SUN Group (“SUN”), a leading principal investor in emerging markets, today announced a joint venture partnership for its distributed generation (“DG”) focused solar business, SUN Renewables, with ORIX Corporation (“ORIX”), one of the largest Japanese financial services groups and the largest solar developer in Japan. The partnership brings together the synergistic strengths of SUN and ORIX to position SUN Renewables as a leading player in DG solar in the country with a clear focus on providing Commercial and Industrial (C&I) clients with clean power and energy efficiency solutions starting with DG solar power.
ORIX is one of the largest Japanese integrated financial services groups with diversified businesses ranging from finance, environment and clean energy, real-estate and leasing businesses. It has major presence across the entire value-chain of clean energy services from power generation, power supply, demand management, energy storage and energy efficiency. ORIX is the largest Japanese solar developer with 1 GW of solar projects (570 MW commissioned) including 150 MW of rooftop solar portfolio. It also has a major presence in wind and biomass power generation as well as energy storage and energy efficiency solutions for large private-sector customers. Besides its financial investment into SUN Renewables, ORIX brings best practices in project development, high quality solar design and engineering, and expertise in monitoring and operating its rooftop solar portfolio which is larger than that of any Indian solar developer’s.
“We are very excited to partner with SUN Group and to leverage its local business knowledge and the Group’s overall operating experience spanning over 100 years,” said Mr Hidetake Takahashi, Senior Managing Director of ORIX. “We liked the Group’s entrepreneurial yet disciplined and long-term mind set of conducting business which is similar to ORIX’s business culture. We are also impressed with the quality of SUN Renewables’ management and its focus on distributed generation solar. With complementary strengths of ORIX and SUN Group, SUN Renewables is ideally positioned to be the market leader in offering comprehensive sustainable energy solutions for the Indian market – starting with solar power.”
Uday Khemka, Vice Chairman, SUN Group said, “Distributed Generation Solar Energy will transform the Commercial and Industrial energy landscape in India in the decade to come. We feel honoured to partner with ORIX Corporation, one of Japan’s most reputable financial institutions and the country’s leading solar developer, to help lead this transformation. Our joint venture will benefit from ORIX’s world-class solar track record, management experience and quality processes across hundreds of mega-watts of solar projects with a view to serving our clients over the long-term through robust, quality-conscious processes in every facet of our project development and operations.”
The distributed solar segment in India is expected to grow from a total installed capacity of 1 GW today to about 15 GW by 2022 with opportunities in rooftop as well as small ground-mount solar projects for private, government and public sector power consumption. SUN Renewables’ emphasis is on this segment of Indian solar with a special focus on serving the private power purchase requirements of large C&I clients.