“Vibgyor Energy was founded based on the convergence of several driving factors identified through an assessment of both the energy market and environmental considerations. We acknowledged the growing challenges experienced by industrial, commercial, institutional, and logistic power consumers due to the rising costs of grid power. Furthermore, we were deeply concerned about the environmental consequences resulting from the ongoing reliance on fossil fuel-based energy sources, which contribute to climate change and pollution.”
In a conversation with Entrepreneurs Today, Ishaan Gadhoke, the Executive Director of Vibgyor Energy, walks us through what propelled the founding of that company and the impact that it has had to this date.
Launched in 2013, Vibgyor Energy has become a leading provider of solar solutions in India. It serves industrial, commercial, institutional, and logistical customers seeking to reduce reliance on carbon-emitting power. Vibgyor Energy offers effective solar options for deep decarbonization and maximizing green energy utilization.
Ishaan proudly shares that the company recently completed a significant project, commissioning a 4.2 MWp rooftop solar project for an industrial client in Bihar. The project covers an impressive area of 44,000 square meters with an installed plant capacity of 4227.6 Kwp. Utilizing state-of-the-art GROWATT inverters, this project is estimated to save approximately 51,000 tons of CO2 emissions annually.
Creating an impact
They are creating an impact by driving deep decarbonization, empowering clients economically, offering comprehensive solar solutions, adopting a client-centric approach, envisioning a sustainable future, and promoting innovation and adaptation in the energy sector.
The company actively contributes to reducing carbon emissions by transitioning clients to solar power, helps businesses and institutions achieve cost savings, provides end-to-end solar services, customizes solutions based on client needs, envisions a sustainable energy ecosystem, and stays at the forefront of industry advancements.
Services provided
Vibgyor Energy provides a comprehensive range of solar services. They assess clients’ energy needs, optimize green energy utilization, and offer site surveys, feasibility studies, design and engineering, system maintenance, and various options for financing.
In addition to that, they specialize in rooftop, carport, and ground-mounted solar systems, catering to diverse industries such as healthcare, hospitality, FMCG, automotive, and education. Vibgyor Energy offers catered need-based solutions for their clients and strongly believe in providing long term value creation for their clients.
They also assist companies in documenting their carbon footprint and implementing carbon mitigation strategies. Their expertise extends to on-grid, off-grid, and hybrid systems, allowing them to serve diverse industries such as healthcare, hospitality, FMCG, automotive, industrial chemicals, commercial centers, and educational institutions.
A leg over the competition
We asked Ishaan Gadhoke what sets them apart. He reveals,
“We stand out with our unique CAPEX solar plant solutions, maximizing space, sun exposure, and long-term generation viability. Clients can expect an annual ROI of 40% and benefit from accelerated depreciation and subsidies. Vibgyor Energy handles the entire O&M process and enables clients to export excess power through net metering. We also offer Equity/Debt financing option, requiring only a 30 to 50% customer contribution for project commissioning.”
Ishaan further explains that, in contrast to the CAPEX model, Vibgyor Energy offers an alternative approach. They invest and install a solar power system on the client’s property, entering into a “Pay & Use” contract. Clients can enjoy solar energy without upfront investments and significant cost savings. Depending on capacity and credit score, they can receive 10% to 15% savings on state grid power costs. After fulfilling the minimum contract period, clients may even gain free use of the solar plant.
Also, they provide discounted solar power to industrial and commercial clients through their solar park. They ensure a reliable power supply and handle monthly billing. Clients need to invest a minimum of 7.8% and sign a long-term power purchase agreement to access the benefits of this arrangement. This model also addresses energy supply shortages by offering unrestricted access to the solar park.
Lastly, Ishaan also adds,
“We also excel in monitoring, managing, and controlling solar plants from the client’s site. They employ advanced operation and maintenance practices, ensuring long-term ROI. This comprehensive approach includes operations management, maintenance management, and remote monitoring. Vibgyor Energy’s technical expertise and proactive approach ensure seamless energy consumption for clients.”
Celebrating feats
Over the last few years, the team of 30+ experts have installed over 40 MW of solar capacity across diverse projects, with a cumulative experience of 200 MWp. Their successful execution spans more than 40 rooftops. Notably, their installations have generated over 100,000 MWh of clean energy, making a significant contribution to carbon reduction and a sustainable future.
Moreover, Vibgyor Energy is trusted by renowned companies across multiple business segments including but not limited to healthcare/Hospitals, Food & Beverages / FMCG, Automotive, pharmaceuticals, commercial centers and educational institutes which attest to Vibgyor Energy’s reputation.
They have undertaken projects in various states including Punjab, Rajasthan, Uttar Pradesh, J&K, Uttarakhand, Rajasthan, Chandigarh, and New Delhi. Through their advanced, reliable, and cost-effective solar energy solutions, Vibgyor Energy is making strides in mitigating rising electricity expenditure.
Navigating troubled waters
During its early years, Vibgyor Energy encountered several challenges in the solar industry. Firstly, the market lacked perception and awareness of solar energy’s benefits, making it difficult to convince potential customers of its long-term advantages. The high initial costs of solar panels and equipment acted as a deterrent for many interested adopters.
In addition, the regulatory environment was less developed, resulting in challenges related to permissions, subsidies, and grid interconnection. Limited financing options, competition with conventional energy sources, a skill gap in the workforce, technological constraints, supply chain and logistics issues, and policy uncertainty further complicated their journey.
Mitigating risks
Vibgyor Energy’s journey so far has not been easy, and at every step, they have had to mitigate the risks that come with operating in the domain.
Some ways they manage risk in the solar EPC business are through comprehensive feasibility studies, regulatory compliance, quality assurance, customized solutions, a diverse portfolio, a skilled workforce, financial risk management, operations, and maintenance services, insurance, and contract management, staying updated with industry trends, and stakeholder communication.
It also takes a lot for them to keep up with the ever-changing trends and advancements, and they stay up to date with industry trends by participating in industry events, conducting market research, forming collaborations, investing in training, engaging with customers, monitoring policy changes, prioritizing innovation, and R&D, utilizing data analytics, and keeping an eye on global market trends. These practices allow the company to enhance its services, improve efficiency, and meet the evolving needs of clients in the dynamic solar energy industry.
Future looks bright
Vibgyor Energy has ambitious future plans that include expanding into the open-access solar domain. They have already secured the necessary approvals and land for a groundbreaking 30 MWp open-access solar project in Uttar Pradesh. This venture will enable bulk consumers to directly procure electricity from solar power producers, contributing to India’s sustainability objectives.
At the same time, Vibgyor Energy remains committed to growing its rooftop and ground mount solar EPC divisions. They recognize the importance of these segments in making solar energy accessible to a wide range of consumers and aim to catalyze solar adoption through continuous innovation and exceptional service.
“We are eager to be a part of India’s transition to a more sustainable and greener future, and our endeavors are aligned with this vision.”
