Energetica India Magazine December 2020

Revayu Energy Raises Equity Funding from UK- based Investor India to Bank on InnovativeWays to Garner Rs1.75 Lakh Cr Investment for Renewable Sector: SPDA Revayu Energy, a clean tech start up offering hybrid energy solutions, has raised equity funding from an UK-based investor. The USD 5 million company have started the campaign for crowd funding and recently finished its first international source of funding, and is targeting to raise another USD 0.5 million from crowd funding sources till March 2021. However, the company didn’t disclose the funding amount and the name of the investor. It is planning to use the funding amount for the upgradation of its products, to setup an AI-based software to enhance the operation & maintenance (O&M) experience, automate the maintenance activities and to increase its presence. Commenting on the funding plans, Prateek Gupta, Founder & CEO of Revayu Energy, told to Energetica India that “ongoing pandemic has hit the sector and slowed down the process. However, we are still growing and trying to cope up with the new normal. We hope to achieve our target of 0.5 million USD investments till March 2021. By that time, we will also be closing our leads on various new contracts for our company. There is no minimum investment amount that is mandatory in crowd funding. Anyone can invest any amount and can be part of the company and its growth.” Gupta further added “nothing can give more satisfaction than having the people showing confidence in your venture. Our focus is to create a model that allows us to scale, deliver hybrid solutions faster and create a sustainable business model.” “Currently we are poised to grow minimum 4-5 times our existing revenue in the upcoming financial year and hence ideal time for investors to attach with us and grow along with us,” said Siddharth Arora, Director & CFO of Revayu Energy. He further said “to ensure steep year-on- year growth for next 5 years, we have few more niche renewable energy products in pipeline for scaling up our globally recognized telecom tower top solution.” India will have to look for more innovative ways to garner additional investments worth Rs 1.75 lakh crore for having 35 GW of renewable power generation capacity next year to meet the ambitious target of 175 GW of clean energy capacity by 2022. At present, the country has a total installed renewable energy capacity of 90 GW, including 39 GW of wind energy and 37 GW of solar power generation capacity. Around 50 GW of renewable energy capacity is under construction and there is also a strong pipeline of 30 GW for new bids. “There is a fund requirement of Rs 1.75 lakh crore to achieve the balance capacity of 35 GW (under bidding/ to be bid out/ auctioned) to achieve an overall target of 175 GW,” director general of Solar Power Developers Association Shekhar Dutt told PTI. He also said that implementation of renewable projects and innovation in tendering them to attract investors would play a key role in 2021. According to him quoted PTI that, India needs to design innovative tenders with the inclusion of wind, solar and energy storage to ensure that renewable can replace fossil fuels to a great extent. Further, solar power tariff dropped to an all-time low of Rs 1.99 per unit in an auction of projects of 500 MW capacity by Gujarat Urja Vikas Nigam Ltd (GUVNL) in December. Now, in order to maintain the momentum, the government will have to be more proactive and innovative to attract investors into the sector. Dutt said that agencies implementing renewable energy projects are facing challenges with respect to signing Power Sales Agreements (PSA) for around 16 GW with discoms and electricity procurers. NEWS INVESTMENT/FINANCE 17 energetica INDIA- December_2020