Solar Maverick Podcast SMP 67: Investor/Developer's Perspective on the Indian Solar Market and Other International Markets
Episode Summary
In this episode of the Solar Maverick Podcast, Kushagra Nandan provides a unique international perspective on the solar industry that comes from his early days in the United States solar market, starting his company, SunSource, in India, and his experience working on over 300 solar projects across many countries throughout India, Asia, and Africa. While talking about his journey with SunSource, Kushagra gives an in-depth overview of the entire Indian solar market from its inception to its future.
Benoy Thanjan
Benoy Thanjan is the Founder and CEO of Reneu Energy, as well as an advisor for several solar startup companies. Reneu Energy is a premier international solar energy consulting firm and developer, and the company focuses on developing commercial and industrial solar, as well as utility-scale solar plus storage projects. The company also sources financing for solar projects and hedges both energy and environmental commodities. Reneu Energy has brokered $27 million in environmental commodity transactions.
Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity, which merged with Tesla in 2016. He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity, to move into the east coast markets. Benoy also worked at Vanguard Energy Partners, Ridgewood Renewable Power, and Deloitte & Touche.
Kushagra Nandan
As Co-Founder and President of SunSource, Kushagra has guided the company’s strategy, project execution, technology and engineering efforts, with a primary focus on client-specific solar solutions and international market development. He has played an active role in helping shape SunSource’s offerings for domestic and international markets. Kushagra has pioneered efforts towards providing end-to-end engineering solutions beginning from initial scoping and capacity building to actual project design, engineering, supervision, and construction. Kushagra is actively engaged in building the capability to handle a challenging portfolio of solar projects and focused on deeply entrenching the philosophy of minimizing the Levelized Cost of Energy (LCOE).
Kushagra brings a vast amount of experience in leading teams that have developed, designed and installed multi-megawatt solar PV projects. Prior to SunSource, Kushagra worked with global solar majors including SunPower and GE. As one of the core members of the SunDurance Energy team, he led the technical group and helped grow the team and capability to develop, engineer-build projects ranging from 100’s kilowatt to multiple megawatts. Kushagra has also had roles at New Energy Options, Inc., AstroPower Inc. (currently GE Energy), and the Center for Sustainable Energy at the University of Massachusetts.
Kushagra holds a Master’s degree in Solar Energy Engineering from the University of Massachusetts. He also holds a Bachelor’s Degree in Electrical Engineering from Manipal Institute of Technology. Kushagra has also successfully completed a Solar PV Technology Assessment Certification from Florida Solar Energy Center & Villanova University along with Electrical Safety for Qualified Electrical Workers Certificate from Louisiana Tech University. He is a Lifetime Member of the Solar Energy Society of India and was a member of the interconnection group at the Mid-Atlantic Solar Energy Association to assist New Jersey’s Board of Public Utilities to help define State’s solar policy implementation.
Insights from this episode:
- Details on SunSource, their future growth plans, and ownership targets that will allow further international expansion.
- Strategies for deciding what solar projects SunSource invests in and, more importantly, when and where to invest.
- Details on the similarities and differences between the solar markets in the United States and India.
- How to bring more solar projects into the Indian ecosystem to reduce the dependence on diesel fuel in the commercial/industrial market.
- The secret to generating repeat business and being a successful entrepreneur.
Quotes from the show:
- “Similar to the US [United States], every state here in India has its own regulatory guidelines even though there is a full perspective on the federal side.” – Kushagra Nandan, Episode #67
- On working in the United States solar market: “Virtually in front of my eyes, I saw how the whole market started evolving and the financing started coming in.” – Kushagra Nandan, Episode #67
- On the changing solar market in the United States: “I remember doing a 500-kilowatt project in 2005 (in) Atlantic City [New Jersey] and making the national news and now nobody talks about a 500-kilowatt project. Even a 500-megawatt project barely makes the news.” – Kushagra Nandan, Episode #67
- “India, over the last so many years, has become one of the leading consumers of solar power.” – Kushagra Nandan, Episode #67
- On solar trends in India: “What we are seeing, additionally, is now solar plus storage is starting is starting to take shape.” – Kushagra Nandan, Episode #67
- “Your reputation is only as good as your last project, so you don’t take it easy, you keep on delivering.” – Kushagra Nandan, Episode #67
- Benoy summarizing SunSource’s success: “The goal, eventually, was always to finance the projects and then once financing was available it seemed to really scale with the right partnerships and the right people.” – Benoy Thanjan, Episode #67
- On entrepreneurship: “It doesn’t matter if you win or if you lose, you definitely learn a lot.” – Kushagra Nandan, Episode #67
- On entrepreneurship: “Everyone should try it out. It’s an experience and you learn a lot from it because you’re required to wear a lot of different hats.” – Benoy Thanjan, Episode #67
- On the international solar market: “It’s still very early so there is plenty of opportunity, especially in the Indian market.” – Benoy Thanjan, Episode #67
Stay Connected:
Benoy Thanjan
Email: info@reneuenergy.com
LinkedIn: @bthanjan
Website: https://www.reneuenergy.com
Kushagra Nandan
Email: knandan@sunsource-energy.com
LinkedIn: Kushagra Nandan
Website: sunsource-energy.com
Sponsor:
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