Renewable Energy News & Media Publications

20. Jul, 2021 | Rooftop solar PV continues to gain momentum in Southeast Asia

By 2030, Vietnam will have the second-highest solar PV penetration in power generation in the region

Since corporates have their own business issues to deal with during this pandemic, their priorities aren’t just solar or green energy, says Sol Props, Senior Delivery Director, Macquarie Group as he points out a temporary slowdown in the energy market.

Sharing his thoughts alongside other experts at the webinar, ‘Spotlight on Solar: Floating solar, rooftop solar opportunities in Southeast Asia’, Props mentioned, “Closing deals was very tough physically during the pandemic but our company managed to get a 1.3 gigawatt project in the Philippines online. Industry issues and more tariffs for corporates have created a burden. In Vietnam, it has been more about the corporate rooftops. Corporate PPAs and offsite corporate PPAs in rooftop solar PV markets will be our focus in the next few years. There are growing markets such as Korea, Arab countries, and Japan. The investments will be where land cost is lesser, agriculture land is scarce and low value industrial areas. Among challenges are cleaning the panels with detergents, raining environment, mud waste, marine growth. We require sufficient engineering to tackle marine growth. Money and engineering would help to cope up besides the development process and customizations.”

Lieu Dang, Partner, DNA Vietnam LLO shares his perspective in the context of Vietnamese market: “Vietnam is expected to have second-highest solar PV penetration in power generation in the region by 2030. From the beginning of the outbreak to the end of 2020, we managed to do 9 gigawatt of rooftop solar PV. The pandemic impacted certain businesses yet it hasn’t stopped individuals and corporates to tap opportunities. From the development side, the M&A market is active. People have difficulty in travelling to the country but we are still seeing positive responses through various means.”

Milan Koev, Founder & CEO, Hexagon Peak says, “We are currently serving 4 countries and have achieved 50 megawatt of rooftop PPAs in Vietnam. We are now looking at other markets. Business wise traveling is not possible and doing the Capex intense projects online is of course not perfect but then there are technologies to service. The second aspect is global and looking at the bigger picture, this crisis has woken up a lot of people who weren’t considering climate change and environmental issues as a big concern. I see a lot of development in many big corporations committing to carbon emissions now. Perhaps it is the result of Covid-19 situation. In Vietnam, there is an upcoming project which is a significant development. We are currently dealing with industry level companies who are extremely eager to set up their contracts in order to secure their green energy supply. Pandemic has opened up new opportunities.”

Organized by Future Energy Asia, the discussion was moderated by Hendrik Bohne, Head of Business Development & Asset Management, Aquila Capital.

Rooftop Remains Popular Choice

Sharing a comparative account of floating solar PV and rooftop solar PV, Dang says, “Floating solar PV is encouraged by the government. The tariff is lower than rooftop and there are several projects that reached COD. There are 10 new projects under consideration. One of the challenges is that the developer has to pay a lot of cost and needs to be minimized. Earlier the cost was 9.3 cent per hour and has decreased to 7.69 cent. Hopefully, it will get reduced further. Comparatively, rooftop solar projects in Vietnam are not more than 1 megawatt and given the small scale and regulatory clarity, it is there to stay. Floating is for utility, rooftop is small scales. Rooftop is easy as the regulation for utility is yet to come in Vietnam. Uncertainty in case of floating is an issue. We need to wait.”

As per Props, any project on rooftop definitely wins on the financial front. “Rooftop will go ahead in the next five years. It is a tougher market and tough to find the contractors that are bankable. Construction business needs equipment guarantee. Financial institutions and insurance to improve too have to ensure scalability. We must remember that solar technology started in space and we can overcome all challenges.”

Milan Koev says, “From Southeast Asia perspective, there hasn’t been much development after the outbreak of the pandemic. Only exception is Vietnam where we have seen exposure to larger projects. It has significantly lower volumes than what it used to be. Lack of attractive subsidy has pushed a lot of developers to rooftop space. Situation on the revenue side is very attractive for rooftop. Since South Korea, Japan and Taiwan are running out of land, there are good opportunities in floating solar PV. At the same time, there is an issue of cost. We have to see a lot of tech improvements, floating cost and maintenance cost. These add to the Capex costs. The floats may be more expensive than solar panels. In coming areas we will see reduction of costs.”

