. safeguard duty, module pricing, and also currency fluctua-

ect at the lowest tariff of 7.49/kWh at that time, followed by 2

tions. This makes it trickier as compared to wind where the pri-

numbers of 90MW+ scale projects in Bhadla solar park at 4.34/

You are amongst top entrepreneurs in the Clean Energy sector.

mary concern today is on the grid evacuation land challenges in

kWh another low at that time, and now heading Sprng Energy to

What comes to your mind when you think of being innovative?

some high windy sites and ofcourse on the resource variability.

deploy about half a billion dollars of equity and building a pipe-

How do you do things differently in creating excellence?

We have built a good pipeline of 750MW solar and 700MW wind

line of 1450MW in less than 1.5 years are definitely some of the

over the last 1.5 years with high quality off-takers and now the

key milestones. With Sprng, Rewa 250MW @ 2.97/kWh and our

We operate in a very competitive environment in India both in

main focus is on execution with additional growth coming as we

Gujrat 200MW wind project @ 2.43/kWh, (project with the lowest

solar and wind sector. So, to be successful in these competitive

move along.

tariff in renewable sector under auction regime!) are some of the

auctions and meet your hurdle rates, you have to be innovative on

journey so far?

key milestones. I must admit that I have been very lucky in my

various aspects. For instance, on solar tenders, you have to look at

What have been the most interesting & challenging projects that

journey over the last decade in the Cleantech sector in India and

new technologies such as 1500V systems, new module technolo-

you have undertaken so far?

have been blessed with great team members who have stood by

gies, robotic cleaning, bigger block sizes, design optimizations etc. 56

India’s Cleantech Visionaries 2018

me and helped in delivering successful high-quality assets. SolarQuarter | WindInsider | GridsNext | Emobility+

What interesting developments do you see happening in SPRNG Energy and the industry over the next year? At Sprng Energy, over the next one year, we are looking at achieving a 2GW milestone of total contracted capacity with about 700 to 1000MW operational assets. The industry overall would keep on growing at a fairly good pace with about (10 – 15) GW installed capacity addition every year between solar and wind. The sector should see more of energy storage opportunities and hybrid tenders so as to help mitigate the grid stability issues. Also, a possible growth in Battery Charging stations for assisting EV penetrate the market and development of Green Energy Corridor at a faster pace to make use of sites with high solar irradiation and wind.

“

“The Journey is the Reward” would be the apt summary of my entrepreneurial journey so far. It has been exciting, challenging, enriching, and hugely rewarding in terms of building projects from scratch, sizes from 5MW to 300MW, solar and wind, building great teams, working together, and leading them to deliver successful projects at most competitive costs...

SolarQuarter | WindInsider | GridsNext | Emobility+

India’s Cleantech Visionaries 2018

KAILASH TARACHANDANI CEO, INOX WIND LIMITED

SolarQuarter | WindInsider | GridsNext | Emobility+

When did you begin your journey in this industry? How has the

with a lot of advancements and capacity addition. However, my

journey been so far?

worry is whether the capacity addition till 2030 would be sufficient to match the energy requirements of India then or not?

My journey in this industry started in 2007. Having worked in this industry for more than 11 years now, I consider myself to be fortunate

Where do you see growth opportunities in this sector for INOX?

enough to be a part of this growing industry with now more support from central and state governments to achieve the target of 175 GW.

The government has plans to invite wind bids for 10GW each year

I am sure the journey ahead will be far more exciting, challenging &

till 2028. I think this in itself signifies the growth opportunities for

rewarding, be it for a company or for an individual.

Inox.

Having achieved a lot of success already in this sector, what inspires

What would you say have been the major milestones in your

you as an individual?

journey so far?

I believe that any goal, can only be achieved through continuous and

Successful change in the strategy of the company because of the

joint efforts of a team and not an individual. I see that the industry, as

shift in the wind industry from FIT to competitive bidding would

a whole, along with the government has come together to bring mas-

be a major milestone so far. This was a huge change in the way

sive capacities of renewable energy for a sustainable tomorrow. This

business was for decades and the change was quick. I would also

definitely inspires me to work harder towards achieving this goal for

consider the successful listing of Inox in 2015 in a short period since

not only my company but for our country as well.

inception as one of the major milestones.

So, what are your ambitions in the Cleantech sector?

What interesting developments do you see happening in INOX and the industry over the next year?

I would like to work towards development of system wherein the restriction in the resource availability of solar & wind energy can be

Before the competitive bidding came into the picture, March of

minimized/erased by bringing in storage systems and/or hybrid sys-

every year was of great importance due to commissioning targets

tems. I believe that such technological advancements shall bring in

of the fiscal year. However, due to these bids, the scenario has

newer heights for this sector along with bringing in more reliability

changed and the commissioning dates now have become scattered

and stability vis-Ă -vis the grid of our country.

through the year, which means much more economical and well planned mobilization of resources for commissioning. Also, I be-

Vision 2030: What comes to your mind when you think of the indus-

lieve that the way bids are coming in with a predefined timelines,

try in 2030?

also gives an opportunity to carve out the way forward in a much

â&#x20AC;&#x153;

I believe that any goal, can only be achieved through continuous and joint efforts of a team and not an individual. I see that the industry, as a whole, along with the government has come together to bring massive capacities of renewable energy for a sustainable tomorrow..

efficient manner and has definitely brought in visibility of business When I think of 2030, I see this industry as a very matured industry SolarQuarter | WindInsider | GridsNext | Emobility+

as a whole. Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

MANOJ KUMAR UPADHYAY

MANAGING DIRECTOR ACME SOLAR

SolarQuarter | WindInsider | GridsNext | Emobility+

â&#x20AC;&#x153;

Tell us more about your background and your entry in the Indian

with storage and global grid. The power from Sun will be available

Cleantech sector.

for almost 24 hrs.

2. Global mass adoption of Electric Vehicles and Autonomous I see myself as a serial technological entrepreneur. I started my en-

Driving

trepreneurial journey by building a company named Adhunik Pow-

3. Artificial Intelligence and Deep Machine Learning will play a

er Systems to create indigenous technological solution for lightening

major role in education, health, energy and transport sector

protection of important establishments. Later, we established ACME

4. Water problem will be getting resolved by using cheap source of

Cleantech Solutions and developed patented products such as Power

energy and new grapheme based water treatment

Interface Units (PIU) for telecom sector to reduce the operational cost

We have seen technological disruptions in IT, Telecom and Enter-

of telecom tower sites leading to tariff reduction and popularization.

tainment in the past. In next 15 years, the disruption will come in

We also invested and experimented with Hydrogen Fuel Cells, Micro

basic needs of humans like infrastructure, medical, education and

Turbines, Solar Thermal and Waste Water Treatment. These were all

transport.

clean technology start-ups.

How has been your entrepreneurial journey so far and what is In 2010-11, we forayed into the Solar Power Sector and today we are

your vision for ACME?

one of the largest solar power companies in the world with a total capacity of 5.5 GW.

My entrepreneurial journey so far is filled with happiness along with ups and downs. I am happy the way we had learned from

When did you decide to pursue your entrepreneurial ambitions and

this journey and played an important role in development of solar

what drove you to be an entrepreneur in this sector?

energy and its popularization. It is fulfilling to become one of the prominent suppliers of solar power in India.

I have always been driven by the use of technology to solve the problems. So, I got into the business where technological understanding

Being a leading company is the clean energy sector, we always have

can be used to address the current technological limitations and at the

to look for new ways to produce power at lower cost. Energy is a

same time bring the cost down to help the humanity.

commodity and we always have to be on our toes to remove all possible inefficiency and reduce the cost.

Vision 2030: What comes to your mind when you think of the industry in 2030? We will see many technology related disruptions. 1. Solar power will take over as a major source of power globally along SolarQuarter | WindInsider | GridsNext | Emobility+

You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? How do you do things differently in creating excellence?

I have always been driven by the use of technology to solve the problems. So, I got into the business where technological understanding can be used to address the current technological limitations and at the same time bring the cost down to help the humanity.....

In sector, where end product is a commodity, being innovative Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

means customer delight, better quality and at the same time maintaining healthy returns on our investments, so all our stakeholders, lenders and equity providers have faith in us and provide us their continuous support.

2. Reaching 2 GW operational solar capacity 3. Reaching 5.5 GW of total solar capacity. What interesting developments do you see happening in ACME

Where do you see growth opportunities in this sector for ACME?

and the industry over the next year?

We are in the industry which is growing very fast. We will keep

ACME is on a faster growth trajectory in solar power develop-

on adding additional technology like Energy Storage and Artificial Intelligence to further improve our output and provide customers with a 24hrs energy solution. What have been the most interesting & challenging projects that

ment. We will continue our focus on building teams and invest in strengthening the process and systems to sustain the growth. We will keep focusing on disruptive technologies and bring cost effective energy solutions to the people.

you have undertaken so far?

Solar industry is changing very rapidly. The technological disrup-

Building our solar thermal plant was the most challenging project

The innovations in energy storage will ensure the cheaper power

we did so far. The integration of solar technology with power plant technology made the project a challenging one. Simultaneously, Hydrogen fuel cell and Micro turbine development projects were also very challenging. The most interesting project is to demonstrate the execution of our REWA and Bhadla solar power projects in scheduled time and cost. The projects were bid lowest with sustainable financial returns at the time of bidding. What would you say have been the major milestones in your journey so far? As a company, we have achieved many milestones. Some very prominent of those are: 1. Demonstrating the execution of our Bhadla project which has set up the lowest solar power tariff of Rs. 2.44/unit in India SolarQuarter | WindInsider | GridsNext | Emobility+

tions in solar panels will further lead the solar tariff downwards.

â&#x20AC;&#x153;

from sun be available for longer durations.

Being a leading company is the clean energy sector, we always have to look for new ways to produce power at lower cost. Energy is a commodity and we always have to be on our toes to remove all possible inefficiency and reduce the cost.... Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

VIKRAM KAILAS CEO & MANAGING DIRECTOR MYTRAH

SolarQuarter | WindInsider | GridsNext | Emobility+

“

Tell us more about your background and your entry in the Indian

When we set up Mytrah Energy as a renewable power IPP, the idea

Cleantech sector.

of company with power generation from clean sources as its raison d’être was unheard of. So, people found the idea for my venture

My academic and professional experience before my entry into the

rather strange, if not outright foolish. But, I realized that the sec-

Indian Cleantech sector would read like a fairly ‘traditional’ narra-

tor had several things going for it –a fragmented ownership base,

tive. I completed my undergraduate degree (in mechanical engineer-

a good talent pool, an established manufacturing base (in wind

ing) from IIT Madras, worked with Deloitte in India for a couple of

power) and, most importantly, robust but unmet demand which

years and then went off the to US to pursue an MBA from an Ivy

the suppliers were looking to address. All it needed was for us to

League school (Yale). After graduating from Yale in 2006, I joined the

provide a cogent narrative for how our planned venture would

investment banking division of Credit Suisse in New York and start-

address the issue in a manner that would be value accretive for

ed working with the Power and Utilities group. I worked with the

all stakeholders. Given the inchoate state of the sector back then,

group over the next three years advising clients across the entire en-

it took us some time to find the collaborators who understood our

ergy spectrum.

idea and agreed to come aboard. That’s when things took off in right earnest.

This is where the narrative diverges from the traditional. In 2009, I chose to step out of the Wall Street banker’s life and came back to

Vision 2030: What comes to your mind when you think of the

India to pursue my entrepreneurial dreams. I had a few ideas about

industry in 2030?

the kind of opportunity I would like to pursue, the on-ground experience helped me firm up my plans. My analysis confirmed my starting

The enormity of the opportunity and how transformative it can be

hypothesis that the Indian renewable power sector was on the cusp

for an entire nation!

of transformational growth and that’s why I decided that this was the space to get into.

Let us look at this on a few different fronts – generation types, materials, manufacturing processes, chemistry i.e. storage, and data.

When did you decide to pursue your entrepreneurial ambitions and

On the generation front, wind and solar power generation would

what drove you to be an entrepreneur in this sector?

have grown their footprints substantially, with new models in both, along with hybrid models contributing towards this growth. Dis-

I have always had an entrepreneurial bent of mind. Even when I was

tributed generation should have become much commonplace, with

in school, I used to think up and even execute ‘entrepreneurial’ ideas

developments in storage technology contributing towards its rise.

like say buying kites in bulk during the festive season and reselling

Research breakthroughs, including in materials sciences, should

them for a profit! So, I had been sharpening the saw from those early

have resulted in some other clean sources becoming a part of the

days which were, arguably, the first baby steps towards setting up

industry’s growth story. Developments like 3D printing are likely

Mytrah Energy. That said, things were set more directly into motion

to have brought about significant changes in manufacturing, with

once I decided to return to India with the specific objective of pursu-

a distributed paradigm like in the power generation space. Devel-

ing my entrepreneurial ambitions.

opments in data science would continue to drive efficiencies across

SolarQuarter | WindInsider | GridsNext | Emobility+

My analysis confirmed my starting hypothesis that the Indian renewable power sector was on the cusp of transformational growth and that’s why I decided that this was the space to get into....

India’s Cleantech Visionaries 2018

the entire value chain by enabling better decisions through better Each of these investments can stand on its own as a notable one. Bank, an industry first. The Khel Udaan initiative, a Mytrah CSR iniinformation. However, the one I am most proud of is the kind of organization tiative run in collaboration with the Pullela Gopichand Foundation Overall, renewable energy would have become a much larger constituent of the entire power sector, contributing significantly towards the development of a cleaner, better empowered country and world.

we have managed to put together in the process of achieving these counts Asian Games medallists like Dutee Chand among its benefimilestones. At Mytrah, we have a team of energetic and capable ciaries. professionals who are truly invested in the vision of building a sustainable institution with a culture of excellence.

Where do you see growth opportunities in this sector for Mytrah Energy?

How has your entrepreneurial journey so far and what is your vision for Mytrah Energy? My entrepreneurial journey has been quite exciting, with its share of challenges and successes, as such a journey is meant to be. We are in a sector which is fuelled by clean and sustainable sources. That said, building a sustainable organization is different from building any firm in the sustainable energy space. We took a lot of the time at the very start of the journey to define the kind of organization we wanted to build. We believe that the only limit to our achievements is the audacity of our dreams. From the outset we have dreamed of building a company with cutting edge practices, competitive on a global scale, driven by people with world class capabilities and ambitions to match. Mytrah Energy has notched up several notable achievements in course of its journey. The company has built the country’s largest organic wind power footprint, and indigenous wind resource

You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? I believe we are still in the early stages of a fairly long journey. Existing areas like wind and solar power generation will continue to see How do you do things differently in creating excellence? growth in the foreseeable future. Other areas which are still in an earBeing innovative is not an option anymore. As a firm, the choice is ly stage now are likely to become more mainstream as the technolovery clear – you innovative and stay relevant or you fail to adapt gy gets proven and the economic case for their adoption also gains and get left behind. At Mytrah Energy, a strong focus on innovation ground. I have spoken about several of these likely trends in an earlier is integral to way we run our business. In fact, ‘innovation’ is one response. At Mytrah we keep a close watch on developments in the of our core corporate values along with ‘learning’ and ‘determina- industry so that if any of the developments start showing the potential tion’. This triumvirate captures the essence of how we strive to re- for meaningful commercialization, we will be well placed to seize the main relevant in this VUCA world. We absorb all that goes around opportunity. us, adapt and innovate our ways of working, and follow through with determined effort to translate our plans into reality.

