SunAlpha Energy Pvt Ltd

SunAlpha Energy Pvt Ltd: Making solar adoption easy

Jaipur, IndiaNew Delhi, India
Year Founded:
2014
Organization type: 
for profit
Project Stage:
Growth
Budget: 
$1,000 - $10,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Rising electricity costs hurt you, your business & your shareholders. Is there a low-cost, hassle free solution for you? Solar leasing helps you adopt solar energy at your point of consumption at zero upfront investment, achieve sustainability, add value to your property & save energy costs.

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

What if you could leave the planet a healthier place for your children and reduce your energy footprint while you're around?
About Project

Problem: What problem is this project trying to address?

Burning fossil fuel is a conventional, polluting, inefficient & expensive way to generate electricity for mass consumption. Burning coal is an environmental hazard fuelling the climate change argument. High T&D losses, power theft & expensive coal digging - all of them lead to high landing cost of power for end consumer impacting business profitability & increased per-capita carbon footprint. Power sector needs disruption in how we consume power

Solution: What is the proposed solution? Please be specific!

Finding an alternate source of energy that is clean, cheap & sustainable. Solar cells use an abundant, free & non-discriminatory source of power - sun. However, assembling a solar plant is capital intensive. Converting solar from a product to a service where the end consumer pays for the power the system produces instead of the panels itself, pay lesser per unit of electricity compared to utility tariff, reduce grid dependency by generating own captive power, reducing the burden on local generating company & hedging for future utility tariff hike incentivises one switch to solar energy as a long term solution without locking in large upfront capital.

Awards

TiE (The Indus Entrepreneur) Mumbai Smasher Award for 2015; http://yourstory.com/2015/10/sunalpha/
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

Recently, TERI University (The Energy & Resources Institute) headed by Dr. RK Pachauri (Nobel Laureate, IPCC, United Nations), switched to solar energy on a solar leasing model by SunAlpha Energy. http://eqmaglive.com/EQ-ARTICLE-35098-TERI-University-switches-to-solar-energy-with-SunAlpha-Energy.html Impact: 67,000 kWh of solar energy per year, 250+ students consume clean energy everyday in classrooms and hostels, 1.5 million expected units over long term, offsetting 1,344 tonnes of carbon emissions & energy cost savings to TERI of INR 15 million at zero upfront investment. The project employed 8 blue-collared employees for plant construction and 2 trained labor for operation & maintenance.

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

Together with its Singapore extension (Raghav's, founder SunAlpha, extended family business), the company boasts 700kWp of operating assets across SE Asia. In India, SunAlpha Energy has raised INR 10 million for the first 100kWp of solar leasing projects in India, successfully invested and constructed the power plants generating 0.15MWh of clean energy every year for the next 25 years. The company has a healthy pipeline of 10MWp of solar PV installation through the FY E2016, with over 5MWp on zero-capex leasing model in addition to leveraging SunAlpha's deep project management knowledge to provide project management consultancy services for an upcoming 500MWp investment in the state of Punjab, India next year (initial talks).

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

SunAlpha's vision is to become the go-to solar company in India, providing its bouquet of services of financing, engineering & constructing high-quality on-site solar power plants across consumer types of residential, industrial & commercial power consumers by way of innovative financing such as third-party funded power purchase agreement, system hire-purchase & system lease, home & car loan integration and solar bonds. Build technology for scientific customer acquisition platform, process automation, off-site feasibility studies & standardisation of engineering solution helping wider outreach
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

Solar power purchase agreements ensure a continuous & predictable stream of high-quality & insured future cash flows from the sale of solar power to the consumer, enabling future portfolio securitisation and access to progressively lower cost of capital. Improving supply chain & reducing soft costs, Economy of scale & pipeline funding will facilitate holding profit margins as the sector becomes commoditised as competition picks up.

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

The market is flooded with companies providing engineering solutions & consultancy. However, limited options are available for accessing 100% finance for one's captive solar plant. SunAlpha, together with its proprietary & third-party raised equity capital, helps bridge this gap providing turnkey solution to end consumer leaving no excuse on the table to not to go solar. This way or that. With an innovative Solar Leasing business model that offers clients zero-cost rooftop Solar, we are changing the game for urban solar adoption in our home - India.
Team

Founding Story

Raghav worked in the power and utility sector selling US corporate bonds; basically selling something he had never seen. That sparked the yearning in Raghav Mittal to take a three-month sabbatical to go on trips, hike and clean the slate to figure out his next career move. He wanted to do something that was tactile and made socio-economic impact. Solar always intrigued him and the way the Indian solar story took off in 2010 was utterly fascinating. The idea of converting solar from product to service hit Raghav hard and that was that. Singapore business took off first and the success there led to establishing India office in late 2014.

