Seven-year-old Kor Energy India was formed precisely to address the need to cut electricity expense by leveraging the benefits of solar energy. The company, founded by Sushil Kumar Sarawgi and Priyanka Mohan, deals with design, procurement and construction of solar power plants. It also provides third-party consultancy services related to design, inspection, project management, audit and financing for solar power plants.
According to a report by clean energy communications and consulting firm Mercom India, the country’s cumulative solar rooftop installations reached nearly 4.4 gigawatt (GW) by 2019 end. The report said that last year large-scale projects contributed for 85 percent of installations with 6,242 MW and witnessed a 7 percent year-on-year decline. Here, rooftop solar projects accounted for the remaining 15 percent adding 1,104 MW, a 33 percent drop year-on-year.
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The co-founding duo had previously worked together in the area of mergers and acquisitions services. “In our previous firm, we came across many deals pertaining to renewable energy, which made us look into the sector and particularly solar industry space. We realized there are still very few players in the market that can cater to rooftop solar space in a professional way with service orientation, especially to small and mid-sized commercial and industrial segments,” Mohan told ET Digital.
He explained that most times nearly 70 percent of total working capital of the industrial sector is spent towards electricity bills, however, use of rooftop solar can help in saving up to 80 percent of monthly electricity charges, resulting in higher operating profits to Industries.
Kor Energy offers customised solutions as per electricity requirement of an establishment. From designing the system to installation of the rooftop solar panels, the firm takes care of everything. Apart from rooftop solar panels, Kor Energy also supplies and helps in installation of Solar and Wind Hybrid Lighting Systems.
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“In the last one year, Kor Energy has completed installation of total approx. 3.5 MW solar power plants and procured orders for approximately 13 MW solar power plants to be installed at 300 sites across the country,” he said.
According to Mohan, it took a while for Kor Energy to make its presence felt in the niche market of solar energy. Bootstrapped, the company initially faced challenges in managing working capital. With a team of 30 employees, the company has still not taken any external funding.
“We are considering looking for external equity soon and going public in the next few years,” he said.
Kor Energy, today, is present with over 50 installations in the commercial and industrial segment across India and is likely to cross 500 installations by March 2021, including work in government buildings.
The firm now looks forward to expanding its presence pan India and overseas. “We are aggressively bidding for good projects and we plan to become one of the dominant players in India in rooftop and captive solar plants by March 2022,” Mohan said. With a CAGR of 588.54%, Kor Energy is Indian’s second fastest growing MSME.
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