What have been the most interesting & challenging projects that you have undertaken so far?

Excellence is not just a goal but is reflected in the way the company approaches every aspect of its business. At Myrtah we believe that At the risk of sounding cliched, it would be fair to say that every projif a company truly commits to excellence, it does so at all times, ect or strategic initiative undertaken by Mytrah has had its share of including adverse ones and all activities including the seemingly unique challenges. insignificant processes. That’s what separates great firms from the

rest of the pack and sets them up for long-term success. Let me Mytrah Energy’s business model itself is predicated on firm belief assessment capabilities on par with those of global peers. Its solar illustrate this point with a couple of examples. At our projects, we in analysing an opportunity on its merits. We then choose to pursue power business is also coming of age with notable progress in both adhere to strict EHS norms, not just the minimum mandated ones. projects that align with our broader business objectives, whether it the utility scale and rooftop segments. Mytrah Energy It has built a Likewise, in our CSR activities, we don’t just fund programs but means taking up a project or rejecting it, even if conventional wisdom robust asset portfolio diversified by geography, counterparty and work closely with partner organizations to ensure their proper de- suggests otherwise. This approach has enabled us to notch up several technology, all enabled by financial support from marquee inveslivery. The results of such an approach are plainly visible. Thanks ‘first in class’ achievements. For example, on the wind power genertors and lenders. to the high quality standards maintained in our projects, we were ation front, our Nazeerabad project is the first wind power project in extended a $150 million line of credit by the Asian Development the state of Telangana. Though the state offered no precedents, we 70

India’s Cleantech Visionaries 2018

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never saw that as a deterrent â&#x20AC;&#x201C; once we realized that the project met our internal parameters we decided to go ahead with it. Likewise, when we started building our wind resource assessment capabilities, this was against the norm for IPPs. But we were convinced that this capability would eventually become a source of differentiation and committed significant resources to building it up. Our faith has since been vindicated. What would you say have been the major milestones in your journey so far? We have set up a well-diversified portfolio of over 40 utility-scale projects across 9 Indian states. Our portfolio of operational and under-development assets tops the scale at over 2.2GW. We have built strong capabilities across the entire power generation value chain. Most importantly, we have put together the kernel of a robust, sustainable and scalable business. And we have managed to do all this in less than 8 years, while continuing to retain majority ownership and providing employees a substantial stake in the firm. To me these are some of the milestones in Mytrah Energyâ&#x20AC;&#x2122;s journey till date. What interesting developments do you see happening in Mytrah Energy and the industry over the next year? I have alluded earlier to several interesting trends in the industry. A number of these are likely to come to bear over the next several quarters. Whether they will happen in the next year or the subsequent quarters is hard to say and, to be honest, quite moot. I am confident that as and when these developments come to bear, Mytrah Energy will be well-prepared to seize the opportunities. Overall, it is fair to say that the best days of the industry and Mytrah Energy are ahead of us. Personally, I am very excited about what the future holds for Mytrah Energy and, indeed, the entire industry! SolarQuarter | WindInsider | GridsNext | Emobility+

â&#x20AC;&#x153;

Excellence is not just a goal but is reflected in the way the company approaches every aspect of its business. At Myrtah we believe that if a company truly commits to excellence, it does so at all times, including adverse ones and all activities including the seemingly insignificant processes....

ASHISH KHANNA CEO & MANAGING DIRECTOR TATA POWER SOLAR

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“

When did you begin your journey in this industry? How has the

and failure of our business and hence as leaders, I constantly learn

journey been so far?

from our own experience and those of others, as heading an organization, which has to its distinctive executed World’s largest roof-

I started my career with Public Sector company. Thereafter, I worked

top at a single location, India’s largest carport, World’s largest solar

with an American company and in 2007 joined Tata Power. I was for-

powered cricket stadium at Cricket Club of India.

tunate to have a varied experience in Tata Power too, ranging from building India’s largest coal fired plant to project developments of

So, what are your ambitions in the Cleantech sector?

thermal as well as gas based power projects outside the country. Most satisfying was spearheading turnaround of Tata Power Solar, in last

Given that, we have unmatched experience in designing, manufac-

3 years.

turing and executing customized solar solutions for diverse sectors

and projects for utility scale, rooftops and solar pumps segment, The journey so far has been fulfilling, though there is a lot more to

our trained workforce undertakes efficient operation and mainte-

achieve on personal, organizational and contribution to the society

nance initiatives for our solar projects. We are amongst the few in

level. The most critical success factor in the renewable sector is one’s

the country with esteemed experience in metering and monitoring

ability to innovate and embrace technology, which is continuously

of project performance and this gives us an extra edge to advance

evolving and improving. This gives me an opportunity to remain ag-

in the Cleantech sector now with immense opportunities open in

ile and learn.

Rooftop, solar pumps, distributed generation, we intent to leapfrog into higher level of growth in the solar, wind and hybrid solutions.

Having achieved a lot of success already in this sector, what inspires you as an individual?

Where do you see growth opportunities in this sector for TATA POWER SOLAR?

As a leader, it is satisfying to be part of the journey wherein Tata Power Solar has tripled its revenue in last 3 years and from a negative

Rooftop solar systems and distributed generation form an integral

cost has turnaround with biggest PAT. I recognise the fact that being

part of clean technology sector. These have has manifold oppor-

a leader, one is bestowed with certain powers, and while exercising

tunities from the business angle and also from the point of pro-

these powers one should be always conscious of the fact that one is

viding cost effective energy solutions to the community. Rooftop

trustee of this power for the time being and should be accountable

solar technology can be used in areas beyond power generation

for his/her decisions. I earnestly work towards developing person-

like clean water, facilitating in small industries to develop entre-

al credibility and exhibit energy in a manner that it motivates and

preneurs as well as providing employment opportunities with ap-

energises all stakeholders. As our jobs have become more complex,

propriate trainings.

we work hard, with intense desire to achieve our organizational objectives. The business environment plays an important role in success SolarQuarter | WindInsider | GridsNext | Emobility+

I recognise the fact that being a leader, one is bestowed with certain powers, and while exercising these powers one should be always conscious of the fact that one is trustee of this power for the time being and should be accountable for his/her decisions.. India’s Cleantech Visionaries 2018

We are positive on the growth of this sector with hybrid solutions

However, the most challenging project we executed was World’s

A noteworthy accomplishment has been the standards we follow

which will provide 24 x 7 power and also cost effective solutions

largest rooftop 12MW at a single location. The challenge was not the

in safety and providing good quality housing in labor colonies

with new technologies like thin films, perovskite which will help

size, but less than 6 months’ time schedule which includes working

during execution of large projects.

us to rapidly grow not only in India but outside World too.

in extreme winter weather where besides cold weather visibility becomes a major issue. Most difficult part was to adhere to safety

What interesting developments do you see happening in TATA

What have been the most interesting & challenging projects that

standards on asbestos roofs and ensuring that safety of not only

POWER SOLAR and the industry over the next year?

you have undertaken so far?

our workforce but also lakhs of devotees who visit the complex. Our engineering and execution philosophy were very closely align

As part of the prestigious TATA group, we stand for safety, quali-

Tata Power Solar is committed to enabling solar everywhere and

to ensure highest level of safety and they did an exceptional role of

ty, excellence and total commitment towards our work. Our vision

aims to provide energy access to millions of people across the

executing World’s largest rooftop in a short span of 5 months with

is to be the leading solar solutions provider in the country, deliv-

country via its integrated solar solutions.

highest quality and safety parameters.

ering high quality and sustainable results to our clients. The legacy and expertise we have built over the last 27 years, along with

While, we successfully commissioned 100 MW solar project with

What would you say have been the major milestones in your

our focus on quality and bankable products will enable us to stay

our own cells and modules for NTPC in Anantapur, Andhra

journey so far?

differentiated in this increasingly cluttered solar market. We also

Pradesh. We delivered the project in record 80% of stipulated time-

hope to continue and make a larger impact in the rooftop space,

line, and nearly three months ahead of the stringent schedule. We

In our journey towards delivering solar energy to all, we have

in both commercial as well as consumer market. We have invested

commissioned India’s largest vertical solar farm for Dell India’s

commissioned some landmark project in terms of engineering and

in our manufacturing so as to enhance the capacity as well as effi-

largest vertical solar farm at Bengaluru. Our 12 MW installation

project execution. Some notable amongst them are World’s largest

ciency. We also expect a major business opportunity in Agriculture

for R.S.S.B. Educational & Environmental Society (RSSB-EES) and

rooftop on a single site - RSSEB, first solar project within a mine at

pumps segments and exports of our modules. We aim to maintain

the 1.8 MW solar project commissioned for IIT Roorkee is world’s

Noamundi, Jharkhand, commissioning World’s largest Carport at

the growth momentum and sustain our positioning in the market.

largest solar rooftop installation at a single place. We have also ex-

Cochin International Airport, World’s largest solar powered crick-

ecuted India’s largest carport plant at Cochin International Airport

et stadium, vertical solar panel installation on the Dell building at

commissioning 2.67 MW of solar carport.

Bangalore.

A very challenging and complex project we worked on in recent

Tata Power Solar has accomplished many noteworthy projects in

times is the south facing vertical solar farm for Dell India that need-

the recent past that has won several awards too. One of the proj-

ed to be integrated on the façade of the building without compro-

ect has won India Solar Week Excellence Awards 2018 and Dun

mising on the aesthetics. The project, by virtue of its unique design,

& Bradstreet 2017 Awards for successfully meeting an array of

needed significant innovation and customization of the structures,

pre-defined project execution criteria around various financial and

load bearing characteristics and anchorage.

qualitative parameters.

India’s Cleantech Visionaries 2018

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“

A very challenging and complex project we worked on in recent times is the south facing vertical solar farm for Dell India that needed to be integrated on the façade of the building without compromising on the aesthetics...

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India’s Cleantech Visionaries 2018

INDIAâ&#x20AC;&#x2122;S LEADING INTEGRATED SOLAR POWER COMPANY

SOLAR MODULES & MMS MANUFACTURING

SOLAR ROOFTOP

JAKSON ENGINEERS LIMITED

SOLAR PRODUCTS

SOLAR IPP

SOLAR LAND BASED EPC

A-43, Phase-II Extn., Hosiery Complex, Noida-201305, U.P. India | Tel.: 0120-4302600, 4526100 info@jakson.com | www.jakson.com | Toll Free No.: 1800 103 2600

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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ARAI ESTABLISHES COUNTRY’S OWN E-MOBILITY CENTER OF EXCELLENCE In line with National Electric Mobility Mission and thrust of Gov-

Report says, India could save 64%energy in 2030 by shifting to The Phase-1 of the scheme was implemented over a 2 year period

ernment of India on Electric Mobility, rampant growth in the Elec-

shared electric mobility. The subsequent drop in petrol and diesel i.e. FY 2015-16 and FY 2016-17 commencing from 1st April 2015 and

tric Vehicle development is envisaged in India. ARAI, premier re-

consumption would be 156 million tons of oil equivalent (MTOE) or further extended up to September 2018. The demand incentive is

search and certification institute in the country, has geared itself to

1.8 tera watt-hour energy -- enough to power 1,796.3 million homes available for buyers (end users/consumers) of eligible EVs (includ-

support automotive industry for EV development, evaluation and

in the country. Also, by pursuing a future powered by electric mo- ing retro-fitment kits) in the form of an upfront reduced purchase

certification. Towards this purpose, ARAI has set up comprehen-

bility, carbon dioxide emissions would drop by 37% in 2030.

sive state of the art Center of Excellence (CoE) for Electric Vehicles (2W, 3W, Passenger cars, Buses, Commercial vehicles) and their

price to enable wider adoption. Phase-2 of the Scheme is likely to be implemented from October 2018.

FAME India Scheme

components such as traction batteries, motors, controllers, chargers etc. This center will support government’s Electric Mobility Mis-

Faster Adoption and Manufacturing of Electric Vehicles in India

sion to scale up Electric Vehicles (EVs) in India. For vehicle and

Government of India approved the National Mission on Electric

component manufacturer’s, it is important to work with a partner

Mobility and subsequently National Electric Mobility Mission

who can evaluate design functionality, certify, provide active help

Plan 2020 was unveiled. Through this mission, Government aims

in product development and analyzing field failures.

to achieve national energy security, mitigation of the adverse impact of vehicles on the environment and growth of domestic man-

We believe as technology advances, and regulatory norms get more

ufacturing capabilities. The mission plan envisages introduction of

stringent, IT will push automotive designers to electrify their pow-

5-6 million electric and hybrid electric vehicles in the country by

er train. Government of India’s missions such as “Make in India”,

2020. As part of the mission, Department of Heavy Industry (DHI),

“Digital India”, “Skill India” and “Startup India” will foster un-

under Ministry of Heavy Industries &amp; Public Enterprises has

precedented growth of Indian automotive industry in coming years

formulated a scheme namely FAME – India (Faster Adoption and

as manufacturing and global R&D hub.

Manufacturing of Electric Vehicles in India). This Scheme has been notified vide S.O. 830(E) dated 13th March 2015 Various catego-

A report by Government of India’s think tank NITI Aayog provides

ries of electric vehicles are covered under the scheme. The overall

15-year roadmap for electrification of vehicles in the country. India

scheme is intended to support the electric vehicles market develop-

could save as much as $60 billion in energy costs by 2030 and one

ment and its manufacturing eco-system to achieve self-sustenance

giga-ton of carbon emissions between 2017 and 2030 by adopting

at the end of the stipulated period. This will also enable the scheme

more electric and shared vehicles, according to a report released by

to align with “Make in India” initiative.

Anand Deshpande Deputy Director Head of Automotive Electronics Department, The Automotive Research Association of India (ARAI)

the country&#39;s leading think-tank. SolarQuarter | WindInsider | GridsNext | Emobility+

India’s Cleantech Visionaries 2018

The Voyagers

GABRIEL SCHWANZE DIRECTOR BUSINESS UNIT WIND BACHMANN ELECTRONIC GMBH

429292

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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So let’s begin by talking more about yourself as a person.

