Second-generation Indian entrepreneurs from business families are enthusiastic to adapt solar energy, reports The Economic Times.
Emami Group, Ruchi Group, Mohan Breweries, Hero automobiles, Nova dairy products, Sintex water tanks, Cargo Motors and India Gate basmati producer KRBL are some of them to be named who are keen to advocate solar energy installations for their plants as an alternative source of energy.
The reasons they present for promoting solar energy are many including easy and profitable, give tax benefits, eco-friendly and unlimited, free supply of sunlight. Weak monsoon of this year has elongated the chance of more sunny days, arising more scope, added the report.
The renewable responsibility of Munjal family, who owns Hero Moto-Corp is on the shoulders of Rahul Munjal.
Karan Dangayach, belonging to Syntex business group, who finished marketing and sustainable enterprise course at University of Michigan, has promoted Shashwat Cleantech to develop and market solar solutions.
No doubt, cost of solar power is higher than traditional sources on a per-megawatt basis, but they don’t need re-investment of huge funds since their size is small at between 1 MW and 50 MW. So, there is no entry barrier for those interested in the energy sector, said, Ketan Mehta, graduate from IIT-Roorkee who has set up Ray Power Infra.
He has planned to commission 100 MW of solar power projects on its own and 200 MW of capacity as an engineering procurement and construction contractor in a year, says the report.
It feels refreshing to deal with second-generation entrepreneurs as the education in the West has made an influence on their thinking. They carry a genuine concern for the environment and they are confident enough to bring change from profitability to sustainability, essential for the growth of their enterprise, said, Sujoy Ghosh, country head, First Solar, India.
Kameswara Rao, leader, energy utilities and mining, PwC India, said that limited risk and assured returns over long period are highlighting factors of solar power. Active presence in renewable energy helps companies to exhibit their commitment towards environment.
Solar power has minimum negative impacts due to short execution period. This business offers you a payback period of less than six years with assured returns for 19 years, said, Kuldeep Saluja, owner of Nova diary who is presently helping his son Sharad Saluja to install 10 MW of solar power project. In addition, they are also investing Rs300 crore on wind projects.
Renewable energy has caught the attention of many new generation entrepreneurs, which so far has been monopoly of the government organizations and big industrial groups, noted, Pranav Mehta, chairman, National Solar Energy Federation of India.