Established in 2008, we are currently a Solar Power Generating Company, as an Independent Power Producer (IPP) and also selling Solar Projects to Captive Power Producers (CPP), under the brand name of ‘Solarism’. We build, own, operate and maintain grid connected solar power projects as IPP and generate revenue by entering into Power Purchase Agreements with third parties for selling power units generated through our solar projects.
At present we have installed capacity of 15 MW as an independent power producer. For sale of this power we have entered into bilateral PPA’s for a period of 3 years with reputed industrial consumers such as Mafatlal Industries Limited, Best Paper Mills Private Limited and Meghmani Organics Limited for direct sale of the solar power generated at our Solarism Plant. In order to cater to the proposed increased power requirement, we intend to increase our capacity and accordingly we are setting up a new solar power project with an additional capacity of 25 MW. The said capacity will also be an IPP project under the brand name Solarism at Sudi, Samiyala & Tanchha village, Amod, Bharuch, Gujarat (Referred to as Unit II). Post the commercial commencement, our total solar power generation capacity would increase to 40 MW. Our Company is in the advanced stages of negotiations with few reputed entities for the purchase of solar power from our upcoming project through bilateral PPA for an initial period of 15 years, which can be extended on mutual agreement basis. Further, the terms of these PPA’s would be backed by a bank guarantee to be provided by the customer, for an amount equal to the estimated average of 2 months billing amount, based on an 20% CUF, thereby reducing our financial risk.
We develop, transfer, operate and maintain grid connected solar power projects for CPP customers and generate revenue by selling these projects to third parties for their captive use requirements. Our focus area of business is the CPP segment wherein we develop the solar plant and sell it to potential customers, proposing to install a captive power plant. Our Company intends to increase specifically in the CPP segment. Further, the operations and maintenance of these CPP plants will also be a part of our agreement with CPP customers which results in an assured income of our Company for the definite period. Our Company has already successfully completed a CPP project of 0.45 MW for Laser Fibers Private Limited in March 2018. Further, we have entered into LOI’s with Shree Sachidanand Industries Private Limited, Prayagraj Dyeing & Printing Mills Private Limited, Heema Processors, Shree Sant Krupa Silk Mills Private Limited and Rays Energy for building upto 2.35 MW CPP projects which are in different stages of execution. We intend to focus in this segment for our future expansion.
Both these businesses, IPP and CPP, are currently carried out at our plant at Sudi & Tanchha village, Amod, Bharuch, Gujarat, where we have our Solarism Plant, spread over owned/leased land of ~ 208.42 Acres.
We have established a ~13.25 km long 66 KV transmission line from our Solarism Plant to the GETCO substation located at Amod Substation, for evacuation of the solar power generated at our Solarism Plant.
We have a favorable locational advantage, lower ambient temperature, coupled with a vast land area available for future expansions. Our solar power plant is in the shadow free and open area, which receives sunrays from all the sides without any obstacles. The solar radiation at our location is comparatively more favorable for generation of solar power. (Source: National Renewable Energy Laboratory, US Department of Energy). There is easy availability of soft water, nearby and we are surrounded with a fertile area of black cotton soil land which reduces dust and hence lesser maintenance costs, resulting into higher CUF of more than 20%.