Raymond Group goes solar with Waaree Energies’ Group Captive Solution

Waaree Energies has associated with Raymond Group to provide open access solar solutions in Maharashtra.

Waaree Energies, one of India’s largest solar PV manufacturer and a leading EPC player has associated with Raymond Group, a leader in the fashion retailing space, to provide open access solar solution in Ahmednagar, Maharashtra.

With a capacity of 2.5 MWp, the plant is expected to reduce carbon dioxide emission by approximately 3650 tonnes per annum. In a first of its kind arrangement in the state of Maharashtra, the commissioned plant has been developed under the group captive model and will have a solar electricity generation capacity of 38 lakh units/year. Waaree will serve as the turnkey Engineering Procurement and Construction (EPC) partner to the brand.

Sunil Rathi, Director, Waaree Energies said that the group captive model is catching wind on account of the lucrative investment sharing, which reduces the capital investment and in-turn reduces the end-user cost by 50 percent when compared to a captive open access solution.

Due to part ownership of the plant, users can avail of energy at an approximate average of Rs 1.5 per unit, which only includes the distribution loss, wheeling and banking charges, versus Rs 4 per unit in case of captive plants. This presents the end consumers, predominantly large scale C&I players, with a financially lucrative proposition while helping them achieve their sustainability goals.

“The project with Raymond Group, in association with Shahane Solar Power Private Ltd, was a great opportunity for us to showcase our capabilities as a Turnkey EPC player, and we hope to strengthen this partnership further. It is heartening to see an industry leader like Raymond embracing renewable energy and being active partners in this new chapter of solar energy in India. The project is a testament to our service and quality, and adds significantly to our repertoire of projects and clientele”, Rathi added.

Vishnu Singh, DGM-Procurement, Raymond said, “Waaree’s long-standing excellence as an EPC player and their reputation as the preferred sustainability partner to leading corporate, made them an immediate choice for us. As a global entity, we are always looking at options to adopt sustainable business practices focussing on solar energy as the preferred source of energy. As part of the one of a kind ‘Group Captive’ solution that Waaree offered, we have witnessed significant savings in our electricity cost, with minimal investment.”