I also note that the wind industry has come of age. State subsidies are being cut worldwide in favour of commer-cial models for the

Hi, my name is Gabriel Schwanzer. I’ve been working for

expansion and financing of wind turbines. In my opinion this an

Bachmann Electronic GmbH for 30 years and am head of the

important and appropriate step in the development of wind ener-

wind energy division for the Bachmann group of companies.

gy that will contribute to the energy transition from fossil carbon

I am also procurator for Bachmann Electronic and Director of

exhausting based systems to clean renewable energy systems, and

our Indian subsidiary Bachmann India. I am deeply rooted in

now it is up to us to actively support these developments with

Austria, where Bachmann is also head-quartered. I enjoy the

new business models and ideas. Manufacturers of wind turbines

nature and quality of life we have in our region, especially

continue to be under great cost pressure, and this is something

when I come home from one of the several business trips I

that suppliers are experiencing in turn. This is why our additional

make to clients and our branches in India, China or USA. If

focus will be on the utilities and operators. They can optimise the

this is to be saved for coming generations, we need political,

yield and service life of their wind farms with condition monitor-

social and economic changes. We can influence this in our dai-

ing systems.

ly lives as individuals or enterprises. Having already achieved a lot of success in this sector, what inWhen did you begin your journey in this industry? How has

spires you as an individual?

the journey been so far? In my opinion, producing power from wind is one of the most Bachmann has operated in the wind sector for 20 years. Bach-

promising, clean forms of energy production. This has however

mann’s success story in the wind sector began with the de-

to be developed further if it is to remain competitive. New tech-

velopment of the first automation system for wind turbines.

nologies and more intelligent systems are necessary if we have to

Bachmann Electronic, founded in 1970, is now an internation-

use wind turbines even more productively to achieve these goals.

ally operating high-tech company based in Feldkirch (west-

Service and maintenance costs have to be reduced. Because of the

ern Austria), which provides complete system solutions in the

trust our customers have in us, we feel that we have an obligation

field of automation technology. The company has 451 employ-

to continue to support them with regard to future technological

ees worldwide and is the market leader in the automation of

developments by providing them with the nec-essary automation

wind turbines, with more than 100,000 installed systems and a

systems.

market share of over 50 per cent. This means that around one in three wind turbines worldwide is equipped with our con-

So, what are your ambitions in the Cleantech sector?

trollers. To date we have also installed more than 9,000 condition monitoring systems made by Bachmann Monitoring

Quite simply: by using wind power in the best possible way for

GmbH, and our CMS centre of excellence in Germany alone

the generation of cleaner energy. Our knowledge and expertise in

monitors 6,000 turbines on behalf of wind farm operators.

the wind sector are continuously developing, so we can come up

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“

To date we have also installed more than 9,000 condition monitoring systems made by Bachmann Monitoring GmbH, and our CMS centre of excellence in Germany alone monitors 6,000 turbines on behalf of wind farm operators... India’s Cleantech Visionaries 2018

with new, special products and solutions for the market in collab-

Where do you see growth opportunities in this sector for Bach-

The developments in the integration of diverse – hitherto auton-

oration with our customers. This is what has made Bachmann the

mann?

omous – functions in turbine automation. Also uniting the cus-

market leader in the automation of wind power.

tomer challenges in one system, in hardware and software. Yet In Wind Energy 5.0! This is what we call the concept of automation

every new project is also a challenge, because the requirements are

Shifts and fluctuations in the use of other renewable energy sourc-

for the digital future of the energy system. Wind turbines must be

always different and we want to develop the best solutions for our

es, triggered by the accompanying regulations for the implemen-

seen as part of a wind farm, and wind farms as part of a complex,

customers. What was obviously very special was the first offshore

tation of the energy transition will continue to characterise the

interconnected energy system. In the energy system of the future,

turbine that was realised with the Bachmann automation solution.

market and the renewables sector. In this area Bachmann is in

both CAPEX and OPEX costs will reduce, when the five compo-

The great demands for robustness and availability in the offshore

particular strategically addressing the markets for energy storage

nents – turbine control, big data portal, smart grid, SCADA and

sector accentuate the quality of our products. And as a custom-

systems, hybrid power plants and the infrastructure for electric

condition monitoring systems can work together in har-mony in a

er confirmed a system availability of over 99.96% this was most

mobility. This is where the company already sees potential today,

comprehensive automation solution. Downtimes can be cut by 80

surely both an endorsement of our work and also an incentive to

and also for the medium and long term.

per cent with a good CMS alone. With Wind Energy 5.0 and the

continue to provide such quality for our customers. Today it is

knowledge gained from the resulting data, the costs can be reduced

not just the quality of the hardware that is important, but also the

even more.

collaborative partnership in finding solutions for new commercial

Vision 2030: What comes to your mind when you think of the industry in 2030?

and technological demands, and thus time-to-market and becomArtificial intelligence or machine learning is also an exciting and

ing more competitive, that is more important than ever.

The interaction of wind energy with other forms of clean, renew-

challenging research field for Bachmann, and one we are watching

able energy generation – keyword sector coupling – will have to

closely, especially when it comes to condition monitoring and pre-

What would you say have been the major milestones in your

be expanded further. What is needed is across-the-board solu-

dictive maintenance. Our CMS goes one step further than just mak-

journey so far?

tions, so that when the necessary infor-mation is available in the

ing use of machine information of the same type. For 20 years we

course of digitalisation, it will be possible to realise these intel-

have been recording the process data of what are now around 6,000

Milestones were certainly the international success stories in the

ligent systems. Wind turbines with more than 10MW capacity

wind turbines from a wide range of manufacturers and types at dif-

wind sector and the associated logistical and technical challenges

require greater reliability and availability if they have to remain

ferent locations. The experience gained with this data is incorpo-

involved, which Bachmann was able to meet through internation-

competitive. We are already working on systems and solutions

rated into our algorithms, which can detect complex fault patterns.

al expansion and products tailored for the wind industry. The first

for sector coupling. The wind turbine must be seen as part of a

The customer uses this to develop predictive maintenance measures

successful turbine commissioned by our customers in India and

complete energy generation system. Automation of turbines and

in order to gain financial benefit from it. Thus today plants can al-

China and the very good market reputation showed that we made

wind farms, intelligent energy protocols for smart-grid technolo-

ready decide automatically when to call a service technician and for

the right decisions and also implemented them correctly. For me

gy, secure data interfaces for digitalisation, and SCADA systems

which problems.

it is important that we at Bachmann have a team that acts in a

with integrated monitoring functions are some of the challenges heading our way for which we already have solutions available.

India’s Cleantech Visionaries 2018

customer and market oriented manner. Especially in recent years, What have been the most interesting & challenging projects that

with this orientation we have been able to gain new customers

you have undertaken so far?

in the wind industry who have TOP ranking in the wind indus-

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try and utility companies. Another important milestone was the

will prevail towards a health and usage monitoring system for wind

component expansion in the condition monitoring sector with

turbines. Whilst vibration is a proven indicator of drivetrain condi-

the foundation of Bachmann Monitoring, bringing with it years

tion, there are many other measures that could be added to provide

of experience in this environment. With the acquisition of Certec

a more holistic view of the machine. We are targeting the early de-

we were able to expand the Bachmann Group’s expertise in the

tection of conditions which may reduce turbine life, such as rotor

SCADA sector and develop special products like “Wind Power

imbalance, blade loading or tower fatigue.

Scada” for the wind industry. Development in the SCADA field will also continue, and new techWhat interesting developments do you see happening in your

nologies and market requirements will be implemented. The race

Bachmann and the industry over the next year?

for the retrofit market in the various regions has already begun, and here Bachmann also offers flexible, open solutions for the au-

“

As already mentioned, there will be new demands for the

tomation of turbines and wind farms, as well as the corresponding

multi-megawatt turbines in terms of technology and profitabil-

know-how.

ity. Data and service concepts must be further developed. Smart grids, grid stability and demand-oriented energy generation will continue to influence the development of wind energy. Solutions for these requirements must be defined and developed in association with the market and with customers, so that wind energy can con-tinue to be used meaningfully and economically. In the coming year we thus want to establish new products on the international market: the new AIC214 condition monitoring module that has been developed on the basis of experience acquired over recent years; the Blade Unbalance Monitor, which is the first CMS plug-in that estimates rotor imbalance with no need to fit trial masses. And the new GMP232/x grid measurement module family, which have the latest component certificates of grid code conformity and can identify even the smallest frequency changes with an absolute accuracy of one millihertz. As far as condition monitoring is concerned, the coming year will see that the holistic view of a turbine as a part of the wind farm

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New technologies and more intelligent systems are necessary if we have to use wind turbines even more productively to achieve these goals...

NILESH GARG EXECUTIVE DIRECTOR SAATVIK GREEN ENERGY

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Tell us more about your background and your entry in the

has a long way to go to be a crucial part of the industry, I am very

Indian Cleantech sector.

passionate about this industry and the opportunities it showers in terms of new technologies every single day.

Saatvik Green Energy is part of a business group, which is involved in diverse business activities, majorly including man-

Vision 2030: What comes to your mind when you think of the

ufacturing facilities for extraction and refining of edible oils,

industry in 2030?

oleo chemical processing and soap manufacturing, among other activities. The group has a well-established client base

In 2030, I see India’s maximum electricity generation through re-

among the topmost FMCG companies in India. As a group, we

newable energy, advanced energy storage systems, electric vehi-

were keen to enter renewable energy sector, as it was growing

cles plying on roads with efficient charging infrastructure in place,

massively and had huge potential, which we very well see in

and even newer technologies, whether it is hydrogen or methanol

terms of new developments in technology every other day,

fuel cell. There is no denying that India has a lot renewable ener-

whether its PV module, inverter or energy storage systems.

gy potential which is yet be exhausted. The industry is still in a

Noticing a lack of module manufacturing in our region, and

growth stage and yet to achieve maturity, which is fairly expected

given our expertise at quality manufacturing, we thought that

to be around mid 2020s. The government has played a crucial role

it is crucial for service providers to have a strong support sys-

to help the industry grow and it is un-doubtful that the joint effort

tem available regionally, for the products purchased by them.

of the government along with various stakeholders of the industry

Hence, we decided to establish Saatvik with the largest pro-

will definitely result in how we envision India to be, minimum

duction capacity in North India, so that we are able to supply

carbon footprints and maximum sustainability.

the best quality product at competitive prices. How has your entrepreneurial journey so far and what is your When did you decide to pursue your entrepreneurial am-

vision for Saatvik Green Energy?

bitions and what drove you to be an entrepreneur in this sector?

Similar to the bookish definition of an entrepreneur, I along with my team have also witnessed ups and downs during the past 3

Being born and raised in a business family, it was very natural

years, but have only grown holistically both personally and pro-

for me to be inclined towards entrepreneurship. From early

fessionally. It feels great to be in space where innovations and

on in life, I had closely observed my father, and his ways of

technology upgradations are a routine. It not only helps you learn,

dealing. After completing my B.Tech from IIT Delhi, I went

but also puts your capabilities to use. To survive in such a dynam-

to London for my masters. While I was there, I was parallelly

ic industry, you need to grow with it. We at Saatvik want to be a

looking at various opportunities that could help us diversify

crucial part of the industry growth, contributing in whatever way

from our present line of business. When we decided that solar

we can. India needs sustainable quality material suppliers, and

PV manufacturing is where our interest lies, we immediately

we aim to be one of them. I see Saatvik as an integrated product

started working towards it. While Saatvik is still growing and

and service provider in the renewable energy sector. Though to

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“

In 2030, I see India’s maximum electricity generation through renewable energy, advanced energy storage systems, electric vehicles plying on roads with efficient charging infrastructure in place, and even newer technologies... India’s Cleantech Visionaries 2018

be able to work towards this vision, smaller steps need to ensure

What would you say have been the major milestones in your jour-

perfection at all times.

ney so far?

You are amongst top entrepreneurs in the Clean Energy sector.

Given that we are relatively new to industry, we have experienced

What comes to your mind when you think of being innovative?

few but remarkable milestones during our short journey. Some im-

How do you do things differently in creating excellence?

portant ones are that we supplied more than 75 MW in our first year of commercial operation, and that we have been approved as a

Innovation is all about bringing something new to the table. In the

vendor by all major IPPs in the country.

Indian scenario, financial feasibility goes hand in hand with innovation. I also believe that unless a product makes your life more

What interesting developments do you see happening in Saatvik

convenient while making financial sense, it does not qualify as

Green Energy and the industry over the next year?

breakthrough. For instance, people are slowly understanding the financial sense in solar, hence are investing heavily into it. As an

As talked about earlier, for Saatvik, apart from expansion of exist-

entrepreneur, I want Saatvik to not only integrate vertically, but

ing manufacturing facility, we will be launching Mono-PERC and

also expand laterally in terms of innovation at product level. We

Bi-Facial modules. Apart from that, development is going on to

are in fact working on some solar panel products that can change

launch another innovative series of solar panels, which can place

the way we perceive solar in India. I spend most of my time in the

as differently in the market. Apart from solar panels, we are also

production facility overlooking minor details for quality than in

exploring other products in the renewable energy segment such as

the market, which helps me really understand what I am selling.

inverters, li-ion battery, ESS among other equipment.

Where do you see growth opportunities in this sector for Saatvik Green Energy? As the sector is pioused to grow, we believe that it will generate many interesting opportunities for us. Solar itself is developing

â&#x20AC;&#x153;

I spend most of my time in the production facility overlooking minor details for quality than in the market, which helps me really understand what I am selling....

every day in terms of technology advancement as well as financial advancement, coupled with energy storage, solar hydro and electric vehicle industries taking shape for the next decade. The industry is also growing in terms of its increased applications such as in green buildings, defense equipment, laboratory equipment, vehicles, space satellite etc. The research in different areas is ongoing, and we hope to take the right decisions at the right time.

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

FINANCIAL AGGREGATION IN ROOFTOP SOLAR – THE MOST ATTRACTIVE RENEWABLE ENERGY FINANCING OPPORTUNITY IN INDIA FOR THE NEXT 10 YEARS

Electricity is quickly becoming the most important energy source perhaps will present significant tailwinds to the Rooftop Solar inof this century, not just due to growing demand for electricity from dustry in India, particularly in the Commercial and Industrial (C&I) industrial, commercial, residential and institutional consumers consumer segment. but also due to rapid electrification of other sectors such as public, personal and commercial transport. Companies worldwide – from Though the the currently installed rooftop solar capacity considlarge multinationals to local Small and Medium Enterprises (SMEs) erably lags behind the Government of India’s 40 GW rooftop solar – are making commitments to buy electricity from clean energy installation target by 2022, there is significant traction and interest sources such as solar and wind power, driven by falling costs of building up. In CY 2017 alone, the rooftop solar segment added generating electricity from clean energy sources and an intent to ~950 MW of new capacity, recording an 80% jump in installed careduce the carbon footprint of their operations. In April 2018, Goo- pacity from ~1,200 MW in 2016 to ~2,100 MW by the end of 2017. gle announced that it holds Power Purchase Agreements (PPAs) to Increasingly, Rooftop Solar has achieved grid parity in all the major purchase 3,000 MW of renewable energy-based electricity, enabling states in the C&I segment and the policy/regulatory environment it to reach its 100% renewables target. and within a few days, Ap- is becoming favorable with either the introduction of net-metering ple announced that it has also achieved its 100% renewable energy norms or easy processing, approval, and relaxation in net-metering goal. Corporate buyers such as these are beginning to drive the Re- terms in most states. newable Energy (RE) market worldwide, including India, and this 92

India’s Cleantech Visionaries 2018

The benefits from these technology and policy shifts are leading to Rooftop Solar consumers preferring the opex models of contracting such as PPAs or leasing, to the traditionally dominant capex model of upfront payment of entire installation cost by the consumer. From just 5% share of the total Rooftop Solar market in 2013, the opex model today contributes to as much as 30% of incremental rooftop solar installations and this is also driving a significant increase in average installation size of Rooftop Solar systems. All of these clearly point to a significant growth opportunity for Rooftop Solar, particularly in the C&I segment over the next 10 years. From our primary analysis with ~14 developers in the rooftop solar market and with inputs from credible 3rd party market research firms such as BNEF, we estimate that India will add 13,000 MW of rooftop solar capacity in the next 5 years, of which at least 5,000 MW will be installed through the opex model. This represents a SolarQuarter | WindInsider | GridsNext | Emobility+

“direct” financing opportunity of at least US$ 3 billion. But it leaves

Institutions, Shopping malls and

us with one key question – where would this financing come from?

