Cleanmax Solar to Set Up 300 MW Solar Power Capacity This Fiscal

CleanMax plans to set up nearly 300 MW of solar capacity in the country in FY 2017-18.

Energy solutions provider CleanMax Solar plans to set up nearly 300 MW of solar capacity, including 100 MW of rooftop installation, this fiscal and will invest around Rs 1,500 crore for the same.

Company’s Co-founder Andrew Hines said, “There is a huge opportunity in the sector, not just in the ground mounted solar space but also rooftop projects. We are hoping to install nearly 300 MW of solar capacity in the country in FY 2017-18, which will include 100 MW of rooftop installations.”

Currently, CleanMax has an operational capacity of 80 MW and another 25 MW is under construction. Out of the total operational capacity, two projects of 30 MW each are solar farms in Karnataka and Tamil Nadu.

“These 25 MW of projects will be commissioned in this fiscal itself. With the additional 300 MW, our total portfolio will reach to up to 400 MW in FY 2017-18,” he said, adding the company will have to invest around Rs 1,500 crore to achieve the target.

Hines said, many corporates and large institutions are keen on rooftop solar installations.

“The rooftop segment is witnessing a good growth. Its cumulative capacity is currently 1,000 MW. Our primary focus on the rooftop installations has been corporates and large institutional clients as it provides a compelling value proposition for them to become sustainable. We own and operate the assets for nearly 20-25 years and supply power to the clients,” he said.

CleanMax’s rooftop business is pan India with projects in Mumbai, Pune, Hyderabad, Bengaluru, Delhi NCR, Gujarat, Maharashtra, Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh, Jharkhand, Punjab, Haryana, among others.

It has only two solar farms one each in Karnataka and Tamil Nadu.

“We will be setting up the targeted 200 MW solar farm projects in Karnataka, as the state’s policies have made it a favorable scenario for us,” Hines added.

When asked about the solar tariffs coming down to as low as Rs 3 per unit and whether that is a concern for developers, he said, “the Rewa project in Madhya Pradesh was where the tariff fell drastically is one of a kind. The developers were offered various benefits as well as compensations, so they could manage to keep the prices low.”

However, he said, though the solar panel costs have come down, the industry is not likely to see such drop in tariffs unless there are incentives and compensations offered to developers.

PTI