NE BUSINESS BUREAU
AHMEDABAD, DEC 5
With an aim to provide highest unit generating PV modules manufactured in AatmaNirbhar Bharat, city-based Soleos Solar Energy Private Limited, a complete integrated and comprehensive EPC solution provider and Goa-based Solar PV module manufacturing company, Agrawal Renewable Energy Private Limited (AREPL) have on Saturday announced that they will manufacture and supply Solar PV Module to set up solar plant in India with the financial support of Ivy Capital.
Speaking to the media, Bhavesh Rathod, Founder Director of Soleos Solar, said, “Almost 65% of PV modules are imported majorly from China. To realise the dreams of Prime Minister Narendra Modi to tap the potential of green and renewable energy, we have joined hands with AREPL, which has set up a state of the art Solar PV Module manufacturing plant with an initial investment of Rs 50 crore. This plant has a world-class 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 durability. Further, it will help in mitigating the impact of 40% duty which is expected to be in effect after March 2022.”
“We are guaranteeing unit generation for entire 25 years in SSDSPs. The price per unit is fixed and thus all returns are assured returns. We not only build, but also operate & maintain the solar plants for MSMES and SMBs all over the country. We aim to help our Prime Minister to achieve 100 GW target of renewable energy in next 5 years, much before the planned deadline,” added Bhavesh Rathod.
Anirudh Agrawal – Vice President and Director, AREPL, said, ”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. This is 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.”
Rushiraj Patel – Founder, Sahay Consultancy Group commented, “Such synergistic alliances showcase the true power of entrepreneurship 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.”
Throwing light on the unique SOS scheme of Ivy Capital which ensures higher returns to the solar power plants despite the withdrawal of subsidies by the Gujarat Government under SSDSP-19, Dhaval Jiyani said, “Ivy Capital was able to save more than 150 MW projects by leveraging unique financial arrangements under SOS which turned SSDSP from a not so attractive to a viable scenario. Soleos’ 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.”
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 being made to make around 400 MW more SSDSP projects successful in this financial year. This association gives confidence to Soleos Solar and Ivy Capital to launch Financial Based Unit Generation Guarantee in Solar power 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, added Jiyani.
