Looking at the current market scenario, where in utility scale solar plant projects, almost 65% of PV modules are imported majorly from Chinese firms. The key reason is providing high quality in terms of unit generation has been one of the major challenges for domestic players.Ivy Capital was able to save more than 150 MW projects by leveraging unique financial arrangements (SOS) which turned SSDSP from a not so attractive to a viable scenario. The only company to step up and come forward to execute highest number of projects in SSDSP of getting advanced new technology and highest unit generation in PV modules was taken by Soleos.
The massive success provided a huge boost to Soleos to encourage innovation in Solar PV modules EPC in Gujarat. Soleos its Engineering prowess and matched the gap created by subsidy not being applicable to SSDSP-19 projects by creating higher unit generation from panels by extracting nearly 150% more output from the PV modules.With the fluctuating prices of raw materials in international markets, the search for domestic option began. Someone who believed in creating the highest quality module to match international standards of world class manufacturers. Someone who would have / set up that kind of facility to create that impact.
With an aim to provide highest unit generating PV modules in India, Soleos found the right match in Goa based Solar PV module Manufacturing Company, Agrawal Renewable Energy Private Limited (AREPL). On the occasion Mr. Bhavesh Rathod – Founder Director of Soleos Solar, Mr. Anirudh Agrawal – Vice President and Director, AREPL and Mr. Rushiraj Patel – Founder, Sahay Consultancy Group (Management Expert and IIM-Ahmedabad alumnus) were present.
AREPL has already in the meanwhile set up the latest and state of the art machinery for fast and high-quality production. AREPL have set up first in India – Reliable PV Modules Testing equipment Lab which can do more than 20 types of testing to ensure that every solar panel manufactured is best in quality and has the best durability.By manufacturing world class quality modules from India only, AREPL is helping to mitigate the impact of 40% duty which is expected to be in effect after March 2022. This has also countered the surge in raw material prices caused by the Covid 19 Pandemic. This has greatly impacted the SSDSP investorsto earn their expected Return in investment from their Solar Projects.
Meanwhile, looking at coming together of experts and the support of consumers, Ivy Capital was able to raise a second phase of funds to make more SSDSP projects viable. This attempt is targeted to make around 400 MW more SSDSP projects successful in this Financial Year. This association gives confidence to Soleos Solar and Ivy Capital tobecome the First Company across the world to launch Financial Based Unit Generation Guarantee in Solar wherein the financial outcome is guaranteed irrespective of the actual unit generation. This has now turned solar investments into heavily secured investments like bank FDs or government bonds. Investors and Customers get guaranteed returns even if desired unit generation is not achieved. Price for the lost units shall be paid by the company. Such commitments are a hallmark of the largest brands with highest value in returns.
“When you are guaranteeing unit generation for entire 25 years, the project becomes a secured investment like a bank FD or government bond. The price per unit is fixed and unit generation is guaranteed for entire duration of 25 years in SSDSP Project and thus all returns are assured returns. We not only build, but we shall also operate & maintain and thus, become a true partner in every sense for our customers. We aim to come up with more of such solar bonds in future removing the worry of subsidies for consumer and government both and help our Prime Minister to achieve 100 GW target in next 5 years, much before the planned deadline.” said by Bhavesh Rathod, Founder Director Soleos.
An ardent solar believer and renowned technocrat from Goa, Mr. Aniruddh Agrawal shared the same passion of revolutionizing Indian Solar Industry. He said that, Providing Best Quality Solar PV Modules which help customers earn more is something we had to be a part of. We focused on creating most impactful story in Make in INDIA Movement as well as Zero Effect, Zero Defect initiative and this was the perfect opportunity to showcase that best in quality products can be made in India also. We thank innovators like Soleos and industry well-wishers like Ivy Capital to take larger leaps in the future of Solar industry and we are happy to support such young companies in achieving the larger good.
IIM-A alumnus Rushiraj Patel shared, such synergistic alliances showcase the true power of entrepreneur and patriotic spirit. Necessity truly is the mother of invention. We are humbled to be a part of making this win-win alliance possible that has put Gujarat and India on the forefront of global solar industry.