Growth Drivers

Props bet big on the advantages of power purchase agreements (PPAs). He feels that 10-20 years of PPAs are aimed at building trustworthiness, and relationship between parties. “We can bring rigor in investment if the assets are attractive for corporations. There are huge volumes of corporate PPAs in India where corporates can buy huge volumes of energy with significant discounts and lower tariffs for 1 megawatt projects.”

Agrees Milan Koev who says the revenues and project returns are better in PPAs. “Private PPAs will not move beyond 1 megawatt and are without any government subsidy. Majority of developers moved utility to the rooftop due to higher returns.”

“We are involved in a couple of projects in South Korea, more on the offshore floating and seawater floating. The lakes have been low hanging fruit for solar PV to pick up but essentially to go through scale and create many industries within industries such as offshore. We are just a few years from reaching our goals. Bank finance and lack of data are challenges. For agreeing to finance the projects, banks are seeking data on technologies. Once more data comes in, we will see the finance and industry picking up,” sums up Koev.

Article by: Indian Chemical News

 

23. Jul, 2020 | Foxconn Vietnam, Hexagon Peak and Inpos to Build and Operate the Largest Rooftop Solar System in Vietnam

HANOI, Vietnam – () – Hexagon Peak, the project development arm of Hexagon Holdings Singapore, announced today, the company has entered into a long term Power Purchase Agreement with New Wing Interconnect Technology (NWIT), a fully owned subsidiary of Foxconn Group for the largest rooftop solar system in Vietnam with a nominal power output of 6 MWp to be built by Inpos. The system is to be located at New Wing’s manufacturing facility near Hanoi, Vietnam.

“Rooftop solar is becoming more and more popular in Vietnam, contributing to the development of our country economically and environmentally and INPOS is doing its part to make our dream of leaving the world better than we found it come true.”

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The solar system is part of the efforts of NWIT to reduce its CO2 footprint and transition into sustainable and green manufacturing.

Mr. Hoang Van Thuy – Vice Director of New Wing Interconnect Technology shared: “We have been in Vietnam since 2007 and we always aim to create a professional, clean and green working environment for our employees. The goal of our company is to use 100% clean energy in the future, therefore we cooperate with Hexagon Peak to build the largest rooftop solar system in Vietnam.”

The project will avoid 113,520 tons of CO2 emissions in the atmosphere and will generate electricity, sufficient to cover 25% of NWIT’s current manufacturing operations.

Mr. Dat Le – Managing Director of Hexagon Peak Vietnam commented: “We are thrilled to be selected as a solar partner of NWIT. By teaming up with INPOS for this project, we are excited to apply the highest industry standards in safety and reliability for the system.” And Mr. Dzung Nguyen – Vice Director of INPOS added: “Rooftop solar is becoming more and more popular in Vietnam, contributing to the development of our country economically and environmentally and INPOS is doing its part to make our dream of leaving the world better than we found it come true.”

About NWIT

Hon Hai Science and Technology Group (Foxconn) was established in 1974 in Taiwan with the largest manufacturing scale in the world in the fields of electronics, information technology and computers. In March 2007, the Group started to build workshops in Bac Ninh, Bac Giang, and other provinces of Vietnam for diverse products in many fields related to information technology, consumer electronics, automotive components, semiconductor devices and environmental protection.

About INPOS

INPOS Ltd., is an industry leading company with major focus in rooftop solar EPC and investment. The company has developed 21 MWp of projects across Vietnam and has executed more than 40 MWp as EPC.

About Hexagon Peak

Hexagon Holdings Pte. Ltd. is a solar project developer and asset manager, under the brand name Hexagon Peak, established in February 2019 with HQ in Singapore and subsidiaries in Vietnam, South Korea and Japan. The group is active in developing and operating both – rooftop C&I and utility scale systems. The group is currently developing over 2.3 GWp of solar power projects.

 

4. Jun, 2020 | Vietnam Rooftop Solar Development 2020

Vietnam is no doubt one of the hottest renewable energy market in this world. One year ago, an incentive-driven commission rush of 5GW solar projects has put Vietnam on the stage of the world’s most active market.

