A Leap of Faith that Brought Sunshine to India’ Solar Power Industry
B. S. Yadav’s plunge into the solar energy generation industry has made Ultimate Sun Systems the ‘Solar PV EPC Company of the Year 2017’
After over 30 years of working in the Renewable Energy and Energy Conservation Policy sector, Mr. B. S. Yadav made an unexpected move – he decided to put aside his flourishing career as a policy planner and implementation expert, and used his considerable experience to create a company that would quickly become one of India’s most competitive solar power companies.
As an M. Sc and M. Tech in engineering from IIT -Delhi, Mr. Yadav pursued his interest in renewable energy and undertook further studies in the United States, becoming an expert in the field. His dream was to play a role in facilitating India’s transition to clean and renewable energy, and he worked with the Government of India to increase the adoption of renewable energy systems and increase production capacity.
However, on 28th May, 2013, he chose to invest himself into this transition, and founded Ultimate Sun Systems Private Limited (USSPL) as an EPC player in the nascent solar field. Back in 2013, the solar power revolution was barely an idea in his and the minds of others. Making it a reality would require strong participation from private companies, with technical expertise that spanned all segments. He brought together a team of experts with experience across both private and government segments to cater to all kinds of potential applications of solar power generation.
His move into this fledgling industry came at the best time – policy and costs shifted, with national and regional governments scrambling to incentivize solar power generation and reduce costs as much as possible. In the subsequent 4 years, USSPL took up all kinds of solar power projects, including one of the largest Roof Top installations in Northern India, Ground Mount Plants under government PPAs, as well as solar energy consulting assignments to spread the considerable knowledge that USSPL had gathered to grow the market.
The Solar Energy generation market in India has tripled in size since 2014, and this new sunshine sector has begun to make serious strides towards reaching Narendra Modi’s goal of 175 GW power generation through renewable sources by 2025. USSPL has also diversified its portfolio, creating a group of companies that both consult on the design and creation of green buildings and ventures, and provide solar power generation capacity and distribution, both with the government and private players. While other domestic companies in India have faced challenges due to competition from China, USSPL’s expertise and dedication have made it stand out and become successful in this cutthroat industry.
USSPL’s personnel have over 50 years of combined experience in solar power technologies and projects, working with various public and private entities and providing customized solutions based on the requirements of their clients. Their technical know-how and dedication to providing the best solution to their clients ensures professional quality builds and ground-breaking innovation in solar power generation at extreme cost effectiveness. Leveraging these qualities, USSPL has grown by 2000% in 2016-2017 while increasing its installed solar power capacity to over 10 MW – an incredible feat, given its short lifespan. Its achievements were recognized at the prestigious India Solar Week, where it received the coveted ‘Rising Star – Solar PV EPC Company of the Year 2017’ award.
The success of USSPL has attracted the attention of various funding agencies, PE firms, and angel investors, looking to be a part of USSPL or its projects through equity and debt funding. Being empaneled at various state and central Government agencies like SECI, HAREDA, HIMURJA, IPGCL, etc. qualifies it for receiving a 30% subsidy on the project cost, enabling USSPL to offer incredibly competitive rates for the quality of service. USSPL also offers clients different monetization models, such as CAPEX and RESCO, to meet their requirements while balancing the government’s mandate and regulations.
Remaining relevant in this dynamic and expanding industry is and will continue to be a challenge in the near future, especially since the regulatory framework, government incentives, and technology costs are always subject to abrupt change. USSPL is moving beyond being a turnkey solar EPC company to becoming an Independent Power Producer (IPP) in the distributed power generation (RESCO/OPEX) segment, as the dropping price and increased capacity of solar energy being generated by USSPL draws clients from all across India to switch to cleaner solar power while saving money. There are challenges in the future, no doubt – but USSPL’s forecast seems to be all sunny days and sunshine.
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