Hospitals segments (MESH), mak-

Unlike utility-scale solar, Rooftop Solar is decentralized, spread

ing up a portfolio worth ~INR 50

across different industries and geographies, and is very granular

crore.

from a transaction cost perspective. Barring the top 5 Rooftop Solar developers, the others have limited asset-ownership track record

In the “MESH SPV”, the devel-

and corporate creditworthiness.

oper retains the equity portion to demonstrate skin-in-the-game

The answer lies in financial aggregation, which we think holds the

and to provide senior debt inves-

largest and the most attractive RE financing opportunity for the

tors with “First Loss” guarantee.

next 10 years in India. In simpler terms, financial aggregation is a

The “MESH SPV” also provides

mechanism that bundles together assets of granular sizes to build

an opportunity for blended fi-

a sizeable portfolio in an entity / vehicle that achieves reduced

nancing by attracting philanthrop-

transaction costs, lower cost of financing and risk diversification.

ic / concessional / other public

Some of the financing structures that enable financial aggregation

capital that will serve as the “Sec-

are Warehouse Line of Credit, Asset-backed Securities (ABS), and

ond Loss” guarantee and/or cred-

Covered Bonds.

it enhancement to the senior debt and help crowd in private capital.

and while bringing efficiency and cost-effectiveness to these fi-

The SPV will fill over time as and when it signs the PPAs leaving

nancing transactions. We call upon both Rooftop Solar devel-

Among these mechanisms, warehouse line of credit will play a

the developer with Operations and Maintenance (O&M) obligations

opers and financial institutions to explore aggregated financing

pivotal role since it enables primary financing instead of second-

and compensating the developer (“originator”) with a one-time cash

models to enable India achieve its target of installing 40 GW of

ary financing / re-financing, is cost-effective and is more feasible

compensation that will help acquire further assets.

Rooftop Solar installations by 2022.

given the current size of the market. A warehouse credit facility is a Special Purpose Vehicle (SPV) based project financing mechanism

Such a MESH SPV has limited / nil recourse to the parent’s corporate

where funds are advanced to the SPV to facilitate the completion

balance sheet while at the same time providing significant credit en-

over time of a series of “qualifying” projects that together aggregate

hancement to the investors. Since the contours of the Rooftop Solar

into a sizable portfolio. A sample structure of warehouse line of

assets that the SPV can house is pre-defined, this also turns out to be

credit is shown below:

a quickly scalable model. In addition, the advantages include lower cost of financing and investor diversification for the developers while

An illustrative example could be named “MESH SPV”, setup by a

investors will be able to better price the assets that can generate sig-

Rooftop Solar developer with investments from one or more debt

nificant non-market linked, highly diversified, high yields.

providers, that will, over a 10-month period build 10 MW of assets (15-year PPAs) through 50 different installations of average

Financial aggregation mechanisms such as warehouse facilities have

200 kWp capacity each, spread across Manufacturing, Educational

the potential to bridge the financing gap for Rooftop Solar in India,

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Arun Gopalan and Sagar Gubbi, Ecoforge Advisors Pvt Ltd, Bangalore, India

India’s Cleantech Visionaries 2018

ISHVER DHOLAKIYA MANAGING DIRECTOR GOLDI SOLAR What have been the most interesting challenges that you

Within the course of a year we increased our manufactur-

have faced so far?

ing capacity from 130MW to 500MW which we plan to double to 1GW soon.

Not counting the success of Goldi, I have been very passionate about flying and last year I acquired my private

As a part of our responsibility towards society, we have

pilot license. In continuation of my passion, I am manag-

continuously focused on sustainable development by hir-

ing our own regional airline ‘Ventura Airconnect’ which

ing the tribal youth from our area, training them and trans-

connects the important cities of Gujarat and has been the recipient of ‘The Most Innovative and Unique Project of the Year in Tourism’ award by Government of India. This endeavor has given a major boost to domestic flying in Surat city with other airlines also starting various services. What would you say, have been the major milestones in your journey so far? Before co-founding Goldi in 2010, I started my career in the diamond industry way back in 1997. Initially undergoing rigorous training in diamond cutting and polishing and spending fourteen valuable years in the industry acquiring professional knowledge, I spent seven years in the USA marketing diamonds and diamond jewelry. What interesting developments do you see happening in Goldi and the industry over the next year?

“

forming them into highly skilled professionals who operate the most modern and automated machinery.

Within the course of a year we increased our manufacturing capacity from 130MW to 500MW which we plan to double to 1GW soon. India’s Cleantech Visionaries 2018

CHETAN SHAH DIRECTOR GOLDI SOLAR Tell us more about your background and your entry in the Indian Cleantech sector. I belong to the Nemji family which has recently completed 100 years in business. I have been professionally active in the IT industry since the past three decades where I have been associated with globally renowned IT companies. After serving as president of South Gujarat Information Technologists Association (SITA) for two years, I was honored to be the youngest president of The Southern Gujarat Chamber of Commerce and Industry. (SGCCI), an organization representing trade and industry of diamond, textile, large corporates and other industries. Regarding my entry in the Indian Cleantech sector: During my presidential tenure at the Chamber, I came across many government, semi-government and local body initiatives for climate change along with world renowned Rockefeller foundation, USA. When did you decide to pursue your entrepreneurial ambitions and what drove you to be an entrepreneur in this sector?

I come from a business family, and hence entrepreneurship has been in my blood. I began my entrepreneur journey as a software consultant with Tata Consultancy Services way back in 1990. My experiences while serving at the Chamber (SGCCI) were the seeds of my future endeavor to venture into renewable energy sector. Vision 2030: What comes to your mind when you think of the industry in 2030? Broadly, I visualize the world in general and India in particular would have realized its targeted renewable energy generation dream and minimum dependency on fossil fuels. Solar industry would become the next revolution to replace the black gold cartels of this world. The solar industry will evolve to a dramatic stage mostly with storage systems becoming cheaper and more efficient and newer technologies in solar bringing â&#x20AC;&#x2DC;Renewed Lifeâ&#x20AC;&#x2122; on this planet. Goldi has the potential to play a leading role in next generation technology and innovation. We are committed to invest in future technologies in R&D and manufacturing.

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BHARAT BHUT DIRECTOR GOLDI SOLAR How has your entrepreneurial journey been so far and what is your vision for Goldi?

successful in creating a fusion of the two and delivering the best.

Having done my graduation from London, SRK Exports (family business of diamond and jewellery mfg.) became the first stepping stone towards my professional journey.

Innovation is an essential part in keeping the ball rolling. We at Goldi make sure that excellence percolates to the last mile worker and innovation takes the form of capillary action from the same worker.

Our long-sighted vision was to get into such a sustainable business which we could hand down to our generations and which could continuously evolve, thus the decision to venture into the solar eco system. There was always an eagerness to give back something to the society and as luck would have had it everything began falling into place, which gave us the opportunity in creating Goldi. We have already taken the next step in our journey to make Goldi a global brand. As we had reached a stage where we were finding it difficult to position ourselves as a global brand, there arose a need to shift our corporate identity by restructuring, overhaul and consolidation. You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? How do you do things differently in creating excellence? As you might be very well aware that innovation and excellence do not generally go hand in hand but we have been

Our primary focus is using innovation in solar where it would help in making it versatile across all walks of life. We have developed such a system in our processes that we can efficiently manage our supply chain which helps to keep a stringent check in all our raw material procurement. We have a transparent system where our HODs are easily accessible to everyone. We have adopted internationally accepted lean Six Sigma and Kaizen at our work place for continuous innovation and excellence in manufacturing. Where do you see growth opportunities in this sector for Goldi? Expansion of existing business line is the most obvious next opportunity for us and we have started working towards it. We may backwardly integrate into cell manufacturing as well as wafer-ingot manufacturing in the coming years. We would also be exploring the possibility of diversifying into smart storage devices looking at the promising EV business. Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

MUNJAL RANGWALA CEO HARSHA ABAKUS SOLAR

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Tell us more about your background and your entry in the

wind and solar and energy efficiency it brings with it. Back when

Indian Cleantech sector.

we started to look at as a business, solar energy was the only source of power which is location free, abundant and scalable so

I started my career at a global management-consulting firm

prices can be driven lower and cater to large section of popula-

– Accenture and worked for several years in Supply Chain

tion. This was when we didn’t have any national policy or solar

Strategy and Products group advising clients in areas such as

programs. With an idea to provide a sustainable solution based

green supply chain, product life cycle management and inno-

on renewable energy we decided to enter the solar sector. This

vation management. After I decided to join Harsha Engineers

ambition and passion to serve the country and society is the driver

which is a family owned world class engineering company

of the Harsha group.

serving worldwide customers since 1972, I started to look at diversification of the group into renewable energy space.

Vision 2030: What comes to your mind when you think of the

Harsha Engineers group has always invested in renewable en-

industry in 2030?

ergy over the years and our first investment in renewable energy was back in 1995. So, we finally decided to formally enter

At Harsha we largely see the continuation of the government

Cleantech sector in 2010 as Harsha Abakus Solar and offer our

support on policy and pushing for the reforms in power sector.

services as solar energy expert and build our first ever MW

We don’t see it in the same shape or form as solar reaches criti-

scale project in the same year. Our journey of solar EPC has

cal capacity and integration and usability will be on grid opera-

taken us to successfully execute and complete 400 MW of so-

tors mind. Also, as usage of electricity becomes mobile such as

lar projects pan India with size ranging from 1 KW to 110 MW.

EV and smart grid, government will have more integrated power approach compared to silos approach we have currently. Central

When did you decide to pursue your entrepreneurial am-

government is already moving towards this and we must change

bitions and what drove you to be an entrepreneur in this

our ways to meet the demand. As solar prices go more affordable

sector?

we also see more residential and smaller system driving the market as well. As more storage solution, thermal solution and smart

As I already mentioned that Harsha as a group have been in-

grid start playing vital role in renewable energy, we see ourselves

vesting in renewable energy space since 1995. I noticed over

in Vision 2030 as electricity generator at lowest cost and not just

the years that it not only makes sense economically but giv-

the renewable energy specialist.

en the future energy needs of India it can play vital role on plugging energy gap in a sustainable way. India has been on a

How has your entrepreneurial journey so far and what is your

growth trajectory and investment in the power sector in India

vision for Harsha Abakus?

is key for economic growth as we can’t have higher economic growth without basic infrastructure such as power. Even if

The entrepreneurial journey so far has been extremely rewarding

you don’t believe in Global Warming or Climate change there

professionally and personally. Belonging to a family of entrepre-

is absolutely no alternative to free source of power such as SolarQuarter | WindInsider | GridsNext | Emobility+

“

When we started our journey, we were not sure how large the opportunity it would be and how our nation will adapt this new technology. This has gone way beyond our imagination in terms of business opportunities, challenges and future scope.... India’s Cleantech Visionaries 2018

101

neurs, the support has been remarkable from everyone as I

excellence, instead of trying to do things differently we have

simultaneously you generate the power as well. In terms of unique

have taken this journey. It is great to be part of next energy

learned from our parent group it is better to do it predictably

projects, we are currently doing a test bed in India and middle east

and infrastructure revolution of the country and the world.

and delivering every time. We create and sustain excellence

where we deploy next generation technology in inverter, structures

As India has taken leadership role in solar energy and is go-

through a management system of executing projects safely

and modules. This has been done by only select few companies and

ing to be showing the world how we can make solar more af-

with predictable benchmark quality, and time, which can earn

we plan to extensively leverage this experience by adapting some

fordable through innovative business model and policy. As

the trust and confidence of all the customers as well as stake-

solution in our new offering. While utility-scale ground mounted

an entrepreneur I am always on the toes and learning is going

holders.

projects have been mainstay, rooftop and off-grid distributed en-

to be never ending. We are always on the look for identifying

ergy solar sectors are catching up. I see immense scope of value

challenging opportunities and ongoing innovation is our man-

Where do you see growth opportunities in this sector for

addition in all these segments. Project sizes are becoming bigger,

tra. Our journey has seen us cater to an array of distinguished

Harsha Abakus?

time lines for projects are becoming shorter and complexity of land

businesses and become one of the most reputed brands in the

shape, size, terrain are increasing.

solar energy arena. Our vision has always been to be ahead of

As private and government IPP race to meet the target set for

the curve in terms of our offering, technology and customer

next decade, we perceive several growth opportunities within

What would you say have been the major milestones in your

satisfaction. We will always plan to be in this position through

solar sectors which will take us to serve those demand. Recent-

journey so far?

innovation and adapting to the changing environment.

ly we successfully executed and commissioned our 110 MW single location project for which scope was from land purchase

When we started our journey, we were not sure how large the

You are amongst top entrepreneurs in the Clean Energy sec-

to evacuation to substation. So, we see growth opportunities

opportunity it would be and how our nation will adapt this new

tor. What comes to your mind when you think of being in-

in large scale projects where we want to utilize our experience

technology. This has gone way beyond our imagination in terms of

novative? How do you do things differently in creating ex-

in innovative solution which bring lowest cost. We also see

business opportunities, challenges and future scope. I would like to

cellence?

growth opportunities in serving private customers for captive

mention few milestones in our journey which has impacted us and

and third-party power supply. We are offering our solution in

prepare for the future. Our first 1 MW project back in 2010 helped

According to me the innovation can be defined in Clean energy

terms of rooftop and solar park to meet those demands. We

us prepare for next few years and understand the technology bet-

sector in three ways. Innovative business model , technology

have already executed more than 40 MW rooftop and anoth-

ter. Recently completion of our 110 MW project from land purchase

and policy. In terms of technology we have not seen huge dis-

er 20 MW are under construction. We have also expanded in

to laying 20 KM of transmission line has been the biggest and most

ruptive technology being commercially viable, but it has grad-

middle east and currently executing some prestigious projects.

satisfying milestone in our remarkable journey.

tracker, higher voltage equipment, large size inverter has ef-

What have been the most interesting & challenging projects

What interesting developments do you see happening in Harsha

fectively helped in reducing the price and increased viability

that you have undertaken so far?

Abakus and the industry over the next year?

system as it finds more customers in the downstream. Busi-

All the projects in solar are unique and distinct. HASPL is

We observe many interesting developments in upcoming years

ness model such as apex model and financial innovation also

known for taking up challenging projects-we were the first ones

such as project size, new technology adaptation, regulation etc.

helped Clean energy business scale up in a way which was not

to do a tilted single axis tracker projects and Agri - solar project

project size is getting bigger and bigger and design challenges have

imaginable only few years ago. Regarding achieving business

wherein the farming is done below the module structure and

also increased with it. We spot more developments in adapting new

ually changed for the better. Usage of high efficiency modules,

of the project. Similarly, we will see innovation in smaller scale

102

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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technology and usage in areas such as solar and storage, wind solar hybrid, floating PV and BIPV. We also see development in captive and third-party opportunities through new regulations which will eventually help the grid. Through our diverse experience and successful execution of innovative projects we are ready to be part of this industry in upcoming years.

â&#x20AC;&#x153;

Our journey has seen us cater to an array of distinguished businesses and become one of the most reputed brands in the solar energy arena...

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MANAN THAKKAR MANAGING DIRECTOR PROZEAL INFRA ENGINEERING

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Tell us more about your background and your entry in the

big role in the growth of the industry. Approximately 28 GW of

Indian Cleantech sector.

