Premier Energies set to triple capacity; Invests Rs. 483 crores towards being one among top 5 players in the solar energy sector in India
February 10, 2021
Boosting local manufacturing for import substitution: use of technology and localized manufacturing
April 8, 2021

Changes in Policy Will Encourage Wider Adoption of Renewable Energy by Companies

In a bid to achieve India’s renewable energy target of 175 GW by 2022, Finance Minister Nirmala Sitharaman has laid major emphasis on clean energy in her Budget speech. Allocating additional capital infusion of ₹1,000 crore to Solar Energy Corporation of India (SECI) and ₹1,500 crore to Indian Renewable Energy Development Agency (IREDA) will give a boost to the non-conventional energy sector.

The adoption of renewable energy in India has seen remarkable growth so far but it is at an inflection point that needs further acceptance by a larger audience.  In a bid to achieve India’s renewable energy target of 175 GW by 2022, Finance Minister Nirmala Sitharaman has laid major emphasis on clean energy in her Budget speech. Allocating additional capital infusion of ₹1,000 crores to Solar Energy Corporation of India (SECI) and ₹1,500 crores to the Indian Renewable Energy Development Agency (IREDA) will give a boost to the non-conventional energy sector. To encourage solar manufacturers, she announced a customs duty hike on solar inverters, which was raised from 5% to 20%, and on solar lanterns from 5% to 15%. The hike was a welcome announcement as these are necessary steps to promote the Government. of India’s Atmanirbhar program and push Indian manufacturers to become competitive in the quest to enable India in becoming a global player in the supply of solar lanterns and inverters. 

While the Union Budget 2021-2022 witnessed some wins, there were a few misses too.  Such as the capped net metering of 10KW which is likely to impact 70% of the rooftop solar business. Moreover, on the GST front, there has been no significant action, from being capped at 5% which if rationalized, had the potential to generate revenue for the government, and aid private players alike. 

For India’s renewable energy sector to keep powering ahead, a host of issues will have to be addressed, both at the policy level and through technology-based interventions that focus on the unique nature of renewable energy sources. Let us look at some steps that could encourage growth in the renewable energy sector: 

  • The government must ensure a stable policy framework on renewables that is followed both at the center and the state levels. This includes enforcing the amendments in the Electricity Act of 2003, privatization of T&D systems, and continued higher allocations of funds to upgrade both inter-state and intra-state transmission networks. 
  •  Opportunities must be created in Industrial & Commercial rooftop and open access projects by amending and relaxing policies on net metering by completely withdrawing restrictions.
  • With regards to open access projects, the government should immediately phase-out and remove cross-subsidy charges, transmission surcharge, and other applicable charges while striving to provide a single-window system for timely approvals for such projects. 
  • Storage has been proven to be a crucial yet untapped piece in the growth of renewable energy around the world, and India is no exception. More rigorous enforcement of the renewable purchase obligation (RPO) mechanism in achieving RTC power will provide the much-needed push for storage systems as well as solar asset management to grow in the country.
  • The government should promote renewable-solar integrated Battery Energy Storage Systems (BESS) by leveraging regulatory and fiscal incentives to store and stabilize power. They can also help in the curtailment of renewable energy and in the growth of microgrid or off-grid projects. 

India’s path to self-reliance through the Atmanirbhar Bharat route can be best realized by fostering innovation and R&D in the renewable energy space. The build-up of tangible business potential which supports such manufacturing volume will also take time before results are seen, but all stakeholders need to take their first steps by ensuring the economic viability of future projects and addressing policy pain points will be vital to sustaining this momentum, to position India as a global hub in renewable energy.

Highlights:

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has…

Play Video
Priyadarshan

Priyadarshan Bhatewara, CFA

Chief Financial Officer

He has 15 years of experience in Corporate Finance, Project Finance, Project Management, Business Development, and Financial Analysis of Climate Change Projects. He has worked in Hydro Power, Thermal Power, Wind Power and Solar Power projects. He has expertise in closing Investment deals, Management Information systems, Data Analysis, Financial Modelling. He has worked with companies like Azure Power, ReNew Power, Asian Development Bank, Rattan India, SNC Lavalin and Mott MacDonald. Priyadarshan has been awarded Zee Yuva Award (2017) for best practises in water conservation, Water Crusader Award (2017) by Hindustan Unilever and Energy Conservation Award (2016) by Vigyan Bharti. He holds a Bachelor in Engineering from VJTI, Mumbai, M.Tech from IIT Delhi and has earned CFA Charterholder from CFA Institute, USA.