The reason why commission rush happened is because Vietnam’s energy demand keeps a steady annual growth rate around 8.5% and it will exceed supply in 2021 by 6.6TWh and 15TWh in 2023, which indicates that a serious and frequently blackout would be happening there if no any effective measures are going to be taken. For that reason, the Vietnamese government decided to promote renewable energy power as one of its scenarios to address the challenge through a series of attractive incentives.  However, its weak grid condition doesn’t allow such a large amount of RE project which connected to the grid in a very short period of time to fully generate power. Currently, there are around 60% of utility-scale and subsided projects suffering power curtailment. While with the latest decision 13 released, all attention has been moved from utility-scale projects to the rooftop solar market.

In yesterday’s webinar, The Future Landscape of The Vietnam Rooftop Solar Market, organized by PVBOX, supported by Vector Energy Advisory and sponsored by Goodwe, Nguyen Hai Duc, renewable energy advisor of USAID V-leep, pointed out some most important updates among the decision in his presentation.

Firstly, the decision updated the definition for the rooftop solar (RTS) as a solar power system with photovoltaic panels installed on the roofs of civil works or industrial works and has a capacity of less than or equal to 1MWp and directly or indirectly connected to the electricity purchaser with the line of 35kV or less. Secondly and also the most dramatic change is that the off-taker and generator now can be an organization and an individual person, which means that power transaction now allows no EVN the local power authority interfere, and be more specific, private PPA is legitimate now.

In addition, the decision also canceled the zone-based FIT policy in which FIT is varied from zone to zone.  Replaced it, one unified tariff, also known as FIT2, is implementing where the FIT is only varied from ground-mounted project with USc 7.09/kWh, floating project with USc 7.69/kWh and USc 8.38/kWh.

In addition, Duc also explains another two most popular rooftop solar development models in Vietnam except the conventional model that rooftop owner builds system on their own rooftop. One of which is the Roof Leasing Model by which the roof owner leases the roof to RTS developer and receives monthly payment and the RTS investor is to invest, install and do O&M for the system and sell all generated electricity to EVN. Another one of which is the private PPA model. Under this model, the RTS investor is to invest, install and do O&M for the system and sell all or part of generated power to the roof owner, and the remaining power, if there do have, will be sold to EVN through a standardized PPA.

After almost 9 months of endeavor from both EVN, MOIT, and also players in the Vietnamese RE industry, 27,845 systems with 573MW installed capacity have been added. Of these, 56% of the capacity is contributed by industry roof, followed by a residential roof(28%), commercial roof(11%), and administrative roof(5%). And top installed capacity by cities in follow is HCMC (84MWp), Ninh Thuan(58MWp), Dak Lak(43MWp), Binh Duong(41MWp), Dong Nai(34MWp), Khanh Hoa(30MWp), Long An(28MWp), Dak Nong(28MWp).

Mr.Rong Shen, vice president of sales and service at Goodwe, also shared his positive attitude towards the Vietnamese RTS market by analyzing the benefits for developing RTS from power supply and demand, FIT2, and market comparison.

Milan Koev, CEO and funder of Hexagon Peak, said that it’s difficult to complete a project and put it into operation during the timeline included in the FIT2, and now COVID-19 worsens it. With the manufacturing hub gradually transferring from China to South Asia, there are an increasing amount of foreign investors entering Vietnam, which is a very positive sign for the DPPA model RTS development.

Gavin Adda, CEO for Total Solar Distributed Generation Asia, introduced Total’s view and strategy for RTS development. The behemoth adopts a model called solar saving model, Gavin explained, the model is different from the roof leasing model which pays owner lease fee monthly, etc. Under the solar saving model, Total provides the customer or the owner with a specific scheme including system size, foreseeing interests and so on, if the customer agrees with the scheme, Total will install the system on its roof and sell part or all generated electricity to the customer with a substantial discount price (>5% to grid tariff) through a 20 year private PPA. It will be lucrative from customer respect, especially industrial users, Gavin pointed out that the average electricity prices keep around 4.9% annual growth rate from 2006 to 2018, and it will grow faster in the future. When the contract expired, Total will leave the system with the customer instead of giving it to EVN, which is the key difference compared to the leasing roof model. Normally, a system life is 35 years. Taking a 2MW around the solar system for an example, Gavin explained that it will help customer saving totally around USD3.2 mln during the contract (20 years), and saving around 14 mln cumulatively during the system life(35 years).

Recording please refer : https://www.youtube.com/watch?v=k3WNx_b6H60&t=4269s

 

About PVBOX & EnergyBox

PVBOX & Energy Box is a vertical media company dedicated to the renewable energy. Enrooted in China, we are one of the TOP3 most influential media  in our domestic market.