Wind projects are already installed where transmission infrastructure is ready. So if integration of Solar will be done it will play a

Prozeal was established in 2011 with an objective to develop

big role in the growth of the solar industry.

clean energy projects in India by batch mates from Maharashtra Institute of Technology. In Solar EPC space, Prozeal has

How has your entrepreneurial journey so far and what is your

commissioned more than 170 projects across 14 states with

future plans for Prozeal Infra?

a cumulative capacity of 50 MWp. Prozeal has been steadily growing its customer base, team size and revenue year on

We are very optimistic about the sector, in 2011 we started with

year including 300% Growth during last one year even in

the team of 3 people now in around 7 years we are a team of 40+

tough economic conditions. Prozeal has been working with

professionals.

major MNCs and Government Authority in India to name a few are Capgimini, Larsen & Turbo, Pidilite Industries, Gulf

There are four major announcement we would like to make:

Oil, Minda Group, Lumax Group, Alkem Laboratories, Airport Authority of India(AAI), Hinduja Group, IOCL, Bhabha

We are establishing a Solar EPC company in Thailand to cater the

Atomic Research Centre (BARC) and many more. Prozeal

South-East Asian market and in talks with couple of local players

has team of 40+ professionals in Ahmedabad, with associates

to capture the market.

in South India, Middle East and Africa. Prozeal is expected to cross the revenue of INR 100 Crores in the Financial Year

We are coming up with the Module manufacturing plant in Africa

2018-2019 and with the additional pipeline of projects of about

presently we have finalized the land for the same.

INR 200 Crores. We are developing a 50 Mwp Solar Park in Gujarat for sale of Vision 2030: What comes to your mind when you think of

power to third party.

the industry in 2030? We have already received approval for Solar-Wind Hybrid project Indian Solar Rooftop sector has just crossed 1 GWp with the

it would be one of the first project that will be initiated in the hy-

government aiming for 40 GW in the Solar Rooftop sector. To

brid sector in Gujarat.

achieve this target implementation of the policies at ground level is very important. In many states policy for net metering

â&#x20AC;&#x153;

Approximately 28 GW of Wind projects are already installed where transmission infrastructure is ready. So if integration of Solar will be done it will play a big role in the growth of the solar industry...

is in place but still there is delay in implementation at Ground level. In the coming years Wind-Solar Hybrid projects will play a

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Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

105

SHOBIT RAI DIRECTOR PROZEAL INFRA ENGINEERING Tell us more about the Solar Park you are planning to develop in Gujarat? Prozeal is coming up with 50 Mwp Solar Park for Third Party Open Access Sale in Gujarat. 25 Mwp will be setup to cater 11 KV consumers and 25 Mwp for 66 KV and above consumers. PPAs for 15 MWp is already signed with good rated consumers. This park will be located in North Gujarat region. We have so far helped industries in sectors like Pharma, Automobile, Chemicals and Textiles to get cheaper source of power through this park. What have been the most interesting & challenging projects that you have undertaken so far? There are around 3-4 projects that comes to our mind. First of all Capgemini Pune: 1 Mwp was commissioned in 2016 at Capgemini Pune Campus. This project is unique in the sense it was a combination of Car ports, Ground Mount, Roof Top and Elevated Structures. Finding different areas to meet the client requirement in terms of capacity optimization, without affecting the performance of the plant, was the biggest challenge for this project. Ahmedabad International Airport: 700 Kwp Ahmedabad International Airport project was commissioned in August 2018. This project we completed in the stipulated timeline so that AAI get the incentive from MNRE. Managing projects and material was critical for this project considering the security approvals required at Airport. Each and every team member went through the background checks

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

107

MUKESH SHARMA DIRECTOR ADHYAN PROJECTS

Tell us more about your background and your entry in the Indian Cleantech sector. We at Adhyan Projects Pvt. Ltd. (APPL), after supplying various solar projects to customers, learnt that end customer, contractors are struggling strongly to get quality products from single source. Accordingly we evaluated an Innovative solution “TRIPLE COOPERATION” and we ICL – WEBSOL - APPL – incorporated to cater the Solar Power Solution under one Roof to provide PV Modules, MMS Structure, Inverter, and EPC Solution for Rooftop, Ground mounted and Floating Solar. As a fully forward- integrated Solar EPC power solution, we deploy world-class technology to design, install and commission benchmark solar projects worldwide. As far as our entry in Indian Cleantech sector is concerned – We are backed by :ICL Group of Companies (Leader in Heat Transfers and Renewables Energy Products since 5 Decades) Websol Energy system Limited (Leader in PV Modules since last 3 Decades and dedicated to serving the nation.) Adhyan Projects Private Limited (Dynamic Team of Experts to Provide Customized Solution of renewables energy products to PAN India). SolarQuarter | WindInsider | GridsNext | Emobility+

When did you decide to pursue your entrepreneurial ambitions and what drove you to be an entrepreneur in this sector? With awareness growing and more developing, countries like- Africa, Philippines, Bangladesh, Brazil, Chile etc. investing in the renewable energy mix, we see huge potential for solar in the future within both national and global markets, forwarding solar revolution to new heights. The things that drove us to be an entrepreneur in this sector is our dedication to offer quality, performance, and innovative solutions separates us from our competitors and peers. Vision 2030: What comes to your mind when you think of the industry in 2030? The share of renewable energy in India’s electricity mix is set to increase to around 55% by 2030, as the country continues to expand its installed capacity in the face of growing power demand, Honorable Power Minister Shri RK Singh said in a statement. As part of the Paris Climate agreement, India had committed to produce 40% of its installed electricity capacity from non-fossil fuel sources by 2030. The green energy goal for 2030 includes 250 GW of solar and 100 GW of wind power, building on the 100-GW solar and 60-GW wind targets already set for 2022. The expansion of the country’s hydro and nuclear capacity, meanwhile, will be much more modest. Whereas, hydropower is seen to grow by just 15 GW and nuclear power will increase from about 6 GW now to some 16 GW by 2030, the newspaper said, cited a source involved in the preparation of the climate change proposal. All these indicates the future scope in the clean energy. How has your entrepreneurial journey so far and what is your vision for Triple Cooperation? Our joint effort through “Triple Cooperation” have already invested more than INR 50 Cr. in R&D. And for the next year, we will heavily focus on not just supporting the Indian and global solar SolarQuarter | WindInsider | GridsNext | Emobility+

growth but revolutionizing it through innovation. VISION:

(GW) of renewable energy capacity by 2022. India has set a target of achieving 100 GW of solar power by 2022

Centre of Excellence for Complete Renewable Energy Solution Holistic Approach to cater the requirements of end users. Professional Service Delivery with Peace of Mind for Customer.

India has a wind potential of more than 300 GW at a hub height of 100 meter, solar potential of ~750 GW assuming 3% wasteland is made available and small hydro potential of ~20 GW.

You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? How do you do things differently in creating excellence?

India launched National Solar Mission (NSM), on 11th January, 2010, had set a target for development and deployment of 20 GW solar power by the year 2022. The Cabinet had approved revision of target under NSM from 20 GW to 100 GW.

As India turns to renewable energy to help support its population of over 1.3 billion, several startups in the sector have seen mega-deals worth $100M+ The discourse over climate change is finally getting its much-deserved time under the limelight and as the media focus on the ills of using fossil fuels, renewable energy is finding a stronger foothold. And it’s not just a fad some developed countries are implementing, but developing nations like India have been pursuing renewable energy especially solar energy with serious intent. Among the various mediums of renewable energy sources, solar is widely and easily available power source. Where do you see growth opportunities in this sector for Adhyan Group? In India, the solar energy potential is maximum in Rajasthan, Jammu and Kashmir and Andhra Pradesh, So our target is the location where we can have maximum and optimum use of the renewable resources to produce clean energy Government of India had planned to set up at least 25 Solar Parks and Ultra Mega Solar Power Projects targeting over 20,000 MW of solar power installed capacity within a span of 5 years starting from 2014-15. Revised in 2017 with the approval of Cabinet to setup at least 50 solar parks with aggregate capacity of 40,000 MW. What interesting developments do you see happening in Adhyan Group and the industry over the next year?

As on 31st December 2017, the total solar power capacity installed is 17052.37 MW from 12288.83 MW in March 31, 2017, an addition of 4763.54 MW in just 9 months. In India, the solar energy potential is maximum in Rajasthan, Jammu and Kashmir and Andhra Pradesh. It was planned to set up at least 25 Solar Parks and Ultra Mega Solar Power Projects targeting over 20,000 MW of solar power installed capacity within a span of 5 years starting from 2014-15. Revised in 2017 with the approval of Cabinet to setup at least 50 solar parks with aggregate capacity of 40,000 MW. What have been the most interesting challenging projects & milestones that you have undertaken so far? The projects are : DLF Cyber City, World’s Largest CCHP (Waste to Air-conditioning) Plant. The West Bengal power development corporation 5 MW Floating Solar. Turbine Inlet Air Cooling (TIAC) for Medco Indonesia. NTPC Ramagundam, 1st project ever India to produce air-conditioning from Thermal Plant exhaust. And many more in the pipeline.

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SHAILESH VAIDYA CO FOUNDER & CEO SCORPIUS TRACKERS Tell us more about your background and your entry in the Indian Cleantech sector. I am a software engineer, graduated in early 90â&#x20AC;&#x2122;s from Pune India, and have been doing work in various ventures, in technology space, for the last 25 plus years. Our first foray in Cleantech was working in all technologies for a hi tech CPV product, including III junction cell packaging, 1024x sun concentrator optics, dual axis trackers, to get a 32% efficient CPV power generating system in place. This was started in 2010. By the time we had a product ready, it was 2012 but the Chinese had entered the Poly market sgressively and prices dropped by 80%. So, even though CPV was a exciting technology with high efficiency, its commercial viability was not working out. We had to take a call on next steps. We decide to monetize the IP developed in Solar Tracking and started Scorpius Trackers, with the aim of focusing on the two main aspects of a world class solar Tracker â&#x20AC;&#x201C; a wireless self powered control system and life time maintenance free bearings. Scorpius has seen a 300% YOY growth till 2017 and now we have presence in India, Japan, USA, Europe, Australia and growing to other geographies.

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When did you decide to pursue your entrepreneurial ambitions and what drove you to be an entrepreneur in this sector? The engineering course in India needs students to do a one year project in the final year. Me and friend from college, Kiran Shah, developed products for metallurgical testing as our engineering projects. We started a company called Chroma Systems to commercialise our engineering projects and have grown that company last 25 years to be India’s largest in the metallurgical testing space. Kiran and I are together since then, in all the ventures, including Scorpius. One is relatively fearless in college – no cost of living, nothing to loose. And with our miserable grades, we were pretty confident of not getting a selected during campus interviews. So starting a business was a fail-safe! Now, we have exited 2 and are running 2. Thought was not to be an entrepreneur but to enjoy what we do, every day. And not ever have to the need to say ‘would have, could have, should have….’ Vision 2030: What comes to your mind when you think of the industry in 2030? Speaking about the Solar Industry in particular, India has positive plans but policy decisions on the ground are catching up very slowly. Some decisions, like the implementation and methodology of the safe guard duty, has derailed the momentum but we Indians will always find a way and power on. I am not very worried about this sector in the long term. You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? How do you do things differently in creating excellence? We love to work in new, very challenging areas which need confluence of many different technologies. Tracker for example need skills in Structure design, Electronics, Embedded systems,

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software, iOT, Metallurgy, Mathematics, Astronomy to all work together. Our own experience past 25 years in motion control, image analysis, metallurgy, software combines with the access to an amazing ecosystem in industry and academia across the global makes it easy to brainstorm a new problem. We like products, much more than services. Excellence… well we do what we do… make a cutting edge technology at below expected prices… it always works. Based on my experience, once a product concept is developed, innovation can be commercialised effectively with 2 people leading the venture. One focusing on R&D and the other on Business and Strategy. Single person will take a lot of time, three or more is a crowd. I was very fortunate to work with Kiran, who is a solid and fantastic technical brain. At Scorpius, having developed a World Class Tracker, we will soon be launching a Robotic Module cleaning product, a smart Integrated Balance of Systems Solution, a Roof top Tracker in 2019. What have been the most interesting & challenging projects that you have undertaken so far? The most challenging ones till date are the 2 projects we have done in Japan. Getting the order was a 9 month process Trust and confidence building is a long exercise, all manuals have to be very well done and in Japanese, the sites were on slopes and odd shaped (land is very scarce) and the solar resource was not as good as India. After all this, we have 2 plants working there for more than a year now, giving excellent results. Customers are thrilled. Other challenging one was in Palestine… project was easy to implement, reaching there was exciting!

What would you say have been the major milestones in your journey so far? Some of the important business milestones at Scorpius have been (1) Named as one of the top 10 Tracker supplier in the World by GTM Research 2016 (2) included in Top 10 Energy Technology Providers by CIO Insights for 2108. On Technology side, Scorpius is the only company to have a bankable ROW and ARRAY tracker – both with wireless communication and self powered. What interesting developments do you see happening in Scorpius Trackers and the industry over the next year? As mentioned earlier, we will soon be launching a state of Art Robotic module cleaning solution. This will of course cater to new Tracker plants from Scorpius but can also be used with already installed Fixed Tilt plants. This has much larger addressable market and it will be exciting to take this product across the globe.

“

At Scorpius, having developed a World Class Tracker, we will soon be launching a Robotic Module cleaning product, a smart Integrated Balance of Systems Solution, a Roof top Tracker in 2019.... India’s Cleantech Visionaries 2018

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Hangzhou for R&D and manufacturing of solar panel modules in 2006.Then in 2009, CHINT Electrics made investment in Shanghai, focusing on the power electronics field including PV inverters. In 2009, the newest division, Chint Power Systems, was established

RAUF JAVID COUNTRY HEAD CHINT POWER So let’s begin with talking more about Chint Group Globally and in India particularly. After more than 30 years of growth, CHINT has developed from Asia's largest LV apparatus supplier to leading global electrical equipment and integrated supplier, with strength from power generation, storage, transmission, transformation, distribution to terminal consumption. To date, with the annual sales revenue exceeding more than 6.7 billion Euros and over 30,000 employees around the world, CHINT has provided reliable electrical equipment and solutions for more than 130 countries and regions worldwide as an active player of electric power construction in the global market. In 2013, it was ranked 4th largest of the top 100 private companies in China by Forbes and as the largest power transmission and distribution/controlling devices corporation in the country. Firstly, CHINT Solar was established, with its factory set up in 42

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(We represent this business vertical in India). The power electronic technologies, low-voltage products, and high-voltage transmission and distribution projects, all rolled into one, makes CHINT GROUP a most promising competitor in new energy industry in future. Chint Group has developed to be the leader in Chinese industrial electrical equipment production and clean energy fields. Acquaintance of Chint to Indian market is not new by any means. Chint has already been present in India since many years through it various companies and enjoying leadership position in the electrical equipment industry and more so more relevant to our Renewable Industry through Astroenergy for PV Modules. Chint Power Systems has already set-up its 100% subsidiary office in India in late 2017 with its headquartered based in Gurugram (Haryana). In addition, our service teams are present in North and South India taking care of our installations with fully equipped Service Hubs. Chint has more than 30 MW’s installed with leading developers in India since 2014 onwards. With significant growth in the Indian PV market, we are aware of the paramount importance of offering an unparallel after-sales service to ensure long-term customer satisfaction. Our service teams are trained to focus on both preventive & corrective maintenance. Where do you see growth opportunities in this sector for Chint Power? Very interesting question! India launched the world's biggest renewable energy programme with a target to generate 175 GW of electricity from renewable SolarQuarter | WindInsider | GridsNext | Emobility+

sources. Of these, 100 GW is to come from solar and 60 GW from the wind. Currently, 23+ GW are installed and generating in India

The future looks bright for the PV Industry globally and particularly for India. As reiterated before we are gazing at an 80 GW+ market in

potential in these upcoming markets. Long term association with all the leading EPC’s and developers from India setting

as we are talking. So, that leaves us with a whopping market of over 80+ GW to cater till 2022.

time to come. India is one of the most significant markets in Chint’s Global Expansion Strategies. Chint will be progressing with all the

operations in these geographies is an added advantage for us.