Team

1. Mr. Raghav Mittal (Director & CEO): Raghav has an extensive investment banking career in India and New York with Deutsche Bank where he advised his investment grade clients on M&A financing, debt origination, global funding execution strategies, liability management, loan syndication & interest rate risk management in Power, Utility & Industrial sectors worth deals over $15 billion. He helped establish and grow Deutsche Bank’s global debt origination synergy programs in India, UK and USA led by the bank’s Group Executive Committee. Raghav is an IIT Madras graduate where he majored in Mechanical Engineering and holds a minor in Financial Management from the Department of Management Studies. He's considered a leading thought leader in the field of solar leasing regularly addressing TERI & MNRE (Ministry of New & Renewable Energy) conferences. 2. Mr. Rikhav Parikh (Director & CFO): An entrepreneur at heart, Rikhav has previously founded companies in the Energy and Chemical sectors in the USA and India. A semifinalist at the MIT Clean Energy Entrepreneurship Prize in 2010, he was also recognized by the US department of Energy for transforming a seed stage company to one of the most promising start-ups in clean technology for 2010. Rikhav was also leading research efforts in regional energy portfolio selections at the Georgia Tech Research Institute (GTRI). Rikhav is a Chemical engineer with a M.S. in Industrial and Systems Engineering from Georgia Institute of Technology, Atlanta, USA. He is also a candidate in the CFA program.  3. Mr. Sidhant Lalla (Business Development): A young gun, Sidhant is a spirited solar energy advocate and an enthusiast. He has extensive knowledge of the Infrastructure sector of India. He is a gold medalist MBA with a dual major in Finance and Marketing from TERI University, New Delhi. 4. Mr. Sam Goyal (Board of Advisory, Shareholder, Founder & CEO at Solar Horizon Singapore): Sam is a seasoned solar industry professional who has previously led India market operations at SolarWorld Asia-Pacific, Germany’s leading panel manufacturer. A passionate entrepreneur, Sam has helped establish and grow multiple ventures in New York, Singapore, and prior to Solar Horizon, a solar-leasing company in India. Sam holds a Masters degree in International Business from the University of London and has completed a specialist Cleantech Ventures program at MIT Boston. Sam considers Singapore his home, where he’s been based since 1993. 5. Dr. Amit Kumar (Board of Advisory, Dean, TERI): A senior fellow at TERI, Mr. Amit Kumar has worked in renewable energy space for over 32 years. He oversees REEEP (Renewable Energy And Energy Efficiency Partnership) South Asia Secretariat’s activities in the region. 6. Mr. Mukund Santhanam (Board of Advisory, Director at Deutsche Bank India): Ex-IIT Madras (Indian Institute of Technology) and Ex-IIM Ahemdabad (Indian Institute of Management), Mukund currently leads MNC funding at Deutsche Bank. Future plans include expanding team by adding regional sales heads, backward integration of procurement & construction services, setting up 24X7 hotline as part of asset management services & trained technicians for in-house operation & maintenance services.
Background
Please confirm how you heard about the Unilever Awards:

Twitter

Please confirm your role in the initiative (eg Founder/co-Founder) and your organisational title:

Founder / CEO

Which of the 8 UN Global Goals (Sustainable Development Goals) pre-selected for this competition does your solution relate most closely to? [select all that apply]

Affordable and Clean Energy, Climate Action.

Leadership and the Unilever Awards
Please provide examples of any previous entrepreneurial initiatives you have pioneered.

1. Raghav Mittal - He helped establish and grow Deutsche Bank’s global debt origination synergy programs in India, UK and USA led by the bank’s Group Executive Committee. At IIT, Raghav founded the first investment workshop in the annual technical festival, Shaastra, 2008.

2. Rikhav Parikh - Rikhav has previously founded companies in the Energy and Chemical sectors in the USA and India. A semifinalist at the MIT Clean Energy Entrepreneurship Prize in 2010, he was also recognized by the US department of Energy for transforming a seed stage company to one of the most promising start-ups in clean technology for 2010.

3. Sam Goyal - Founded an IT Security Sales & Distribution agency for US based start-ups seeking APAC market entry & business development before entering solar industry & founding Solar Horizon Pte Ltd.

Beyond your existing team, who else are you working with to achieve your objectives, eg partners, advisors, mentors?

SunAlpha's extensive partner & client eco-system includes leading system integrators, sustainability consultants, component suppliers, owner’s engineers, banks, NBFCs and knowledge partners in India and Singapore. The Company has a strategic tie up with Mumbai, India based owner's engineering company, Excelsior Engineering with over 80MWp of solar PV experience for all its engineering requirements.

SunAlpha operates out of Delhi and Mumbai offices in India with a pan-India network of channel partners and business development associates.

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