Kasturi Roy

Advisory Team

Ms. Kasturi Roy Choudhury is on the Advisory team at Premier Energies. She has over 3 decades of professional experience with ‘Consultancy for Change and Growth’ and specializes in the areas of Management Consultancy and Corporate Training. At CFCG, Kasturi works as a Senior Consultant anchoring key client relationships & accountable for deliverables.

In her personal capacity, Kasturi is associated with social organizations like Jeevika Development Society, Garbage Free India & Sanjeevani Life beyond Cancer. Her distinguished academic career includes:PGDM from IIM Ahmedabad (1988), DBF from ICFAI, Hyderabad (1990), BE (Electrical) from Jadavpur University (1986).

SURENDER PAL SINGH

Founder & Chairman

A visionary, Surender Pal Singh is an eminent energy expert and accomplished business leader with over 40 years of rich industrial experience. His work states achievements in both conventional as well as non-conventional power projects. Known for his resourcefulness and deep knowledge on Solar, he has been conferred with national and international awards such as the International Project of The Year from Renewable Energy World, USA 2013, National Awards for Excellence in Renewable Energy for Rural Electrification from World Federation Of CSR Professionals, 2015, Udyog Bharti & Udyog Patra awards from the Vice President of India. A mechanical engineering graduate from Dharwad University, today he oversees operations and finance of the organization in addition to mentoring the young leaders.

CHIRANJEEV SALUJA

Founder & Managing Director

He is one of India’s 100 Most Influential Solar Business Leaders and a visionary who transformed the company from a solar enterprise to an integrated renewable energy solutions provider. Steering the company from a 5 MW production capacity in 1995 to 500 MW in 2018, he is now leading Premier Energies towards growth by expanding the production capacity to 750 MW solar cells and 1.2 GW solar modules.

He is a Founding Member of Premier Solar Power Tech and has built over 650+ MW of EPC and 130 MW of IPP. He serves as a Director on board for over 10 companies in the Solar Manufacturing and IPP space and the All India Solar Industries Association (AISIA). He is a member of the Governing Council of Indian Solar Manufacturers Association (ISMA). He holds a bachelor’s degree in Engineering from Osmania University, Hyderabad.

SUDHIR MOOLA

Executive Director

A distinguished engineer from JNTU, Hyderabad; an MS from Colorado University and an MBA from ISB, Sudhir has worked with PwC, USA before taking on a directorial mantle at Premier Energies. He heads the EPC business, as well as the construction of our new state of the art manufacturing facility. Sudhir is actively involved in all day-to-day operations of the organization, from managing external relations to defining policies, supervising department heads, and working on strategies for growth and business expansion.

VISHNU HAZARI

Chief Operating Officer

He brings over 14+ years of rich consulting experience in BFSI, Pharma and Healthcare sectors, having worked at JP Morgan Chase, Anthem, Infosys, Cognizant and Deloitte. He holds a MS (Mechanical Engineering) from Western Michigan University. At Premier Energies, Vishnu is responsible for managing the entire spectrum of operations of the manufacturing division.

REVATHI ROHINI B

Director & CFO-designate

She has served the Government of Telangana for over 30 years and retired as an Additional Commissioner of Commercial Taxes. A graduate in Agricultural Sciences, she brings in with her a rich, on-ground experience in indirect taxation and government regulatory affairs. A trailblazer and an expert in legal and commercial taxes, she now leads all financial and government related matters of the organization.

NIYATHI MADASU

Director

She comes in with over 16 years of experience in Talent Management, Leadership Consulting & Organization Development. She is proficient in a variety of methodologies including leadership framework development, psychological profiling & assessment, and design of talent management frameworks.

Niyathi holds an MBA in HR from the Symbiosis Centre for Management and Human Development, Pune and an executive certification in organization development from ISB Hyderabad. She leads People Operations for the group and double hats as a member of the marketing & branding team. She recently joined the elite Business World People 40 under 40 2020 list.

Jasveen Saluja

Director

She’s been a serial entrepreneur and comes in over a decade of experience in running her own company specialising in interior design. With an astute sense of business, she is responsible for business development, procurement, project planning and government liaisoning. She has a degree in commerce and fashion designing.

Dhruv Sharma

Advisory Team

Mr. Dhruv Sharma, has been associated with Solar Manufacturing in India since 2008. As the CEO of Jupiter Solar, he has played a pivotal role in the transformational journey of the company. He is responsible for leading the development and execution of the company’s vision, strategy and plans.

His understanding of the business has been instrumental in evolving growth strategies and significantly contributed to implementation of the group’s expansion and diversification into solar power sector.

Additionally, as Chief Business Manager at Premier Energies, he holds the responsibility of leading the foray of the Company into Solar cell manufacturing, focusing on Technology, Vendor relationships, Project management, Organization building and Key Account Marketing.