For inverter companies like us, this provides an excellent opportunity to demonstrate our capabilities to cater to this high growth market and have our expansion strategies carefully executed without any further delays. We are confident to catch up for the lost time! Our products are developed after critically analyzing emerging trends and developing actionable insights, in order to be able to deliver the right product at the right time while ensuring the products are internationally compliant and upgradeable. While targeting the right market is important, execution/ performance of the products is equally critical factor to make a company sustainable in this exponentially growing PV Industry. Chint promises on both fronts Excellent Price plus Performance Value.

latest products for the Indian market for the utility scale as well as for the rooftop segment. Our integrity towards the Indian market is very high and we are here to stay for long. We believe in the mission of Government of India and are committed to this vision and would like to contribute by drawing synergies with “Made in India”. Apart from this program, we have the formation of ISA led by India and France leading this global initiative to promote Solar Energy to provide the required impetus to harness Solar Power. The blue print for the manufacturing in India is under final review and very soon we will be making interesting announcement and plans for rolling and implementing the same. It’s unique to India. Leveraging Chint Group’s Global manufacturing expertise will be of paramount importance to achieve this goal.

What interesting developments do you see happening in your Chint Power and the industry over the next year?

Product Portfolio that we boost ranges from PV Inverters (Central Inverter , Three-phase String Inverter, Single-phase String Inverter, Off-grid Inverter) ; System Products ( MW PV Container/Prefabricated PV System ; PV Combiner Box; Accessory AC/DC Box ) Monitoring System ; Data Logger; Monitoring Platform; Energy Storage Products- Energy Storage Converter. In a nut shell, there are enough growth opportunities for all the companies that are operating in this domain and we need to be patient and not enter into disruptive strategies. Sustainability with profitability is the key!

Chint is here to demand a bigger slice of the Indian pie, which is set to be a gigantic 80 GW+ till 2022.

What is Chint’s Strategy for the Indian market?

Last but not the least, in order to remain energy positive and to make the most of renewable energy sources, we will have to parallelly focus on aggressive promotion of energy efficiency Solutions as India's Energy demand will witness an exponential spurge owning to the lighting and cooling requirements due to the varied climatic conditions, the developments in the Electric Mobility, growth of the industries as well as rural electrification and Chint has a hose of products for all these applications.

Well, the strategy is simple to sell as much as possible in this 80 GW+ market where techno-commercial potential of photovoltaics

We believe that if we diligently and carefully plan our next moves we have the chance to grow with the exponentially growing solar

is enormous. In addition, Chint is here to establish reputation for its high quality and optimum performance products.

PV industry in India and cementing our position in top 10 Inverter suppliers in few years from now. Simultaneously, we are also be expanding our footprints and focus on MENA region as we see a huge

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Chint’s main stay focus is on the R&D and Product development like mentioned before. We like to be market ready in time. One major point which we at Chint Power India is really taking seriously and working towards is the 100% compliance of our products towards the grid requirement in terms of Grid Integration with Power Quality Issues (Voltage Flicker) with latest Grid management functionality. Few to mention are inconsistent grid frequencies and Voltage Sags/ Swells (LVRT/ZURT, HVRT), requirement of supply of reactive Power at night is the requirements of regional standards utility bodies Though India has 23 GW + installations generating and pumping solar power in the grid network, still she doesn’t have the grid code and the BIS/IEC Certifications requirements clearly defined. Both these critical issues are in the evolving stage and are changing drastically without any final conclusion. This uncertainty in the system is posing a major challenge for the manufacturers. Some Developers/ EPC’s due to price pressure sometimes do away without paying attention to these technical superior features in the products which makes the final selection compromised. The main issues related to PV systems integration with grid are the fluctuation of PV output power, these fluctuations can negatively impact the performance of the electric networks to which these systems are connected, especially if the penetration levels of these systems are high.

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So let’s begin with talking more about yourself as a person. Self believe, passionate and detail oriented are few characteristics which can define me as a person. Few things which I try and imbibe in my personality: “ Devil is in the detail”, “ Keep it Simple” , “As a leader walk with your team towards the goal”. When did you begin your journey in this industry? How has the journey been so far?

KAPIL MAHESHWARI CEO

I started my journey in Renewables Energy from the days of completing my masters from IIT, Bombay. Since then I am part of this industry in geographies like US, Germany and India. Started my journey as Design Engineer in RE Industry and I have worked in EPC, Modules, Inverters and Project Development in various roles. Today as CEO of a leading IPP, if I look in past, I see my journey in RE industry very challenging and exciting. Have gone through lot of ups and downs, mergers and acquisition and roles varying from technical to sales to operations.

HINDUJA

Having achieved a lot of success already in this sector, what inspires you as an individual?

RENEWABLES

Hinduja Renewables is a two-year-old organization in a very diversified global conglomerate. It feels like working in a start up in a large set up. I am driven by strong work ethics and strive to ensure that we deliver best possible value to our customers. I strongly believe my past experience has helped me to grow the organization in last two years to a significant market player. I am building this organization and business from scratch. My professional and academic experience has helped me to understand all technical and commercial aspects for building and running the business successfully. Vision 2030: What comes to your mind when you think of the clean energy industry in 2030? 1. Renewable Energy (RE) Sector is strongly growing in the world

India’s Cleantech Visionaries 2018

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driven by positive Government policies in various countries and after having breached the economics of scale worldwide. I feel the storage technologies will also soon reach these scales after which solar-storage solutions will be driving all sectors. 2. By 2030 many countries in the world will have power from renewable sources close to 60% or to say carbon free power. India will be among the leading nations in RE usage. 3. The grid will be 70-80% digitised and T&D losses will reduce due privatisation in major cities in India. Due to connection of Grid to many charging stations the grid will be more resilient and will have lot of stored energy to balance out the peaks of demand. 4. Recycling and reuse of solar + storage solutions will create a secondary market just like the second-hand cars. Fossil fuel-based cars will be made EV by small workshops like the fitting of LPG kit in car now days. 5. The buildings, factories and all types of transportation vehicles in land, air and sea will be generating their own power due to Integrated design of solar cells on their exterior shells. Similar to BIPVs which we see today, leading to efficient usage and large savings in energy cost. Fuel based gen-sets will be replaced with storage and energy management kits. 6. Autonomous vehicles having AI will be common in the world that will share data in real time with each other thereby bringing about safety, less emissions, less congestion and make it pleasant for everyone to commute to school and work. In India driver less vehicles may not come due to availability of manpower but fully autonomous vehicles driving point to point automatically will be common in cities. Where do you see growth opportunities in this sector for Hinduja Renewables Energy? 1. Hinduja Renewables Energy has entered into the RE sector with a long-term commitment to be part of India’s success. We have the vision to reach a portfolio size of 2 GW in few years by growing th0rough both organic and inorganic growth. 2. We see immense growth opportunities in tapping the C&I cus-

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tomers to provide Solar Power through RESCO / OA model. Tremendous opportunities will be unfolding in Storage and Energy management sphere. India and the world will see a major shift from Genset based alternate power source to Storage based power. Almost all C&I customers will shift to Solar and Storage solution due to its attractive price and ease of usage without any emissions. 3. Charging stations for EVs will have to be constructed at every 3-7 Kms throughout the country and worldwide which will require solutions for producing RE power, storage, energy management through payment getaways. We will be looking at these opportunities and working on business plans to tap them early. 4. Working on hybrid models to offer combined Solar and wind greenfield projects is also on our plate. 5. We are studying the Floating Solar opportunities and waiting for them to reach the scales where a good business case can be made. 6. We see huge potential in growth of Electric Heavy vehicles worldwide which will bring growth to RE based power. What have been the most interesting & challenging projects that you have undertaken so far? All our projects are consistently generating PLF upwards of 22% on fixed tilt. We were instrumental in setting up India’s first 5 MW single axis tracking project. When we set up our first 6 MWp rooftop projects across 8 sites, we were only a team of 3 people. From project development, getting the PPA signed, arranging the financing from SBI world bank scheme as the first borrower, procurement, execution across 8 sites, finishing before time and within budget and all of this with only 3 people team to start our journey. What would you say have been the major milestones in your journey so far?

Acquisition of two operating assets from French Developer Fonroche Energy SaS Developing Business and team from scratch. What interesting developments do you see happening in your Hinduja Renewables Energy and the industry over the next year? 1. In Hinduja Renewables Energy we will see following happening in next one year: a) Building a 70 MW Greenfield solar project in Tamil Nadu under Group Captive model. b) Building more than 20 MW of Rooftop solar projects PAN India for various C&I customers. c) Scale up company’s Solar portfolio through organic and inorganic means. d) Add Wind portfolio. e) Build a strong Asset Management Team which can maximise operational efficiencies and can centrally manage the complete RE portfolio. We are fully committed in clean Renewable Energy and thus we will be operating these assets with a long-term perspective to achieve its full life cycle value. f) Work on charging infrastructure and energy management models. 2. In the Indian industry we may see following in next one year: a) Elections in 2019 will keep status quo in government policies. b) EV and Charging Infrastructure solutions will grow. c) Solar Rooftop for C&I customers will grow at good speed. d) Solar and wind hybrid projects will grow as now the wind projects are also out of banking. e) Floating solar solutions will come down in costs as it happened for trackers.

Acquisition of Kiran Energy- Complex transaction involving various stakeholders with diverse expectations.

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Tell us more about your background and your entry in the Indian Cleantech sector. Sunshot was co-founded in September 2010 by Anshumaan Bhatnagar, Indrajeet Dudile and me. We all are engineers and alumni of the 2007 batch of IIM Ahmedabad. After working in companies like Tata Sons, RPG Group, Nokia, the three came together for this venture. Anshumaan has 12+ years of industry experience in manufacturing, finance and strategy. He heads the finance and strategy function in Sunshot. He is a mechanical engineer from Punjab Engineering College Indrajeet has 12+ years of industry experience in production, supply chain management and operations. He heads the operations function in Sunshot. He is a production engineer from NIT Trichy. I head the marketing and sales function in Sunshot. I have 10+ years industry experience in sales, marketing, CRM. I am a telecommunications engineer from RVCE, Bangalore. We have worked extensively in wind energy, renewable energy regulations, sustainability and carbon mitigation domains and served various stake holders like power consumers, banks, electricity regulatory commissions and government bodies till 2013. Gaining from experience and industry network, 2013 onwards, we made a strong pivot towards rooftop solar because we feel distributed energy is the way to go.

RAHUL DASARI DIRECTOR & CEO

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When did you decide to pursue your entrepreneurial ambitions and what drove you to be an entrepreneur in this sector? From the IIMA days we wanted to pursue entrepreneurship but as we did not have much experience we decided to go for job. In 2010 we quit our respective jobs and started Sunshot with savings we had. We chose clean energy field not only because of a strong business case, but also to create positive impact on the society by creating job opportunities. Solar PV technology is most suited for such purpose and will contribute to the growing energy demand in India.

ANSHUMAAN BHATNAGAR DIRECTOR & CO-FOUNDER SolarQuarter | WindInsider | GridsNext | Emobility+

Vision 2030: What comes to your mind when you think of the industry in 2030?

You are amongst top entrepreneurs in the Clean Energy sector. What comes to your mind when you think of being innovative? How do you do things differently in creating excellence?

We are working on power storage & microgrids for places where distribution company grids are not available. Energy storage will help industrial & commercial customers to save electricity cost during peak hours that is evening 6 – 10 PM & it will also help them to address peak power demand fluctuations in their internal grid. With our experience & knowledge of last 7 years, we are working on state-of-theart solar module structures for RCC & metal roofs. These structures will be of high grade made of metallic & carbon fiber elements which will be able to withstand very high wind speeds & they will be of an ultra-lightweight that will put a minimum possible load on the roofs.

Thank you for calling us one of the top entrepreneurs in the clean energy sector. I think there are many other industry colleagues who are pushing the envelope. But what absolutely sets Sunshot apart is our ability to innovate. We were the first company to introduce Build-Own-Operate model to Indian solar industry. We keep our focus on to develop safer power plants, improve quality of installations along with robust operation and maintenance procedures. We are highly customer centric and execution oriented. These are one of the main traits that helped us in creating excellence in a competitive solar EPC market.

We are planning to provide these structures across the segments including residential. At the same time, we would like to scale up cloudbased IoT system & provide complete energy management platform which would allow consumers to monitor solar power plant online. Our focus will be to invest in key technologies. We feel IoT has a huge scope of doing cutting-edge analytics, big data & machine learning, we are exploring these opportunities. The whole idea is to create resilient grids, intelligent solar power plant & data driven energy management system. The other area we are focusing on is top notch quality ultra-lightweight solar module structures which can be assembled & installed in minimum time. We are also investing in battery management software which is going to be used in various segments especially in electric vehicles & grid integration. We have also channelized our efforts to make applications & software to help users to enhance battery performance. How has your entrepreneurial journey been so far and what is your vision for Sunshot? When we started, we did bootstrap almost for 2 years. Founders did not even take salaries. There were the days when we have paid salaries through our credit cards. The entrepreneurial journey has been extremely tough but at the same time enriching and satisfying. Our vision is to become the most respected and trusted clean technologies solutions provider in India by offering reliable and long-lasting solutions that offer sustainable benefits to our customers. SolarQuarter | WindInsider | GridsNext | Emobility+

What would you say have been the major milestones in your journey so far? We are about to cross 150 sites and 30+ MWp of rooftop installations. In 2014 we had a humble start with FIAT, 10 kWp rooftop capacity and currently we are about to commission 3.5 MWp rooftop capacity at Bangalore International Airport in September 2018. So far, the major milestone in the journey is the launch of PVFix – solar module mounting structures.

INDRAJEET DUDILE DIRECTOR & CO-FOUNDER

Sunshot has launched PVFix an all new range of solar mounting structures in July 2018. With our solar EPC experience, we realized that most of the solar mounting structure players have limited exposure to practical requirements of the EPC from installation, layout design, longevity of the plant generation perspective. Taking this into consideration, Sunshot started developing its own PV module mounting structures from scratch with help of in house experienced engineering design team. We have been using these structures in our own projects for more than 1.5 years. The structure designs are refined over the period after extensive trials. As a result, now, we have an excellent product line that could solve common challenges faced by small as well as a large solar EPC player. Naturally, we decided to offer these products in the market of rooftop solar power EPC companies.

