RaysExperts, a solar power EPC and development company based in India, sees great opportunity in Indian rooftop segment. The company has commissioned around 200 MW across India, with presence across 15 states.
GreentechLead recently had an interaction with Rahul Gupta, CEO, RaysExperts. Here we go:
RaysExperts future plans in India:
The plans are to rule the future of Solar India. Raysexperts hope to retain its position among the top 3 solar companies in India and excel further further to the top by gaining substantial market share, reaching 2000 MW exhibition (10x Growth), and expandingits presence across the top 15 states in the country. RaysExperts aims to take its annual revenue to USD 400 million from USD 42 million (10x Growth) within the next 5 years.
Growth over the past couple of years:
Incepted in 2011, RaysExperts has grown rapidly over the past couple of years. Raysexperts has witnessed incredibly fast growthand is now counted among the topplayers in this space.Moreover, despite facing various challenges that any new company led by a first generationentrepreneur usually sees, RaysExperts has emerged as one of India’s leading innovative solar solutions provider and one of the largest solar power EPC & Development Company.
Apart from that, the company has also been cash positive since its first year, and has not had to raise any external equity funding till date. By comparison, some of its most aggressive competitors are still backed byfamily owned businesses or are sister concerns of large corporations.
Top challenges for RaysExperts in Indian market:
Some challenges that RaysExperts is currently witnessing in the Indian market are:
- Lowering the cost of installation without affecting the efficiency / quality of solar plant;
- Access to structured project financing and an efficient financing model;
- Lack of consumer awareness to drive solar adoption;
- Lack of policy standardization. Different states, different policies is a challenging model to keep everyone happpy;
- Lack of R&D driven equipment manufacturers such as Panels, Equipments, inverters, cables etc.;
- Availability of skilled labor
Top trends in Indian solar industry:
According to RaysExperts, the following trends are currently dominating the Indian solar industry:
- Continuously rising energy needs;
- Falling costs of panels and other equipment;
- Persistent energy deficit;
- Gradual removal of monetary, tax, and financial benefits, such as Subsidies, AD, etc.;
- The dependence on coal or oil based fuels has not decreased – pushing the demand for solar to a new high;
- Continuous optimization in plant size, cost of construction, designing and installations processes;
- Innovative business models amidst falling tariff prices are emerging from every corner
Suggestions to policy makers to support market growth:
RaysExperts feels that policy makers should bring in a proper, efficient, and well-structured financing mechanism that can support market growth in solar sector. It also suggests that supporting quality driven and efficiency driven solar equipment &solar panel manufacturers can go a long way in helping market players sustain their businesses. Other suggestions recommended by RaysExperts are:
- Laying out guidelines for solar land allocation and acquisition.
- Laying out One Nation, One Policy as opposed to current different states, different policies.
- Enforcing the policies so that strict implementation can be achieved. Provision of penalties for non-compliance of regulations.
- Training and development of human resources to drive industry growth and PV adoption.
- Skilled labor availability in remote areas where chunks of land are acquired for solar power development.