To enhance the business cooperation across the land and inland and to promote green energy,  PV BOX EVENTS are held around the world span Europe, South Africa, and South Asia.  Up to date, we have  12 events in record across the world.

Besides, we provide professional and customized promotion plan for our clients,  and help them achieve their goal by our networking such as publications, online platform, international conference and  forum, etc.

Article by: pv magazine

 

14. Nov, 2019 | Hexagon Peak, Huawei Ink Pact for 200MW Solar Projects in Vietnam

China-based one of the leading photovoltaic (PV) inverter makers, Huawei has entered into an agreement with Hexagon Peak, the project development arm of Hexagon Holdings Singapore, for Hexagon’s pipeline of 200 MW utility scale projects in Vietnam, which estimated COD in first quarter of 2021.

Commenting on the partnership, Hexagon Peak, Chief Executive Officer, Milan Koev said “Huawei is a company that combines all ingredients for industry leader – enormous focus on R&D, coupled with a true innovative mind set in enabling information and communication technology and IoT into smart, efficient, secure and reliable PV inverters.”

“We’re happy to team up with Hexagon Peak to help industries save energy and reduce emissions, building a low-carbon society. Our AI-Boost FusionSolar Smart PV Solution will help reduce LCOE (Levelized cost of electricity) and accelerate the grid parity process of the Vietnam market,” said Bruce Li, Regional Director, Huawei Smart PV Business APAC.

The inverter manufacturing company said that it’s FusionSolar Smart PV Solution has applied 102 GW all over the world till first half of 2019. The core value of higher yields, smart O&M and safe & reliable is widely recognized by customers.

Meanwhile, Dat Le, Managing Director of Hexagon Peak Vietnam added, “We have seen data comparing Huawei operated PV plants to others using different technologies and the yield gains with Huawei smart PV technologies are obvious. Their after-sales support center in Vietnam is impressive and as asset managers, the quality of our sleeping time is determined by just a few components and reliable inverters is a key.”

Hexagon Holdings is a solar project developer and asset manager, under the brand name Hexagon Peak. It was established in February 2019 and headquartered in Singapore.

Article by: Saur Energy International 

 

21. Oct, 2019 | Hexagon Peak and LONGi Sign 200 MWp Supply Deal for Vietnam<br />

LONGi Solar, a leading vertically integrated Tier 1 manufacturer of solar modules and Hexagon Peak, the project development arm of Hexagon Holdings Singapore, announced the group entered into a supply deal with the manufacturer for 200 MWp of its latest mono PERC products, reaching 435Wp of nominal power output.

Hexagon Peak will utilize the modules for its pipeline of utility scale projects in Vietnam, majority of which are to be commissioned by Q1 of 2021.

“We are very excited about this cooperation with LONGi”, commented Mr. Milan Koev, CEO of Hexagon Peak and added – “Solar is more or less a 20 years old industry really, so we just passed our teenage years and frontier companies like LONGi are leading the manufacturers of equipment to becoming adults. Their products’ reliability, financial strength and above all the people managing the business are the 3 most important factors for the choice of a manufacturing partner for Hexagon in Vietnam.”

“Hexagon Peak is a young, dynamic and ambitious company. LONGi is proud to collaborate with them on this substantial project in Vietnam. As partners, we will support Hexagon Peak with LONGi’s leading products, technologies and customer service.”

“This collaboration will further enhance LONGi’s presence in Vietnam,” said Dennis She, Senior Vice President, LONGi Solar. “With our common commitment to reliability, we are certain that LONGi and Hexagon Peak will bring high quality photovoltaic power stations to Vietnam.

Hexagon Peak is currently in the process of acquiring over 200 MWp of utility scale solar projects in Vietnam, with state utility company (EVN) as energy off-taker and estimated COD in Q1 2021. “We have been working closely and developed partnerships with a number of locally established EPCs and project developers. In a brief period of time, Hexagon Peak has gained access to a substantial pipeline of shovel-ready projects”, added Mr. Dat Le, Managing Director of Hexagon Peak Vietnam. “This cooperation with LONGi will further demonstrate our commitment in the Vietnam market”, concluded Mr. Le.

