The platform has already delivered 5MW of energy to a range of companies in Southern India and Rwanda. The platform also shared that it has received Rs. 10 crores in funding from Ramez Naam (Co-Chair of Energy and Environment at Singularity University) through an AngelList Syndicate and from Mount Meru Group, a leading African business conglomerate
November 11, 2019. By News Bureau
Distributed Energy has announced a one of its kind platform that connects credible renewable projects with investors. After comprehensive due diligence on several metrics is performed, energy customers have their fundable projects listed on its marketplace. Investors can explore and express interest in one or more of these at the click of a button. The platform has already delivered 5MW of energy to a range of companies in Southern India and Rwanda. The platform also shared that it has received Rs. 10 crores in funding from Ramez Naam (Co-Chair of Energy and Environment at Singularity University) through an AngelList Syndicate and from Mount Meru Group, a leading African business conglomerate.
Distributed Energy has been co-founded by Mathew Mazhuvanchery, Ruchir Punjabi and Sudhakar Kadavasal.
Talking of the new platform and its relevance for India, Mathew Mazhuvanchery, Co-Founder, Distributed Energy, said, “India is among the most promising renewable energy markets in the world – especially in Solar. We have one of the most refined supply chains in solar energy. However, access to capital to Indian companies for solar is limited. We believe that the platform, by opening up a new, reliable channel for investors, will help unlock capital and thus accelerate the deployment of renewable energy across India. The primary reason why the platform has gained quick traction is due to the economics of the model that works for both parties.”
Ramez Naam, Co-Chair of Energy at Singularity University and an Angel Investor, added, “We have seen the platform model work well in distributed solar in other parts of the world. There’s a huge opportunity to bring the same solar model to commercial and industrial customers in India and Africa, saving customers money, and earning a return for project backers. Distributed Energy’s co-founders are seasoned entrepreneurs, and they immediately impressed me with their knowledge and vision for solar in the region.”
Ministry of Renewable Energy through National Solar Mission of India has set a target of achieving 175 GW of installed renewable energy capacity by the end of 2022 of which 40 GW is from Solar rooftop. Most of this 40GW will be funded by private investors. The platform plans to push for projects with standardized design and using certified engineers and equipment. After the project starts generating power, it will also manage the distribution of returns. The returns on these projects is usually in excess 16% over the length of the power purchase agreement.
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