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When did ILIOS begin the journey in this industry? How has the journey been so far? Indiaâ&#x20AC;&#x2122;s determination to push renewable energy opened up an opportunity to start ILIOS Power as a Solar Engineering Firm in 2011. ILIOS set out its journey as a reliable technology partner, and later emerged into a trustable engineering and construction firm. The journey has been always been very inspiring. Every MW we install inspires us to do more to mother earth. There is a huge task ahead to standardise, optimise and automate in solar industry and we took this onus upon us to innovate in every minute process involved in engineering, procurement and construction. Started by 3 IITains in 2011 ILIOS has executed over 100 MWs of turnkey EPC projects. ILIOS also manages solar assets with 99% uptime aided by predictive maintenance tools. ILIOS has been trusted by renewable pioneers like SBI, DLF, My Home Group, LV Prasad Eye Institute, Cybercity Builders.

NAVEEN VUNNAM

DIRECTOR

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Having achieved a lot of success already in this sector, what inspires you as an individual? At ILIOS we believe that those investing in solar power are superheroes saving mother earth, and we are working hard to not let them down. This motto of ours inspires us to promote solar power amongst every viable customer segment.

SRUJAN YELETI

DIRECTOR

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So, what are your ambitions in the Cleantech sector?

What have been the most interesting & challenging projects that you have undertaken so far?

Today, the techno-commercial viability of solar power has already been well established and known to all. The need of the hour is reliability, durability and after sales support. ILIOS finds itself filling this space by providing not just a quality product but also a reliable service. ILIOS aims to become a household brand and be a major stakeholder in making solar power accessible to every residential power consumer.

ILIOS has achieved something very unique recently. We simultaneously commissioned 70 roofs which include hospitals and medical colleges with an average of 100kW or above for Department of Health and medical education in Andhra Pradesh in span of 45 days. We believe that such an effort in massive scale to turn so many hospitals green across as statewide has never been attempted before. These projects were developed under SECI Rooftop Scheme.

Vision 2030: What comes to your mind when you think of the industry in 2030?

What would you say have been the major milestones in your journey so far?

By 2030 Solar should become a household commodity, this is our vision. We are working towards developing a reliable brand in the residential consumer segment. The key focus is to ensure the trust placed by consumers is not broken and the after sales support provided to them instills faith in solar as as a hassle free power source. Where do you see growth opportunities in this sector for Ilios Power? ILIOS has been developing forecasting and predictive maintenance tools using artificial intelligence. We believe that with so many solar assets coming up at great pace, maintenance has become a huge opportunity. There is a dire need for standard practices and innovation in predicting breakdowns. ILIOS is aiming at securing a firm place in this segment with its future ready tools.

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• One of the first rooftop in OPEX model on DLF Promenade mall Gurgaon, Delhi, 100kW • 6MW Sai Atchyuth Solar Power plant Kurnool has been awarded highest generation in 2016-17

NAGA SANTOSH DIRECTOR

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The Transformers

SIMON STOLP INDIA – ENERGY LEAD WORLD BANK

India’s Cleantech Visionaries 2018

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Tell us more about World Bank’s presence in the Cleantech sector. The World Bank is committed to the fight against climate change, and is working on several fronts to help countries achieve their climate targets, and Nationally Determined Commitments under the Paris Agreement. In response to client demand, we have adopted a Climate Change Action Plan which lays out ambitious targets for clean energy and clean tech. Under this action plan the World Bank Group has committed to increase its climate financing to 28 percent of the Bank Group’s portfolio by 2020. The results of this action plan can already be seen: • World Bank Group energy financing since 2010 exceeds $49 billion, of which over $21 billion was for energy efficiency and renewable energy projects. • In 2016 and 2017, projects representing 10 gigawatts of renewable energy capacity were approved or are in an advanced stage of preparation, with fund mobilization of $6.5 billion. • During the same period, 10 new operations were approved, which will improve the climate resilience of over 50 million people. • In India alone, the Bank has committed over $1 billion in financing to support solar projects, which will deliver clean electricity to millions. But there are many other countries in which we are working on clean energy and Cleantech – we are lighting up millions of houses through distributed solar in Bangladesh; over 1 million households in Ethiopia are gaining access to energy, mostly with solar lanterns and home systems; in Mozambique, the Bank has financed access to energy in rural areas through off-grid renewable solutions, providing power to over 500 health centers and 300 schools for the first time; smart grids are also boosting the uptake of renewable energy in Turkey, Ukraine, and Vietnam; in Argentina, the Bank provided a $480 million guarantee to the country to manage private investment risk in renewable energy; in China, over 70 percent of the Bank’s portfolio includes environmental and climate objectives; and the SolarQuarter | WindInsider | GridsNext | Emobility+

list goes on. We are also supporting the uptake of Cleantech through knowledge development and sharing. We’ve built comprehensive analytical tools—like the Regulatory Indicators for Sustainable Energy (RISE), which assess countries’ policies and regulatory support for sustainable energy, and help governments to craft policies that attract private sector investments in clean energy, as well as to track progress toward access to energy for all. On the financing front, The World Bank is also moving to help unlock the trillions of dollars that will be needed for climate action through greening the financial sector. Since 2008, the World Bank has issued more than $10 billion in green financing, and structured green bonds covering 18 currencies. World Bank Green Bonds have supported 84 climate-related projects in 24 member countries, where they have increased energy efficiency and helped to develop renewable energy. The Bank also continues to use its own resources to play a catalytic role in mobilizing investment from both the public and the private sectors to build better and more sustainable clean energy infrastructure. In addition, the Bank supports comprehensive policy studies and engages governments in systematic discussions to identify key policy barriers and mitigation strategies. When did World Bank began its journey in Indian Renewable Industry? How has the journey been so far? The World Bank has been supporting India in its journey towards renewable energy since our earliest engagement in hydropower, back in the late 1950s. Although some of our past hydropower engagements have been difficult, the Bank has re-committed to supporting India in its development of hydropower as a key contributor to India’s clean energy future. We have financed a number of hydropower projects already. The more recent Bank engagements in the Naphtha Jhakri, Koyna IV and Rampur projects, which were completed between 1998 and 2016, have demonstrated an increasingly sustainable approach to benefits sharing and social and environmental safeguards. The Bank is continuing

to support hydropower through its current financing of the 444 MW Vishnugad Pipalkoti Hydro Electric Project which is currently under construction. The Bank has also supported the revolution in new renewable energy from the early 1990s, when the Bank established the Asia Alternative Energy Program (ASTAE) to bring renewable energy and energy efficiency into the Bank’s power sector lending in Asia. In India we were financing new renewables as early as 1992, with the $190 million India Renewable Resources Development project. In parallel, the International Finance Corporation (IFC), the Bank Group’s private sector arm, was one of the earliest financiers of wind and solar projects in India. This supported the explosive growth of the wind power market from the mid-1990s. Since then we have ramped up our support for new renewable energies and Cleantech, through a program of financing and technical assistance. Today we are now providing significant financial and technical support to the current Government’s ambitious plans to have 175 GW of new renewable installed capacity by 2022. In the last year and a half alone have committed over $1 Billion to support the development of the solar power market, and $300 million in financing for scale up of the Government’s energy efficiency programs. In parallel we’ve committed over $1 Billion to support the Government’s ‘Power For All’ program, which will help ensure the financial sustainability of the electricity sector, and also contribute to the acceleration of renewable energy development and energy transitions. Our current support for solar power development helps mobilize private and commercial finance for grid connected solar parks, and also catalyses much stronger financial flows to distributed solar, particularly within the rooftop solar sector. We are also providing financing and technical support to new and innovative technologies such as solar-wind hybrid, floating solar PV, and grid scale battery storage systems. Our engagement in the renewables sector goes well beyond financing - In partnership with the IFC we are providing technical support for the development of the solar roof-

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top market, and to improve the structure of transactions for grid scale solar, to accelerate and expand this market. We’re now in discussion with the Government to extend this model of support to the off-shore wind market, and to continue to build breadth and depth in the market for distributed solar generation. In parallel we are also working with public and private sector counterparts to support the integration of variable renewable energy, through the development of policy, market structures, and even the infrastructure which will support energy transitions. In mid-2016, the World Bank signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate in increasing solar energy use around the world, and mobilize $1 trillion in investments by 2030. The World Bank Group is a financial partner for the ISA and will support ISA through its global development network, global knowledge and financing capacity to promote the use of solar energy. As part of the agreement, the Bank Group will develop a roadmap to mobilize financing for development and deployment of affordable solar energy, and work with other multilateral development banks and financial institutions to develop financing instruments to support solar energy development.

ing a global movement towards clean energy.

Having achieved a lot of success already in your sector, what inspires you as an individual?

Where do you see growth opportunities in this sector for World Bank?

It’s exciting to be working at the heart of a global energy transition, and on issues that are of global consequence. Given India’s relative size, and its potential for growth, it is critical that India’s energy sector develops sustainably, and through the use of clean technologies – not just for India, but for the world. Much or our work occurs behind the scenes – supporting policy development through analytical work or knowledge sharing, supporting markets by catalysing early financial flows, or working to ensure our clients are able to complete successful and sustainable infrastructure projects. Its inspirational to be working alongside other dedicated professionals, all support-

We will continue to look for ways to advance technology development, open and accelerate clean technology markets, and increase the levels of affordable financing to these markets. On the immediate horizon we are providing catalytic financing for a significant solar-wind hybrid and battery storage project in Andhra Pradesh, and for floating solar PV across a number of states. We will continue to provide financing and technical assistance to grid-scale and distributed solar, and think there are real opportunities for India’s state governments, and private sector, in working with the models that we have developed alongside IFC and SBI (our partner in providing financing to

India’s Cleantech Visionaries 2018

Vision 2030: What comes to your mind when you think of the Indian Cleantech industry in 2030? I’m very excited about the future of Cleantech in India. Despite the significant challenges that India faces in bringing shared prosperity to its population, it has embraced Cleantech and a sustainable energy future, in a way that many countries have not had the foresight or courage to do. India has understood the nature of the energy transition that the world is currently undergoing, and is seeking a leadership position within this, and I strongly believe that this will provide it with significant future opportunities. Firstly, to shape its own clean energy future and accelerate its transition to new technology, but also to shape a global agenda and position itself within this – either as a high-level technical contributor, manufacturer or financier and developer. We are very excited to be supporting India in its embrace of Cleantech, and see this as being a core aspect of India’s transition to a prosperous, highly educated, healthy, secure, corruption-free, energy-abundant, environmentally sound, and globally influential nation.

solar rooftops). We are also hoping to work with these models to support the development of India’s off-shore wind market. We see great opportunities for e-mobility in India, and will work with public and private counterparts both through technical assistance and financing to support the development of this market. Lastly, we will continue to work on grid-integration of new renewable technologies, both through the development of India’s wholesale power market, and through the development of infrastructure which will provide storage and or balancing capacity for renewables – including tradeable hydropower. What are the risks involved in financing Cleantech projects? The risks in financing Cleantech are not unique, and neither are the solutions that will mitigate these risks. In the solar rooftop market, for example, we’ve seen an historically high cost of financing due to a lack of familiarity with new technology and new business models. We’ve also seen difficulty in financing where there is a lack of credit history, or collateral within the commercial business that are attempting to finance their own solar development. The ability of regulators to develop clear and supportive regulation in a context of energy transition also presents a risk. Technology risk is also an issue in a context of significant transition and change. We see a part of the World Bank’s role is to mitigate these risks, by underwriting risk through first loss positions, understanding technology and working to develop markets around these technologies, providing technical support to policy-makers regulators, and promulgating knowledge to support sustainable market development by drawing on our global networks, or supporting the entry of the private sector and the mobilization of affordable private financing at scale.

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Few years back, I met an obstetrician in India and in the course of conversation, asked her how many babies she had delivered. “After ten thousand babies, I stopped counting,” she said. Naturally, I was curious to know if anything scared her when she’s delivering a child. Her answer: “I pray that there is electricity for sterilized water and other equipment during the process.” The obstetrician is also the project director for part of a World Bank health project in Nagaland—a remote Northeastern state in India. She is an ardent advocate for the expansion and promotion of solar energy in the primary health care sector because she, like many of her colleagues, believes that more solar energy in the health sector can spur a revolution by boosting the standard and reliability of health delivery services in the country.

Dr. AMIT JAIN RENEWABLE ENERGY SPECIALIST WORLD BANK SolarQuarter | WindInsider | GridsNext | Emobility+

When I joined the World Bank four years ago as a renewable energy specialist, he had always considered solar in the context of electricity for homes and businesses. But working with other sectors and exploring solar interventions in increasing crop productivity, safe drinking water and child delivery in health centers has shown him the massive potential solar energy has to help other areas of development as well. There is a clear business case for why solar is fast becoming a mainstream technology for providing power even in non-energy sectors like agriculture and water. To help India fast track the growth of solar in India, The World Bank has extended a USD 625 million loan to the State Bank of India to support the installation of rooftop solar systems on the rooftops of commercial, institutional and industrial buildings. As part of this program, The World Bank is also running a technical assistance program to support demand aggregation, capacity building and create awareness for rooftop solar in 17 states across India. I’m a Renewable Energy Specialist with The World Bank and I’m closely associated with this program. I have been instrumental in several successes associated with it. One of the highlights has been the association with the state of Madhya Pradesh which has become the benchmark of success in rooftop solar sector. Madhya Pradesh has been among the most progressive states in the country in the adoption of solar energy. Today, it is home to some of the largest solar parks in the country, such as the 750 MW Rewa Ultra Mega Solar Park, which was set up with

assistance from The World Bank. Recognizing the need to create a strong ecosystem that also promotes the adoption of rooftop solar, the State Nodal Agency – Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) came up with an innovative model with technical assistance from The World Bank. I have worked closely with MPUVN to help develop a 35MWp solar rooftop tender under the RESCO (Renewable Energy Service Company) model. Under this model, the entire rooftop solar installation is owned by the developer. Rooftop owners consume the electricity generated, for which they must pay a pre-decided tariff monthly. As a result, it is a low-capital option for consumers as compared to CAPEX model where the entire system is owned by the rooftop owners. I was instrumental in the setting up of a unique Data Room to support the tender. For the first time in India, an online repository of information had been made accessible to bidders. This data room provided geographical coordinates projects sites, indicative Solar PV array layout superimposed on Google maps and electricity consumption history. As a result, the bidders even knew the number of panels and inverters, and the length of cable needed to implement the project. This greatly reduced the risk profile of the projects and enabled more informed bid participation. These unique aspects of the project made it highly attractive for both consumers and developers. This was proven when the tender was oversubscribed aby 630%, with more than 30 Indian and international developers participating. The tender made history by recording the lowest evert tariffs for rooftop solar power, clocking in at Rs. 1.58 per unit for one of the project groups. The success of the MPUVNL RESCO tender has made it a role model for others to follow. The World Bank is collaborating with MPUVNL and the International Solar Alliance (ISA) to replicate the learnings of this tender across other states in India, as well as ISA member-countries. The proceedings of the tender pre-bid meeting were webcasted live to their 121-member countries of ISA. In addition, representatives from ISA Member countries had visited Madhya Pradesh to understand the best practices being followed in the state’s solar sector. For my contribution to the sector, I have been felicitated by several organizations including the prestigious ‘SolarRoofs Excellence Awards’ by the Government of Madhya Pradesh for an outstanding contribution for Solar Rooftop Program.

