Clean energy solution provider 8minutes Future Energy is planning to commission 250 MW of solar rooftop capacity in the next three years and eyeing a revenue of Rs 250 this year. “8minutes Future Energy Pvt Ltd plans to commission 250 MW of solar rooftop capacity in the next three years across the country. Of this, 52 MW of solar installations are planned to be deployed by December 2017, which will include 25 MW each in government institutions and industrial segment, and another 2 MW in the residential segment,” 8minutes Future Energy Founder & CEO Dev Arora told PTI. Arora said the company is targetting a revenue of Rs 250 crore this calendar year (2017). 8minutes is also looking to raise funds worth USD 10- 15 million from Private Equity (PE) investors to drive growth in the solar rooftop segment.
Arora said, “Solar has now crossed grid parity, which means it is an economically more viable solution than conventional energy. For investors, the unlimited market potential coupled with high financial returns from solar presents a new opportunity for them to invest in a new form of technology unlike any venture capital and private equity sector has seen before.” He was of the view that fall in solar tariffs to record low of Rs 2.97 per cent unit has opened up the solar rooftop market in a big way for investments. He noted that with removal of subsidies and decrease in depreciation benefit, prices are likely to stabilise over the next few years, and there won’t be any more drastic decrease in prices over the next few years. 8minutes is one of the fastest growing EPC companies in the solar rooftop sector in India.
The company provides full service deployment of solar systems for homes, businesses and governments providing design, engineering, financing, procurement, installation and maintenance. The company is operating in more than 13 states in India. It is on track to complete 52 MW solar rooftop installation across the country in 2017, which could power 10,000 homes.