Solar PV Systems Businesses for Sale and Investment Opportunities in India

Waaree Energies Limited was founded 35 years ago, with its headquarters in Mumbai, India. Waaree has India's largest aggregate installed capacity of 12GW as of last year at its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat and is a top player in the solar module export for this fiscal year. As of last year, the total number of Franchisee of Waaree was 407 in India and 20 outside India. The company has supplied more than 6GW of solar modules and commissioned more than 1.1GW solar EPC projects.

An increase in the levelized cost of energy (LCoE) due to the depletion in solar tariffs worldwide has created some sense of fear in the minds of solar power developers. To make it commercially competitive, the only way forward is to maximize yields and improve their IRR. The only way forward for higher yield is to use solar PV tracking technology to harness the sun to its full potential. The existing tracking systems are single-axis tracker (SAT) and dual-axis tracker (DAT), unfortunately, both are not too effective. The SAT has shortcomings in design and the DAT is too expensive to be economically viable. Critically analyzing the market demand, we have innovated a new & enhanced solar tracking technology that disrupts the existing single-axis tracker. It overcomes the inherent design disadvantage of the single axis, thereby offering a near dual-axis tracker performance, at the cost equivalent to a single-axis tracker. Key features of our innovation are: - Rotates solar modules in two different directions, unlike the SAT. - The angle of incidence of the sun's irradiation on the module is always close to perpendicular at all times and in all seasons of the year, whereas the angle of incidence in a single-axis tracker is effective only during the summers. - The performance recorded is 2x to 3x over SAT at any location on the globe. This results in a tremendous improvement in the project IRR. - The 2-Axis Tracker has an ideal design advantage for bifacial solar modules. - 2-Axis Tracker is so versatile, that the same can be converted to a horizontal & tilted single-axis tracker by deactivating N-S movement. - Innovation is the next-generation technology, which replaces and overcomes existing SAT technology. - The design is jointly developed with IIT-Delhi and incubated in their premise. According to Fortune Business Insights, the global solar tracker market size was USD 9.30 billion last year and is projected to reach USD 22.33 billion in the next 6 years, growing at a CAGR of 20.78%. - Between the next three years, global annual solar installations will average 135 gigawatts. - Meanwhile, the global tracker market will see a 45 percent increase in installations for the next 2 years. - The promoter of the company has 8 years of rich experience in the solar industry with various verticals in the same domain. - Granted patents for India, USA & Canada. Pending for 30+ countries in EU & UK. - Executed 6 MW in a 2-axis tracker and prospect base of over 150 MW. - We hire on a need basis.

- Served more than 10 clients including Kirloskar, Plaza Solar etc. - The factory was commissioned very recently and did sales of INR 80 lakh last year. - We are incubated at IIT Mandi and IIM Calcutta and have business relations with Kirloskar, Sterling n Wilson, Priyagold, NTPC, SAIL, Eastman Solar etc. - We have a separate RnD unit under which we design, innovate and market new-age solar products which are being sold to Indian Army, Indian Railways, CSIR research labs, BARC, ISRO etc. - We have more than 7 years of solar industry experience as our other unit was doing solar EPC for giants like Neolite Industries, SAIL, Haryana police, NHPC, Airport Authority of India, BSF, NALCO etc. - The business has sold units worth INR 1.45cr to date. - The business has 5-6 active clients. - We have an annual production capacity of 80MW per annum which can produce a revenue of INR 200cr. - The business is registered in Kanpur, but it is headquartered in Noida housed in a corporate building at a prime location.

- We are a solar EPC company providing engineering, consultancy, procurement, construction services across Maharashtra. - Our company is also recognized by the Government of India as a startup company. - To date, we have done 50+ projects and on average a project takes 3 to 4 months to be completed. Completed projects with a capacity of more than 500 KWP. - Procure the parts from 15+ vendors in Maharashtra. - We manufacture the MC4 connectors used in the installation of solar panels in our facility and have a production capacity of manufacturing 50,000 pieces per month. - Engaged in also maintaining and servicing the projects after installation and have reputed clients. - Majority of our revenue comes from the installation of projects. - We have built a 250 KW solar power plant on the BOT / OPEX Model which gives us a fixed income for the next 15 years. - We also have a research and development wing which is known as the center of excellence in renewable energy. In this we does various researches related to solar energy and published in the form of patents, copyrights, etc. - In this center of excellence we have different projects on which research is carried out.

An increase in the levelized cost of energy (LCoE) due to the depletion in solar tariffs world-over has created some sense of fear in the minds of solar power developers. For making it commercially competitive, the only way forward is to maximise yields and improve their IRR. The only way forward for higher yield is to use solar PV tracking technology to harness the sun to its full potential. The existing tracking systems are single-axis tracker (SAT) and dual-axis tracker (DAT), unfortunately, both are not too effective. The SAT has shortcomings in design and the DAT is too expensive to be economically viable. Critically analysing the market demand, we have innovated a new & enhanced solar tracking technology which disrupts the existing single-axis tracker and is called the “2-Axis Tracker”. It overcomes the inherent design disadvantage of the single axis, thereby offering a near dual-axis tracker performance, at the cost equivalent to a single-axis tracker. Key features of our innovation are: - Rotates solar modules in two different directions, unlike the SAT. - The angle of incidence of the sun's irradiation on the module is always close to perpendicular at all times and in all seasons of the year, whereas the angle of incidence in a single-axis tracker is effective only during the summers. - The performance recorded is 2x to 3x over SAT at any location on the globe. This results in a tremendous improvement in the project IRR. - 2-Axis Tracker has an ideal design advantage for bifacial solar modules. - 2-Axis Tracker is so versatile, that the same can be converted to a horizontal & tilted single-axis tracker by deactivating N-S movement. - Innovation is the next-generation technology, which replaces and overcomes existing SAT technology. - The design is jointly developed with IIT - Delhi and incubated in their premise. According to Fortune Business Insights, the global solar tracker market size was USD 9.30 billion in 2022 and is projected to reach USD 22.33 billion in the next 6 years, growing at a CAGR of 20.78%. - Between the next three years, global annual solar installations will average 135 gigawatts. - Meanwhile, the global tracker market will see a 45 per cent increase in installations from 2020- 2025. - The promoter of the company has 8 years of rich experience in the solar industry with various verticals in the same domain. - Granted patents for India, USA & Canada. Pending for 30+ countries in EU & UK. - Executed 6 MW in a 2-axis tracker and prospect base of over 150 MW.

Cylisona is a newly incorporated solar brand in Jammu and Kashmir to save fossil fuels and fight global warming. We manufacture solar photovoltaic panel system and offer installation and maintenance service. Our focus is on providing quality products to the customers. We have business model to help entrepreneurs to set up the business with a proven model of solar business. Looking for dealers across India.

- We are a solar power project installer and operator that works on an OPEX and CAPEX model. - In CAPEX model the investment comes from the client and the assets are handed over to them. - In an OPEX model we find investment and setup the project and sell the electricity to the client according to power purchase agreement (PPA). - The average length of our PPAs are for approximately 25 years. - We used to be sub vendors for another company but are focusing on being direct vendors for the client now. - Have completed numerous projects with corporate clients for over 5MW. Have a 1.5 MW project in hand and are looking for funding for the same. - Currently, our projects are on hold due to the pandemic. - Promoter has been working in the field of solar EPC since 2015. - The firm owns an office of 300 Sq Ft.

- Company engaged in structure design and supply of solar roof structure. - Have tie ups with 150 clients and have executed approx. 500 projects across India. - Promoter has 6 years of experience in solar industry.