The focus on renewable energy is gradually on the surge as the world takes a stringent stand to reduce the emissions and create a cleaner environment for the future. Solar power has evolved as one of the most sustainable forms of energy and has gained importance and recognition on the global platform. Researchers suggest that India’s untapped potential for the solar energy is about ninety-six percent which creates a huge opportunity for the solar market in India. As the Government plans to generate about 1,00,000 MW solar power by 2022, the solar industry is set on the trajectory of steady growth and expansion. Implementing a sustainable green energy approach has gained momentum in the recent times with the emergence of private players in the market.
Solar power has evolved as a key sector for investment and entrepreneurs, startups, and established firms who are coming forward to tap the unexplored market. Introducing Rays Future Energy India Pvt. Ltd., an emerging player committed to delivering affordable and best-in-class energy solutions across the nation and in Asia. Conceptualized in 2017, it’s an energy solution company focused on offering customized energy solutions across multiple energy verticals through various applications. Since inception, rooftop and ground-mount solar projects have been the forte of the company. Based in Gurugram, Rays Future Energy is a subsidiary of Rays Power Infra Pvt Ltd which is headquartered in Jaipur and a leading EPC as well as a developer in the field of solar power. The dynamic team of young professionals at Rays Future Energy carries a rich knowledge in the areas of business development, design, engineering, procurement, execution, operations, and maintenance. Within a year, it has managed to create a benchmark in the industry by completing over forty rooftop solar projects across India. Another fifty rooftops are under execution having a capacity around 10MW. In addition, the company has a current pipeline of over 20MW in rooftop and around 200MW under open access segments.
A Multi-Faceted Personality
Dynamic, visionary, and pragmatic are the three attribute which makes Rahul Mishra a true business leader. As the CEO of Rays Future Energy, he has been instrumental in setting up the company from the origin and continues to deliver key business results which have assisted the company to march forward. After completing his B.E from Nagpur University, he did his Master’s in Finance from ICFAI, Hyderabad. In his fifteen years of professional journey, Rahul has amassed huge expertize in handling project development, execution, equity & structured investments, and debt financing in the energy sector. Financial modeling, valuation, techno-commercial feasibility are few of his key skills through which he has managed to complete over forty projects within due timelines.
Rahul is passionate about building progressive work culture and believes in setting up processes enabling people to take ownership and responsibility for their work and outcome. Prior to joining Rays Future Energy, he has worked at various leadership levels with Nereus Capital, AES Corporation, and GE Energy Financial Services, proving his mettle and caliber. He has been the driving-force in executing multiple projects and in expanding the PAN-India network. Additionally, he is now focusing to enhance the footprints of Rays Future Energy in unexplored territories and foray into associated infrastructure, and energy storage business to maximize the business objectives of the company.
Redefining Solutions by Embracing Leading-edge Technologies
Technology has a global impact and has assisted industries across various sectors to improve efficiency and offer higher quality standards. Advancement in technology has also helped the solar industry to grow by leaps and bounds. Companies have embraced technology to develop a newer type of particles or cells to enhance the efficiency. Technical supremacy has resulted in reducing the manufacturing and installation costs of solar panels and other associated items over the last decade. This transformation has fastened the pace of adoption of solar energy at a large scale as the unit cost has reduced to a great extent.
Energy storage systems are yet another example of technical innovation as storage of the energy generated is quite essential. Implementing ESS also helps to manage grid stabilization in an effective manner. Along with roof-top installations, floating solar plants on canals and rivers are now possible by accepting technology as finding large or unproductive land is always a challenge. With the increased production of materials which allows using the solar panels into the building is broadening the scope of solar energy as the obvious choice for the next generation.
Unique Product and Services – Making the Key Difference
With a foresight to evolve as a major contributor in the solar industry, Rays Future Energy is working and developing the CAPEX and RESCO models under the roof-top segment. Apart from being a complete solution-provider, it also offers guidance to its clients to optimize the utilization of resources. The in-house team of experts offers services in regards to the operation and maintenance services along with net metering.
Under the solar open access, the company offers a wide range of services starting from conceptualization, approvals, land aggregation, EPC, and PPA to name a few. It also owns projects and provides access to electricity to high rated corporates at prices which are competent and lower than the existing grid tariffs.
Top Trends Shaping the Future of the Industry
The Government has set an ambitious target of generating 100GW solar energy by 2022. This has set the pace for the players as the industry has witnessed exponential growth over the recent years and is on the track to achieve the target. The development of distributed solar across the country has boosted the potential for income generation using solar power. Off-grid solutions have further cemented this quest as it has managed to connect to the most remote corners of the country. Providing electricity to villages which have never seen electricity since independence has been one of the milestones and a major step to eradicate darkness forever.
The industry-friendly policies initiated by the Government and access to more information by the industries are playing a pivotal role to accelerate the growth-plan. As corporates and industries open-up to embrace different models, it has attributed to lower the dependency on conventional and polluting sources of energy. Development of large solar parks with common infrastructure facilities is another trend which is shaping up on a large scale. This has helped in the utilization of large swathes of unproductive land and also reduces the cost for per unit of electricity due to economies of scale as well as by attracting investments from a lot of foreign investors. Consolidation is also occurring at a fast pace which is assisting players to exit and reinvest towards the development of new assets.
Achievements and Recognitions – Grabbing Opportunities
Sheer determination and the zeal to succeed have motivated the Rays Future Energy to author itself as a major player in the solar industry. Within a year since its inception, Rays Future Energy has successfully managed to bag tenders from prestigious government organizations like SECI, ONGC, and Delhi Jal Board. In regards to the private sector, the company has executed agreements with reputed educational institutes, and manufacturing companies to name a few of them. Despite facing a stiff competition from major players, the company has bagged and recently commissioned 130MW of solar power projects in Karnataka under the open access policy. These tenders and agreements are recognitions to their constant endeavor to establish themselves as a complete energy solution provider in the nation.
Major Challenges Hampering the Pace of Development
The financing of the renewable energy systems is still in the early stages which are a major hindrance for the players in the solar industry. Commercial banks and NBFC’s are the major sources for financing infrastructure projects, however, with higher interest rates and the recent changes in policies have slowed the pace of development of this sector. Not having a uniform net-metering policy across all states is another challenge which is hampering the expansion and promotion of the industry. Business-friendly policies are the need of the hour as it shall boost the trust and confidence of foreign investors, lenders, and encourage new players in the industry.
Marching towards the Skyline
Continual improvement and embracing cutting-edge technology keeps Rays Future Energy ahead of their competitors. Keeping a positive outlook for the future, the company looks forward to exploring the untouched segments. It is planning to invest in small-scale DIY solar kits which are ideal for homes and the small building which has a capacity of generating 1-5KW of power. The Company also explores and plans to enter areas related to energy storage systems, electric vehicles, energy efficiency and optimization. The company is confident to be a noticeable entity over the coming years by the virtue of its hard work and a strong determination.
Source :-The 10 Pathbreaking Solar Energy Solution Provider Companies
