Mumbai, 21 May 2019: Origin Renewables Private Limited (ORPL), a leading rooftop and ground-mounted solar provider, has received the “Rooftop Project Developer of the Year” award from EQ International. ORPL secured the honour at the PV InvestTech + SuryaCon conference held at the JW Marriott Hotel in Mumbai on 21 May.
Speaking on the occasion, Balawant Joshi, Director, ORPL, said, “We are extremely excited to receive this recognition from EQ. As a fledgling company, such awards go a long way in encouraging us to provide economical solar solutions through innovation and engineering.”
ORPL is the only company in the Indian residential solar sector that does not avail of government funding schemes designed to boost solar adoption. While most providers rely on a CapEx model to finance their projects, ORPL operates on a RESCO business model. The company aims to provide solar power to residential complexes while minimizing costs for the consumer.
ORPL assumes the entire funding and execution risks, since it believes the Indian consumer is unaware of the inherent challenges associated with buying and operating such an engineering product. The company bears the equipment cost, as well as the ongoing maintenance and repair overheads, first-hand, with each participating household paying a service charge toward solar energy purchased. A residential rooftop solar instalment, based on the RESCO model, would allow consumers to access cheaper electricity through renewable, clean solar power.
ORPL implemented its first rooftop solar project, centred around this business model, at the Pinnacle Cooperative Housing Society in November 2017. Since then, the company has received approvals for several similar projects, which are soon to take off.
Manikkan Sangameswaran, Director, ORPL, said, “Individual financing for RESCO-driven residential sector solar projects is difficult, as there are few loan schemes available for the purpose. Credit, too, is not easily available for co-operative projects as they are deemed high risk. But ORPL has received the financial go-ahead to take up several new projects in the near future.”
ORPL is looking to provide rooftop solar solutions for residential as well as commercial and industrial undertakings. The company aims to become a prominent player in India’s nascent solar energy sector.
About ORPL: Origin Renewables Pvt Ltd was incorporated in 2015 with the aim of providing renewable energy solutions encompassing rooftop solar, ground-mounted MW solar farms, hybrid wind-solar systems, and the like to meet the requirements of corporate, residential and commercial users. ORPL is among the pioneers in the Indian solar industry, providing an OpEx-based (CapEx light) renewable solution under an Infrastructure as a Service (IAAS) concept, wherein its vision is to optimize the renewable energy generation and maximize the financial returns on the investment at any given site.
About EQ Magazine: EQ International is geared toward providing insights into the renewable energy sector developments across the world. They conduct various award events and conferences across the country, including SuryaCon.