Posts by think_energy

TEPSOL (Think Energy) takes a giant step and is building over 100 rooftop projects for government

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”

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Think-EverStream JV bags KREDL’s solar tender

Think Energy, a New Jersey-based solar development company and EverStream Capital, a renewable energy-focused PE fund manager, have formed a partnership to capitalize on entering Karnataka’s solar PV market. The Think- EverStream Joint Venture in Karnataka is planning to tap both ground-mounted and rooftop PV assets with commercial and industrial off-takers, as well as select State and Central government utility-scale tenders. Both the companies under a partnership with a Spanish developer have developed, financed, and built a 100 MW portfolio of utility-scale solar projects in Telangana. The six projects were successfully commissioned in fourth quarters of 2017 and are commercially operational. The joint venture company bagged few the Solar Energy Corporation of India’s (SECI) roof-top tenders totaling 23.39 MW, which will be located in the states of Karnataka, Maharashtra, Gujarat and Andhra Pradesh.“The company recently won Karnataka Renewable Energy Development Ltd’s (KREDL) 55 MW of solar capacity tender. Building on this success, the JV plans to develop or acquire over 2,000 MW of solar projects throughout India over the next three years and expects to invest upwards of $300 million in equity capital,” said Ravishankar Tumuluri, MD of the Think – EverStream Joint Venture Development Company.

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Solarpack wins contract to develop 100MW DC solar plant in India: PV Magazine

Spanish PV group Solarpack is set to construct six solar PV plants with a combined capacity of 100 MW in the Indian state of Telangana. Solarpack is partnering on the project with U.S. firm Think Energy Partners, which develops, finances and constructs photovoltaic solar plants in India. The state electricity distribution company, TSSPDCL, will acquire all the generated electricity through a 25-year power purchase agreement. The consortium will build the six plants in the Telangana districts of Mahbubnagar, Medak and Nizamabad. Construction is slated to begin in the first half of the year, with the plants scheduled to be operational by January 2017. The plants are expected to generate some 160 gigawatt-hours annually. Solarpack CEO Pablo Burgos said the deal allowed “the entry into a market as important as India’s and demonstrates our experience and growing international presence that permits us to be competitive in the most relevant markets.”Burgos added that it was counting on the support of Think Energy Partners, which is already widely established in the country, to respond to any challenges that may be encountered. Ravishankar Tumuluri, managing partner of Think Energy Partners, said the project was “just the beginning” and the company would continue to work toward bringing more and more experience and solar business to India. The project marks the first contract awarded to Solarpack in India. The company has so far focused primarily on the Spanish and South Amercian markets. It has commissioned five solar plants in Spain with a combined capacity of 35 MW in addition to 37 MW from three solar installations in Chile and 62 MW from three plants in Peru.

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Heads of US-based companies call on KCR: Local Daily in Telangana

D Ravi Reddy, Chairman, Think Capital and Prashant Mitta, Chairman, Think Energy both US based companies called on Chief Minister K Chandrashekar Rao at the Secretariat here on Thursday. D Ravi Reddy, Chairman, Think Capital and Prashant Mitta, Chairman, Think Energy both US based companies called on Chief Minister K Chandrashekar Rao at the Secretariat here on Thursday. They told the Chief Minister that they deal with energy and waste water technology. Through manufacturing of waste water technology and developing energy projects they would like to participate in the development of State of Telangana. They also told that they were also dealing with gas and solar energies. The Chief Minister positively responded and asked them to come up with detailed project reports to take a view and consider their request. Health Minister Laxma Reddy, Advisor to Government K V Ramana Chary, Telangana GENCO Chairman D Prabhaker and Principal Secretary Aravind Kumar were also present in the meeting.

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