TEPSOL (Think Energy) takes a giant step and is building over 100 rooftop projects for government clients
India is positioned to be at the forefront of the global effort to make the transition to a low-carbon economy. However, the road to this transition is no less challenging. While the installed capacity of solar power in India has reached ~22 GW, the contribution from rooftop projects remains at ~1.2 GW. The Government of India understands the importance of rooftop solar and continues to support rooftop projects through various policies and incentives.
TEPSOL Projects Private Limited (“TEPSOL”), a joint venture between Think Energy and EverStream Capital, is committed to contribute to India’s quest for energy security through generation of on-site electricity through solar rooftop installations. TEPSOL is currently developing and building over 15,000 kW of rooftop solar photo-voltaic projects over 100 sites, spread across the three states of Maharashtra, Andhra Pradesh and Karnataka. These projects have been secured under Solar Energy Corporation of India’s (“SECI”) Renewable Energy Services Company (RESCO) scheme for government buildings and shall be commissioned by October 2018. RESCO projects entail zero capex from the users and is basically a pay per use model. These projects intend to reduce the carbon footprint of and deliver economic benefits to, the Government Departments.
The rooftop portfolio includes a 242 kW rooftop solar project at the temple of Srisailam Devasthanam, which is located in the state of Andhra Pradesh, and is home to one of the 12 Jyotirlingas in the country. The energy charges that the Srisailam Devasthanam administration would be paying has been competitively determined at Rs 3.939 per unit- flat for 25 years. Apart from delivering economic benefits, a project of this kind would help Srisailam Devasthanam administration, reduce its carbon footprint by displacing 360 tonnes of GHG (Green House Gases). Installing a 242kWp SPV system is equivalent to planting 17,000 mature trees and illuminating over 475 homes.
When contacted by EQ, Mr. Ravishankar Tumuluri, Managing Director, TEPSOL, said “The initiatives taken by Government to promote rooftop solar projects is commendable. We are pleased to partner with government institutions and central/state departments to deliver energy cost savings and reducing their carbon footprint”
Mr. Sandip Agarwal, Director, TEPSOL, said “We are currently building this 15 MW rooftop portfolio under the SECI scheme and intend to complete the projects before October, 2018. We shall continue to grow in terms of capability and deployment of rooftop solutions and work on innovative technologies to support the Industry.
Mr Paul Huelskamp, Director, TEPSOL, and a representative of EverStream Capital stated that “EverStream Capital is committed to contribute to promoting clean energy in India. Having invested across geographies, we are of the view that India is one of most attractive markets given the policy support and vision of the Government. We are excited of our partnership with Think and intend to build a strong portfolio going forward”
About Think Energy
Think Energy Partners LLC and its affiliated entities (Think Energy), established in 2003, is a developer of energy assets, with specific interests in gas and solar. Think Energy has a successful track record of developing, owning and managing energy assets in the United States of America and India.
Think Energy has partnered with EverStream Capital, a US based fund, to develop and implement solar projects in Indian. The JV has 104 MWp projects in Telangana under operation. The JV is currently implementing 60 MW in Karnataka and 100 MW in Maharashtra. The joint venture already won and is building 15 MW of rooftops projects. The JV is presently working on developing a portfolio of 1 GW of ground mounted and rooftop projects.