Vivaan Solar, an independent power producer and EPC player in the solar energy sector, is looking to expand into Resco mode grid-connected projects, a top company official said.
“Since August 2012, when the company was founded, we grew our business as an IPP, and as an EPC (engineering, procurement and construction) player, and with solar rooftop projects. We now have a capacity of about 100 MW and expect to add another 50 MW during the year.”
“While the IPP projects are located in Madhya Pradesh (75 MW), Punjab (5 MW), Uttarakhand (8 MW) and Karnataka (20 MW), we are eyeing a portfolio of over 500 MW as we expand into new geographies,” Garg told BusinessLine.
“Apart from IPP projects, while the EPC business is growing, the solar rooftop solutions we provide as a capex mode company or as Resco (Renewable energy service company), has emerged as one of our fastest-growing businesses,” he said.
Garg said the company’s rooftop projects have been developed at a number of locations in Uttar Pradesh, Madhya Pradesh, Uttarakhand and the Delhi-NCR region on government buildings, public places, educational institutions among other locations.
“We have installed 5 MW solar rooftop projects across four railway stations in Delhi and another 1.5-MW unit in Bengaluru railway stations. Soon we plan to take up canal-top solar PV projects,” he said. “To add to the convenience, we not only set up the solar rooftop unit, we also ensure that the power is sold to third parties,” he said.
“We have grown to be among top solar rooftop solutions provider after a small beginning with a 3-MW solar unit in 2012. We are looking to expand into other States but also seeking to tap opportunities in other markets,” Garg said.
To expand its capacity to 500 MW, the company expects to meet the funding requirements through a mix of debt, equity and internal accruals. “We are considering raising funds through a private equity as well,” he said.
On GST, he said it had the increased the cost between 5-10 per cent. Over time, this may not affect the overall sector, he added.