Interviews

Energy Outlook Exclusive Interview with Mr. Vineet Mittal, Director, Navitas Solar

Mr. Vineet Mitta, Director, Navitas Solar

First of all we would like to know about Navitas Solar.

Navitas Solar was incorporated in 2013 with a vision to provide adequate and affordable energy for all. The solar energy field had gained quite a traction in the preceding years and the time coincided with the phase in personal lives of promoters involved to float own venture, second generation of already established family businesses in fields of textile, real estate, construction material and power sector.

Navitas Solar is a story of three business families and our wonderful employee team coming together to fulfill our mission to contribute in world’s ever growing energy need by providing affordable solar electricity.

 

Kindly share about your background and how did you enter in clean energy business?

I come from finance background having CA and CS qualification along with MBA in Family Managed Business. During the MBA, I met Mr. Sunay Shah and our friendship hit off instantly as we both were looking at a business plan in manufacturing for our expertise in respective family businesses lied in manufacturing. When we were scouting probable sectors to start our venture, we were joined by our mutual friends Mr. Ankit Singhania and Mr. Aditya Singhania and looking at the immense opportunity to do something in the field of clean energy, PV Modules manufacturing came up as something that we all were excited about.

Kindly share the segments in which Navitas Solar is operating and market presence as well.

Currently, we are focused on distributed solar segment as it is one of the major focus areas of GoI and also more effective way to solve energy access problem in our country as well as in the whole world. We are working on 2 projects in Nigeria with Solar PV plus storage technology.

We are a forward integrated entity and provide solar energy technology solutions which can be turnkey solar power projects and public lighting using Solar PV Modules which we manufacture in our state of the art facility with production capacity of 200 MW per year at Surat.

Navitas Solar is present across nation in India with warehouses and offices in all regions and a wide distribution network. We’re also exporting and present in East and West Africa and looking to establish presence in Gulf and Middle East.

 

Kindly share the major projects undertaken by Navitas solar in India?

We’ve been rewarded for our exceptional service by our clients and getting repeat orders from a company like L&T underscores that. We have executed module supplies of more than 75 MW in 3 years of active operation including in turnkey projects undertaken by us. Each site that comes live either big or small makes us feel good equally but that said we are happy to see our modules installed through our customers or own projects in reputed places like Delhi Metro, Alliance Francaise de Delhi, Amer Fort, Jolly Grant Airport, Tehri Dam etc.

What is your expectation from your company in next 5 years?

We are looking at significant growth in our company’s scale mirroring the growth in solar energy sector. We are working on plan to become a fully forward integrated company to become an energy supply company and backward integrating it to starting manufacturing solar modules from the raw material level in line with GoI’s policies.

 

Government targets 175 GW of clean energy by 2022. What needs to be done in this regard and how your company looks forward to this target?

The target is immense and it requires close coordination and coherency in factors like policy support, investment and economic conditions. To achieve the target, clear path in policy needs to be outlined with long term growth objective in mind. For example supporting mechanism like feed in tariff is being replaced by auctions due to pressure from public and it has led to decline in investment in big renewable energy investment destinations like UK, Germany and Japan. Similarly, if incentives like net metering are discontinued and we continue on path of aggressive auctions, sustainability of progress may be qualified.

We form our strategy looking at the target and the progress our country is making to achieve that target. Presently, we are hopeful of continued growth and progress and expanding our capabilities accordingly. We have set milestones for ourselves and upon reaching one, we start to work on achieving the next one.

 

MNRE claims “Solar capacity increased 370% in the last 3 years from around 2.6 GW to more than 12.2 GW”. Is this growth sufficient enough to reach 100 GW of solar power by 2022?

We need to read between the lines to actually judge the numbers presented. While it remains true that there is a significant jump in overall capacity but the target is bifurcated into two segments- one is utility scale and another is distributed scale. Former holds 60% share in the overall target and it is the one driving the growth at the moment whereas latter is seeing sluggish pace as compared to what is required to achieve the target. If remedial measures are not identified and implemented, there is a risk that we may have to either alter or miss out on the distributed segment target.

 

Solar tariff reduced to Rs 2.44. How do you see this reduction?

This reduction is due to many factors involved in asset financing such as payment security, falling price of equipment and cheaper institutional capital coming in picture earlier in a project cycle than generally expected. It is however interesting to witness such low number as Indian auctions do not consider inflation indexing of tariff discovered.

 

Are the government policies helpful in promoting rooftop solar in India?

Government has tried to create the environment getting the sector moving and we commend them for getting the sector up and running. Having travelled the road so far, sector has faced a few challenges and now is the time to work out on streamlining issues and ironing out policies on macro level to channelize flow of investment in the sector.

 

Apart from India, which market do you see as growing market for clean energy?

Apart from India, we are seeing Middle East and Africa as growing markets with few countries coming up good on the renewable energy scene with good and clear policies. A few countries in Latin America are coming up as good markets.

 

Closing comments for our readers.

Navitas Solar is playing its part in the solar energy story of India and committed to take it to the world and urge readers of Energy Outlook to play a role big or small in making our planet a good place to live and limiting damage to the environment. Climate change is the most urgent threat which our planet is facing. Let’s work together to tackle that.

 

Vineet Mittal
Director- Sales and Finance

Mr. Vineet Mitta, Director, Navitas Solar
Mr. Vineet Mittal, Director, Navitas Solar

Mr. Vineet is a Chartered Accountant, Company Secretary and a Cost Accountant by qualification and has been All India Rank Holder at Company Secretary and Cost Accountancy examinations. He has also completed his MBA from S.P.Jain Mumbai in Family Business Management. His strength lies in finance, networking, & new business development. He has different business experiences in the fields of Polyester-Film, Construction Materials, Textiles and renewable energy sector. He is the promoter- Director of Navitas Solar and has been a driving force in setting up of the manufacturing facility. He has been associated with the strategic financial planning, developing relationships, promoting the brand, building the team and developing national as well as international sales.

 

About Navita Solar

To believe in sustainable development and to shift to sustainable energy resources has become imperative in the wake of ever-increasing global energy needs. To address this requirement, Navitas Solar has embarked on a strategic plan to build its business in solar energy. It’s the latest venture into renewable market by a group of companies having a glorious history of over 40 years in engineering and manufacturing activities.

Navitas Solar is the manufacturer of the state-of-the-art mono/multi crystalline solar photovoltaic (PV) modules which supply sustainable solar electric power to both on-grid and off-grid residential, commercial as well as industrial establishments. Apart from providing the panels we also provide a complete lifecycle of solar power solutions and our expertise now includes developing, installing and constructing solar power plants.

 

With a 200 MW installed production capacity, we have aims to come up as one of the largest manufacturers in India as well as spread our reach in the global market.

 

Solar power industry is one of the fastest growing industries in the world today. We are determined to mark our footprint on the global solar energy market and tap into every possible resource we come across, to live in a better world where we rely on nature to meet our energy requirements and thus build a future for our coming generations to cherish.

Customer satisfaction is considered to be the first priority in our organization. Navitas Solar is known for its innovation, technology, skill and dedication. This will translate into high quality, reliability and longevity of the solar modules produced.

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