Article by: LONGi

 

14. Feb, 2019 | Interview with Milan Koev for Future Energy Tech

Tell us about Hexagon Peak

Hexagon Peak is a solar development and IPP platform, created to consolidate small project developers and their project pipelines into one, bigger pipeline, through acquisitions and partnerships in long-term and strategic solar markets, such as Vietnam, Japan, South Korea, Taiwan, Philippines and Thailand. We have established the holding company in Singapore only a month ago and we are targeting a confirmed pipeline of 50 MW within 2019 itself. The core Mission of Hexagon Peak is creating trust and longevity in all partnerships we enter, where we apply our values of establishing honest and pragmatic relationships. 

A hexagon is the most efficient, least wasteful shape found in nature. The compressive characteristics of the shape allow it to be one of the strongest structures in the world – no other shape can create more space with less material. And this is exactly the strategy we will be applying at Hexagon Peak – creating the most opportunities out of our partnerships with most optimized resource. 

Hexagon Peak also stands for the 6 revenue streams we will be generating with each kilowatt peak installed capacity – energy generation, EPC, O&M, renewable energy attributes and secondary trading and last but not least – solar agriculture projects. Of course there is a very long way ahead until we achieve the hexagonal structure on our balance sheet. 

Hexogon Peak is quite an early stage company, but you have already projects that you are working on. What are some of the projects in the pipeline? 

We are really lucky to have established very promising partnerships with local industry participants in every country where Hexagon will be active. Some of these companies are either too small to be interesting for infrastructure investors or hedge funds – the traditional equity investors, or they have been focusing mostly on EPC, manufacturing of solar equipment or distribution. But they have done a great job creating a small pipeline of PPAs, which we are now consolidating in multiple countries around Asia Pacific in order to achieve size, which will become an “investable” pipeline. 

You have quite a lot of experience in the solar market. How has the subsidy driven solar pv market in China been effected by subsidies, and what can we expect when the subsidies end? Will they actually end?

There are professionals here at this event with much more experience particularly in China, so I wouldn’t be overconfident. But I do see the industry changing quite a bit. China’s domestic solar policy is unique in a sense that it is so powerful that it is able to define the directions of the industry dynamics all over the world. If not for another reason, it is purely because today probably over 90% of the solar panel manufacturing takes place in China itself. So when China talks about subsidies for high efficiency panels for example, the whole industry shifts to mono PERC products. The scale is so significant that this transition moves with the speed of light. 

The subsidies will indeed end – they have ended in other once world’s biggest markets in the – say Germany for example. But this is the natural development of every new industry. Coal was (and unfortunately in some countries still is) driven and developed as an industry by heavy subsidies by governments. Nuclear as well. Now governments all over the world (including China) realize that the best way going forward is renewables. And solar is by far the fastest growing renewable energy source, with fastest adoption rate in new geographies, fastest reducing CAPEX. So when the subsidies do disappear completely, the industry will already be mature and strong enough to compete against all other energy sources. In fact in 2018 the most installed energy capacity is from solar and this is also the year of biggest FiT reductions, import tax duties and anti-dumping measures worldwide. It was quite messy year for everyone and yet 100 GWp of solar was installed. 

The simple truth is – solar is already unstoppable. PPAs of 2 cents per kWh in the Middle East for example are unbeatable. If you look at the growth of the industry in the last 10 years and apply the same formula, in 12 years from now 100% of the global energy generation could be supplied by solar. Of course this can sound like a dream to many, but some 10 years ago when I got onboard of the “solar coaster”, it was a dream to have solar competing with conventional power. And today this is the reality not only in China.

Which markets does Hexagon Peak see the most growth potential for renewable energy? Emerging markets like Southeast Asia or more established markets (US, Australia, Europe etc.)?

In the next 5 to 8 years we will be only focusing on Asia Pacific and on solar alone, so I wouldn’t make comments on Europe and the US or other renewables. 

In Asia in the short and mid-term the most attention will be on the mature markets – Japan, China, India and Australia. India’s government will have to achieve its goals eventually and it’s local solar industry has already proven it is strong enough to survive all sorts of turbulence.

Japan will be turning into direct bilateral PPAs due to the parity in energy tariffs of industrial and commercial entities with national FiT. So it will not make sense any longer to literally tear off mountains in order to build solar, which was the case till now.

Australia is a hype with huge projects, which will cool down eventually, but it will remain a strong market in the next 3 years due to perfect economics for rooftop solar in particular. I’m personally not so excited about the merchant models and all other gymnastics around securing an energy off-taker for large farms, simply because it is a risky venture.

