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Growing footprint in India and Southeast Asia


Growing footprint in India and Southeast Asia

After having worked in the US solar energy industry for over a decade, two solar engineers, Adarsh Das and Kushagra Nandan, returned to India to start their own venture. They set up SunSource Energy to primarily focus on the solar power requirements of commercial and industrial (C&I) consumers. “The Jawaharlal Nehru National Solar Mission and the increasing use of solar power on a commercial scale encouraged us to fulfil our dream of coming back and starting a venture,” says Das. Headquartered in Noida, SunSource Energy develops, engineers, procures, constructs and operates solar power projects.

The company was established in 2010, and has since grown to become one of the key players in the Indian solar power segment. In a short span of time, SunSource Energy has grown from a two-man army into a 200-employee company.  It has expanded its operations to several countries including the US, Singapore, Thailand and the Philippines, and has a geographical presence in over 25 states in India. SunSource has a portfolio of 300 MW, of which 60-70 MW is set up outside India. Its clientele includes Yakult, Jubilant FoodWorks, Jamia Millia Islamia, Indian Oil Corporation and Thomson Press. The company also operates in the engineering, procurement and construction space. It plans to own a cumulative capacity of 200 MW by the end of this fiscal.

Recently, the company ventured into the open access solar space by winning a 70 MW project in Uttar Pradesh. It is expected to be one of the largest open access-based solar projects in the state and was allocated under the UPERC Captive and Renewable Energy Generating Projects Regulations, 2014.

To keep up with its expansion plans, in February 2018, the company raised money from Neev Fund, which is a joint venture between the State Bank of India and the UK’s Department for International Development. “As we are in the business of asset ownership, we need to continuously raise funds,” says Das.

Further, with consolidation growing in both the utility-scale and commercial-industrial-scale segments, SunSource is exploring  “opportunities for joint investments. We are also considering the acquisition of a few assets in the coming year”, adds Nandan.

Read the full story on Renewable Watch