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PAWAN KUMAR AGRAWAL

SENIOR PRESIDENT, CORPORATE FINANCEINFRASTRUCTURE BANKING & GLOBAL HEAD, RENEWABLE ENERGY

YES BANK

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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Tell us more about your background and your entry in the Indian Cleantech sector. YES Bank, India’s fourth largest private sector Bank, is an outcome of the professional entrepreneurship of our founder Rana Kapoor and his highly competent top management team, to establish a high quality, customer centric, service driven bank catering to the ‘Sunrise Sectors of India’. YES Bank firmly believes that as a financial institution, there is an inherent need to play the role of a catalyst in India’s agenda for sustainable development. Responsible Banking is a key differentiator for YES Bank and is one of the six brand pillars of the bank along with Trust, Transparency, Knowledge, Technology and Human Capital, creating a benchmark financial institution for inclusivity and sustainability. This integrated thinking approach has resulted in our increased alignment towards important sectors like Cleantech. When did you begin your journey in this industry? How has the journey been so far’?

land, various State Govts. Viz., West Bengal, AP, Odisha etc. We have been able to identify good bankable credit worthy projects which has contributed to India’s push towards renewable energy targets. Our journey in the sector has been quite exciting so far and Cleantech has proven to be one of the outperforming sectors for us. Having achieved a lot of success already in your sector, what inspires you as an individual? I strongly feel that in order to achieve the developmental goals of our country, we have to imbibe the culture of sustainability and consciousness towards the environment in our daily lives. Development which is not sustainable towards the future generations is a lost cause. We need to create an environment which not only supports current population but also create a better future for the upcoming generations. Henry David Thoreau has rightly said “What is the use of a house if you don’t have a tolerable planet to put it on”.

We financed our first Renewable Energy project in 2009-10. Ever since the launch of National Solar Mission in 2010, we have been actively engaging with the various stakeholders in the industry through project financing, advisory services and policy advocacy. With a focus on development of the industry and to support the boost provided by the Government, we acted as Knowledge Partner for the first Renewable Energy Global Investment Promotion Meet & Expo (RE –INVEST), 2015 and were the first bank in India to provide Green Energy Commitment for financing 5,000 MW of Renewable Energy projects.

My greatest inspiration, through my current role at YES Bank, is that I am able to work on opportunities which not only assist my organization from business point of view but are also important towards achieving goals of sustainable development and creating a better future for the planet. Personally, this role has propelled me to seek excellence in every sphere of my personal and professional life.

With the focus and commitment towards the sector, YES Bank has developed strong strategic and banking relationships across all industry participants and have had deep engagements including at Inter-governmental forums viz. US – India Task Force on Renewable Energy, Energy Delegations to Japan, Sweden, Fin-

India, as a developing 1.3 billion strong nation, requires massive investments of up to USD 2.5 trillion to fulfill its Sustainable Development Goals (SDGs) by 2030.

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Vision 2030: What comes to your mind when you think of the Cleantech industry in 2030?

“

I strongly feel that in order to achieve the developmental goals of our country, we have to imbibe the culture of sustainability and consciousness towards the environment in our daily lives. Development which is not sustainable towards the future generations is a lost cause....

A transformation to a low carbon economy is under way in India, India’s Cleantech Visionaries 2018

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fundamentally changing the way in which natural resources — including energy and water — are produced, distributed, stored, managed and consumed. The growing population, increasing power consumption and scarcity of natural resources are driving this transformation. With the government’s focus to attain development in a sustainable and environmental friendly manner and a commitment to produce at least 40% of installed electricity capacity from non-fossil fuel sources by 2030, Cleantech has emerged as one of the most important sectors to fulfil this ambition for the country. Apart from the current Renewable Energy Sources (viz. wind, solar, biomass etc.), Electric Vehicles and Battery Enabled Storage Systems are increasingly becoming popular and are being commercially adopted worldwide. Emerging technologies like AI, IoT, Blockchain and data analytics are finding increasing application and use-cases across sectors, and have the potential to solve some of the biggest challenges in impact sectors like clean energy, agriculture, healthcare and education. By focusing on engagements in these path breaking and technology oriented solutions, we have also been placing ourselves to best cater to these sectors. Where do you see growth opportunities in this sector for Yes Bank? YES BANK believes that financial institutions are catalysts to a sustainable economy. Building a sustainable future involves propagating the use of future-ready technologies like block chain, electric vehicles and smart buildings. Such sunrise sectors offer an investment opportunity of USD 3.1 trillion in India. The Bank, through its Responsible Banking ethos, is pioneering this low carbon transformation with a focus on: • Integrating Environmental & Social parameters into its lending decisions • Innovating for the Bottom of the Pyramid by leveraging technology • Proactively investing in positive impact sectors

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• Greening its own operations • Climate literacy Through its proactive approach, YES BANK has helped cement strong community relations and leveraged its partnerships with national and international institutions, multi-lateral organizations, academia and corporate peers to bring positive transformation. Bringing the future to the present for the Bank, therefore, involves an intrinsic, sustainable transformation by future-proofing the business. Developing solutions to minimize the negative effects while taking advantage of the positive impact of future events holds the key. To reap full benefits of this evolution, innovations in technology, policy formation and finance are the way forward. Hence YES BANK is committed towards not only business but also achieving the global development goals. What would you say have been the major milestones in your journey so far? Ever since its incorporation in November 2003, YES Bank has strived towards being the finest quality large bank of the world in India. We are working towards establishing YES Bank as a high-quality, customer-centric, service-driven, private Indian bank catering to the ‘Future Businesses of India’. The Bank’s visionary approach to prioritizing Environmental, Social & Governance (ESG) performance in the Indian banking sector with early efforts at bringing future to present for all its stakeholders has borne fruit, endorsed by recognition at various platforms. In June 2008, YES Bank won the prestigious Emerging Markets Sustainable Bank of the Year Award at the Financial Times/IFC, Washington Sustainable Banking Awards held in London. We have further been awarded the prestigious “Sustainable Bank of the Year (Asia/Pacific)” Award - FT/IFC Sus-

“

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tainable Finance Awards in 2011 and 2012. In 2015, YES Bank successfully launched India’s first Green Bonds raising ~INR 10 Bn. The bond’s second and third issuance of INR 3.15 Bn raised on private placement basis with International Finance Corporation (IFC) and of INR 3.3 Bn to FMO, Dutch Development Bank respectively. The proceeds have primarily been used in RE projects for ~1.15 GW capacity. In December 2017, YES Bank along with European Investment Bank (EIB) launched a USD 400 Million joint initiative for construction of new solar power plants and wind farms across the country. This initiative by EIB represents its first support for renewable energy in Asia with a commercial bank. On the occasion of World Environment Day (June 05) in 2018, YES Bank has launched a first of its kind special Fixed Deposit product – Green Future: Deposit wherein the Bank will earmark equivalent proceeds raised through said deposits towards Sustainable Development Goals (SDGs) aligned sectors, that contribute to nation’s growth and safeguard the country’s future. What are the risks involved in financing Cleantech projects?

rently the biggest challenge for the sector which has the potential to undermine investor confidence and investment growth in the medium term, ultimately affecting long term goals. Issues like safeguard duty on imported solar cells and modules and the consequent change of law impact, creeping breaches of contract viz. unilateral deduction of generation incentives from tariff, retrospective regulatory changes affecting investments already made, cancellation of wind/solar auctions are among the few in this regard. Construction and Implementation Risk: Although the Cleantech projects have a low gestation period, problems like delay in land acquisition, Right of Way issues, clearance of equipment from customs, obtaining requisite approvals from government authorities including for evacuation act as a major hindrance in timely completion of projects. • Counterparty risk: Financial health of State Utilities has always been a major concern in the industry and although Government has been working strongly towards improving the situation which has largely been successful as well through improvements under UDAY scheme, it is expected to take far more focussed reform oriented approach before this risk is completely mitigated and to pave way for strong economic growth through multiplier effect of the larger power sector in the economy.

As discussed earlier, India’s Cleantech sector is one of the sunrise sectors in India. With the rapid growth of the country, it has become all the more important to support the growth in a more sustainable and environment friendly manner. Like any other sector, Cleantech too has its own share of risks involved. As one of the leading financing institution in the sector, YES Bank has to keep in mind the risks which revolve around the financing of Cleantech projects. Some of the major sectoral risks are: • Policy and Regulatory Uncertainty: Long term policy commitment and a consistent regulatory environment have been among the key catalysts in increased private investments in Cleantech in India. Gradually some uncertainties have crept in and are cur-

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India’s Cleantech Visionaries 2018

SANDEEP UPADHYAY MD & CEO CENTRUM INFRASTRUCTURE ADVISORY

Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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Tell us more about your background and your entry in the Indian Cleantech sector. Centrum primarily plays an active role in advising and financing players in the renewables and clean Tech sector. Given the humongous opportunities which the sector presents both from a financing and deal making point of view across segments within the value chain we are excited to be a part of the vibrant ecosystem and will strive hard to add value across stakeholders. When did you begin your journey in this industry? How has the journey been so far? We have been pretty active in this space for over five years now. The journey so far has been highly satisfying given the value addition we have been able to do so far across players within the ecosystem cutting across Technology Enablers, Developers, IPPs, Manufacturers, Lenders and Private Equity Funds Having achieved a lot of success already in your sector, what inspires you as an individual? Personally, I am very enthused with divergent opportunities presented by the sector particularly in the investment banking space. The fragmented nature of the industry presents huge consolidation prospects at the back drop of a robust appetite from high quality investors rearing to take position in platforms with innovative approach towards growth and technology from a long term perspective. Vision 2030: What comes to your mind when you think of the Cleantech industry in 2030? Consolidation is the way to go forward in the near term future. However ten years down the line I see major upgrade on the technology aspects as both drivers and disrupters in the sector. While

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new asset classes like the ecosystem to be built around Electric Vehicles and storage devices shall redefine the demand side, the supply side shall be augmented with new sources of energy like Offshore wind, Tidal and geothermal etc which are still at a nascent stage as of now. Where do you see growth opportunities in this sector for Centrum Infrastructure Advisory Limited? As I said earlier, the growth opportunities shall be largely emerging emerging out of the Investment Banking and Deal making in this space driven by the consolidation in this sector. I foresee M&A activity picking up in the sector and continuing to keep our Advisory practise thoroughly engaged What would you say have been the major milestones in your journey so far? Major milestone for us a Group has been our ability to transcend from adding value as Advisors to have started taking balance sheet exposure in high quality growth oriented players in the sector. We also take pride in structuring some of the sophisticated financial products which has acted as an active growth enabler for some of our clients to whom we have managed to customise and cater to their specific financing requirements. What are the risks involved in financing Cleantech projects? The financing risks primarily revolve around the change in policy and regulations, project execution and commercials aspects including offtake contracts. To add to this I would also like to mention about the technology risk where players in that specific part of value chain are exposed to a growing risk of technology obsolescence. However with the exposure to steep learning curve in the Cleantech sector over a period of time, various stakeholders are getting increasingly smarter in terms of absorbing or mitigating some of the above mentioned risks.

â&#x20AC;&#x153;

The growth opportunities shall be largely emerging emerging out of the Investment Banking and Deal making in this space driven by the consolidation in this sector. I foresee M&A activity picking up in the sector and continuing to keep our Advisory practise thoroughly engaged .... Indiaâ&#x20AC;&#x2122;s Cleantech Visionaries 2018

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VINAYKUMAR P. MANAGING DIRECTOR, CEO, INDIA ‑ RENEWABLE POWER BROOKFIELD ASSET MANAGEMENT

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Tell us more about your background and your entry in the Indian Cleantech sector. I was a career civil servant for a better part of my early career. I was with the Indian Revenue Service (IRS) and belong 1992 batch of officers. After a great and rewarding stint in the services, I transitioned to the power sector and since then worked across the value chain starting from Distribution, Transmission to Renewable Generation. Early EPC work in Grid connected solar plants drew me to Renewables and I have been steeped in renewables for the past 8 years. When did you begin your journey in this industry? How has the journey been so far’? I started out with an EPC company in 2010 and set up the transmission business for them. We diversified into Solar plant EPC, as the skill sets were are largely the same for both. The business took off fast we were doing 80-100 MW each year. This piqued my interest and I took a year’s sabbatical and actually built a plant -- all by myself. I supervised the construction work, raised equity and debt, worked with the STU and got the plant commissioned. This yielded rich understanding and learning about the potential of solar , the risks involved and it much like a Robison Crusoe’esque kind of adventure. I then joined Greenko group as their COO where I work for 4 years and built out around 3.2 GW of solar and wind for them. That was a great learning experience in building and executing world class project in challenging cost and time lines. Along the journey , I got to build the word’s largest solar plant (817 MW DC) in Kurnool for them , in a record time of 5 months. Got featured in Discovery channel for this achievement which I still cherish. It has been a great and enriching journey. Having achieved a lot of success already in your sector, what inspires you as an individual? I think there is a lot more ahead of me, than behind me. Renew138

India’s Cleantech Visionaries 2018

ables have merely scratched the tip of the iceberg globally and India. We have a long way to go and we need to beat down coal from the existing level of 65% of the power mix. Building world class teams and executing quality projects that deliver on cost and time excites me. At this station in life, it is about leaving a legacy that inspires the journey.

“

We have a long way to go

Vision 2030: What comes to your mind when you think of the Cleantech industry in 2030?

and we need to beat down

Solar at 16% of the energy mix from the current level of 2%. Wind capacity touching 60 GW with offshore wind at 10 GW. I would love to see coal ramping down to 50% from the existing 65% . Hope to see large Grid level infusion of battery and pumped storage technologies. We have a lot of work to do on the power markets. We need more products in the power markets for meeting capacity and flexibility requirements of the Grid operators. I am also hoping to see a much more saner and transparent approach to energy subsidies shaping up.

coal from the existing

Where do you see growth opportunities in this sector for Brookfield Asset Management? Brookfield is a Global alternative asset manager with over 260 billion USD under management . Globally we own and operate 17.5 GW of renewables and are a large renewable energy player in US, Canada, brazil , Europe, India and china. We hope to contribute to the energy transition happening in India, and the lowering of the carbon footprint of the Indian power sector in a substantial way. What would you say have been the major milestones in your journey so far? Organically constructing more than 3.2 GW of solar and wind assets in a span of a three years at Greenko has been a significant career landmark apart from building the world’s largest solar plant at Kurnool in AP. These have been my biggest career

level of 65% of the power mix. Building world class teams and executing quality projects that deliver on cost and time excites me. At this station in life, it is about leaving a legacy that inspires the journey..... SolarQuarter | WindInsider | GridsNext | Emobility+

landmarks. I also rate the Risk Management Systems that we built for Indian Customs , while I was with the IRS also as a significant career landmark. The project won the PM’s award for excellence in public administration. It brought down the dwell times of import and export cargo at our ports/ airports significantly and elevated Indian port clearance procedures to world beating levels. What are the risks involved in financing Cleantech projects? In financing there are ‘known knowns’ , ‘known – unknowns’ . While we can provision for the former we can only second guess the provisioning for the latter. Interest rate changes and forex risk have become more significant of late and are being factored in.

“

I am also hoping to see a much more saner and transparent approach to energy subsidies shaping up....

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WIND FARM NETWORKING

• Open communication interfaces • Real-time networking via Ethernet bluecom • Standards in accordance with IEC 61400-25, IEC 61850, IEC 6870-xx, DNP3 (and more) • OPC UA to SCADA and operational control

CONDITION MONITORING SYSTEMS (CMS)

• CMS experience since 1998 • Over 9,000 WTG equipped with CM technology • The world’s first GL certification of a control-integrated CMS • Customised retrofit solutions

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