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Overall FY22 Has Been Very Satisfying From The Intent And Content Point Of View: Rakesh Singh, CEO & Executive Director, Mahindra Solarize

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Rakesh Singh - CEO & Executive Director, Mahindra Solarize

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Conversation Highlights:

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-We offer tailor-made solar solutions for various types of installations such as rooftops, ground mounts and special structures (Carport, Elevated)

-All our projects are done with the latest module and inverter technology with a best-in-class balance of the system.

-We at Mahindra solarize are partnering with reputed financial agencies to promote and provide financing solutions to the MSME segment.

How has the year 2022 been so far for Mahindra Solarize?

Mahindra Solarize has been pursuing the initiatives and objectives it has charted for itself to a good effect. We have successfully executed the business model & operation model formulated keeping the sustainability and effectiveness of the business. Overall FY22 has been very satisfying from the intent and content point of view. We expected headwinds in the H1 of FY23 on account of BCD imposition, RE depreciation and EPC price escalation and the effect is visible on an immediate term basis. The industry will recalibrate itself and on a long-term basis, the bigger picture & solar story remains intact.

What are the kinds of products you offer?

At Solarize, we are currently addressing 3 business segments namely Residential, Commercial and Industrial (C&I) and Solar water pump (SWP). As you can see, we are catering to a diverse group of customer segments such as B2C, B2B and B2G.

Through Residential BU we are not only addressing the residential segment through standardized Kit offering with capacities ranging from 1 to 20 KWp through our Channel network but are also offering customized solutions for other retail and small institutional consumers with project sizes less than 200 KWp.

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Through C&I BU, we address a wide range of market opportunities greater than 200 KWp & above.

We offer tailor-made solar solutions for various types of installations such as rooftops, ground mount and special structures (Carport, Elevated). In the rooftop, we have expertise in providing solutions for various roofs like RCC, Slant metal with variants of both puncturing and adhesive solutions. We have addressed customers of various segments such as Textiles, Auto & Auto ancillary, Cement, Chemical, Food processing etc.

Our third SBU is SWP business, an initiative taken keeping in view Mahindra’s core philosophy of impacting rural lives. Business is addressed mainly through government tenders catering to Farmer’s requirements thereby serving the community through green adoption.

What have been some big projects for Mahindra Solarize this year? How is the project lined up for 2023?

We at Solarize have strategized by approaching sectors with high power demand and where electricity cost contributes to major operating expenses such as Textile, Auto ancillary, Heavy engineering etc. We targeted these segments with a one-stop solution approach starting from Solar plant sizing, design to maintenance including financial solutions. Idea is to ensure end to end solution.

We are happy to share that we have been reasonably successful in our approach and as per the latest market report are among the top 5 overall and in the top 3 in the capex model in C&I space.

We have maintained a leadership position in the southern market and have done a few marquee projects. One such project is one of the largest Rooftop solar plants in the country with a capacity of 10.4 MWp. All our projects are done with the latest module and inverter technology with a best-in-class balance of the system.

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Although from a booking perspective H1 is subdued owing to the imposition of BCD on modules but with a healthy backlog of order pipelines we are engaged in commissioning some of our key projects in H1. However, on the positive side, we are observing greater emphasis on ESG goals from corporates, green push across the Industry segments. Also, with the anticipation that the market shall correct in terms of module pricing in coming quarters and relative energy savings due to solar adaption vis-à-vis increasing grid tariff, we are expecting a buoyant H2.

What is your view on the current Distributed Generation space in India?

As you are aware, the majority of the market share in solar is driven by large-scale solar parks backed by central agencies. Whereas Distributed energy space is dependent on state policies such as net metering, net billing, open access permissions/charges etc. As a result of non-uniformity in the said policies & additional charges faced across states, the distributed space growth is nonlinear and restricted to few policy-friendly states. Also, the increase in distributed space is restricted due to a lack of penetration in the MSME segment. This is predominantly due to a lack of affordable financing options.

The need of the hour is Policy symmetry across states backed by a central agency for an acceleration of distributed energy adoption.

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On the financing front, we at Mahindra solarize are partnering with reputed financial agencies to promote and provide financing solutions to the MSME segment.

According to you, what are some tech trends we are likely to see in the near future?

While the modules will continue to improve in terms of efficiency, cell technology and capacity, Bifacial modules’ usage will increase compared to Monofacial for Ground Mount installations. On the Inverter front with a need for higher energy and better safety management, we can expect an increase in usage of Module level optimizers/Micro Inverters for C&I projects. Also, exciting developments are happening with Silicon Carbide Inverters which can provide better efficiency coupled with an improved price.

Further new opportunities will emerge in current trending fields such as distributed storage space, EV Charging infrastructure, Smart energy, Hybrid etc which are at an early adoption stage.

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