Lead-acid battery manufacturer Exide Industries has entered into equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.
As per the agreement, Exide Industries has picked up 26-30% equity stake in CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra—three special purpose vehicles formed by Cleantech Solar Energy to set up captive solar power plants for Exide Industries’ factories in Tamil Nadu, Haryana and Maharashtra.
Exide will procure energy for its Hosur factory, Bawal (Haryana) factory and three factories in Maharashtra from the captive solar plants set up by CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra, respectively.
Cleantech Solar is a solar energy solutions provider for corporate customers in Asia. It finances, constructs, owns and operates solar projects for commercial and industrial sector.
In November last year, it entered into new solar operations and maintenance (O&M) contracts with Alectris, a global solar asset care innovation firm. As per the agreement, the Alectris India team will handle solar O&M for an 8.6 MW rooftop and ground-mount project in Hyderabad, India for Cleantech Solar.
OPEX model growing fast
Commercial and industrial consumers dominate India’s rooftop solar market with 70% share, while residential segment continues to lag with a share of only 9%–according to a Bridge To India report for the twelve-month period ending September 2018.
Operational expenditure (OPEX) model, where third party solar developers own and develop projects on customer sites, is still growing faster than the rest of the market and added 559 MW capacity (35% market share) during the period.
Cleantech Solar, CleanMax Solar and Renew were the top three Opex players with a combined market share totaling 45%, as per the BTR report.