And China will remain world’s biggest market at least until the so long awaited consolidation takes place and the government steps back, which is already slowly happening as mentioned earlier. 

In the long term Southeast Asia will be in darker shade on the solar map. Vietnam is setting the path, although it’s industry development reminds me a lot of this in the Philippines unfortunately, where explosive pipelines create the feeling within the local authorities of overgenerous subsidies, which is definitely not the case, due to the relatively high risk with the PPA of EVN. The other countries of the Mekong region will have to move towards solar sooner than later, because it doesn’t make sense any longer to have people living without access to electricity, while we have all the flexibility in sizing and locating solar and micro-grids where and when it is needed. 

What do you think the next 5-10 years will look like in the solar energy and tech space?

Smart energy management and micro-utilities are the future. As of today there are over 150 companies worldwide investing in blockchain technology for energy related matters. In 10 years we will probably have very high efficiency, smart modules, with integrated battery and inverter capabilities.

The transition into decentralizing energy is already happening and the grid networks will have to start adapting to the new reality. There will probably be energy hackers. Who knows. In our industry you can hardly plan even next quarter.  Let’s see. It is exciting.

 

08. Dec, 2018 | Interview: REC talks rooftop solar and quality focus in India

pv magazine: Rooftop solar is a big market for REC. What is your position on rooftop installations in India?

Milan Koev: REC globally is known for its strong footprint in the solar PV rooftop market, and we have continued to add more customers in that segment. The company is actively diversifying its geographical reach, as well as enlarging its customer base, leading to 66% more customers in Q1-Q3 2017, compared to the same period in 2016. In India, rooftops are the focus area, already comprising half of our shipments to the country and growing most swiftly. The C&I [Commercial and Industrial] segment remains key to us and residential is slowly picking up pace as well.

For a captive consumer who is looking for a reliable and consistently high performing system, REC is a natural choice, as we have one of the lowest warranty claims (well below 100 Parts Per Million) along with the highest watt classes in the Multi PERC technology segment.

Though the targets set by the government of 40 GW grid connected rooftops by 2022 currently looks unrealistic, it’s only a question of time when this pace will grow exponentially as for most of the C&I customers the question to ask is no longer “Why solar?” but “When? & How much?”.

India is considering revising its solar rooftop target, from 40 GW to 20 GW, which is still a bold goal. With 1.7 GW of C&I rooftop installations already complete, do you think it is a good time to ramp up your presence in India?

The rooftop market is an organic one, it cannot have a top-down approach like the utility side where the government can deploy a lot of ways to push it. Here the growth will peak once end consumers are educated on the clear business case, the ROIs [Return of Investments] are definite and the pay-backs shrink. And this is exactly what’s happening in the market now, where you see that curiosity is consistently getting converted into demand.

At REC we are very clear that we are a significant player in this attractive market and cater to customers who care about quality and high performance, and also understand that solar is a long-term commitment of 25 years where reliability plays a key role.

How about installations in the residential sector? What is your strategy for this market, do you think it is valuable for REC?

India is a vast country with huge potential in the residential side. There are different categories of customers in this segment, which differ vastly in their preferences. The good change is that solar is something that has caught the fancy due to a lot of government visibility in the last few years. Though for the market to really pick up is still some time away, but according to our internal estimates and external forecasts this should happen by 2019.

Customers with available space on roofs and in the high-income category would be the first to adopt solar, as it makes a good business case for them. As residential tariffs are tied to the consumption level, and higher slabs have higher tariff rates, the annual electricity bills spiral due to central air-conditioning for summers that now lasts for almost nine months. We have clear strategy to reach the end-consumer in this segment, with our distribution partner Redington.

How do you compete with Chinese module manufacturers, who offer cheaper prices than other Indian or European manufacturers?

By not competing on price! We are educating, informing and making the end consumers aware of the technological differentiation and unique partnership approach of REC. As more customers opt for solar for commercial reasons, we become the natural choice for those who are looking at the lowest LCOEs with a proven track record in the Indian conditions, and coupled with one of the lowest degradation and warranty claim rates, the customers feel completely convinced because their investments are secured.

Our approach has been confirmed by our numbers, as we have grown at 150% CAGR [Common annual growth rate] in the last three years and have a whopping 85% customer retention rate in India.

Article by: pv magazine