As the world shifts from a strongly fossil fuel energized ecosystem to one which relies more on clean energy resources, PARAM Renewable emerges as a market leader in the Operation & Maintenance (O&M) Service segment of Solar and Wind Power Assets. Another initiative from the founders of the Gensol Group, PARAM Renewable is a relatively new company, founded in 2019, having its headquarters in Ahmedabad & regional offices in Bangalore, Delhi & Pune.
Under the leadership and guidance of an experienced veteran in the field of solar energy, Mr. Puneet, Founder of Param, it is already making massive strides in the market providing various modes of O&M offerings to the customers. The leadership team of Param Renewable has a collective experience of more than 100 years of providing O&M services across Solar & Wind projects. Currently, Param renewable manage portfolio of close to 4000 MW & is one of the largest independent opera¬tors of Clean Energy assets in India.
Solar Energy has been in the front and center of Electricity Grid transition to Clean Energy for the past decade and many Independent Power Producers (IPPs) are constantly striving to make this energy available and accessible to industries, businesses and residential complexes. Recognizing the harm caused by burning of fossil
fuels, alternative sources are being sought and utilized. “In 2010, India had less than 161 megawatts of solar assets where as now it has more than 54,000 megawatts of solar assets. So there is a 350 fold jump that has happened in the last 12 years”, emphasized Puneet.
Progress of the Industry
Around 2010, solar energy generation and the costs for setting up a solar power plant were close to $2.5 million per megawatt. Fast forward to 2015, the costs had significantly come down $1 million for the same. This was a direct result of declining costs of solar panels, which in turn lead to the expansion of the markets. As more project capacity came up in India and other similar countries, we came across a phenomenon known as Grid Parity. Grid Parity is when the cost of power from a new solar plant is cheaper than the average cost of power in the grid. This helped the solar sector to come out of subsidy regime and attracted attention from the large institutional investors, thereby causing a large influx of capital.
With most Indian IPPs now backed by large investors, it was important to find a differentiating factor to continue to remain competitive. Enhancement of performance of Clean Enery assets is that differentiator and as such, O&M has become critical to the success of the sector as a result. Having latest physical and digital technology to enable operations at the time, Param Renewables became a leader in technologically enabled O&M.
Having latest physical and digital technology to enable operations at the time, Param Renewables became a leader in technologically enabled O&M
Plan for Expansion
A full lifecycle end-to-end operation and maintenance solution provider for renewable energy projects, Param Renewables is associated with some of the biggest players in the market. These and other companies, impressed by Param's hands-on, quality and process driven approach have trusted the company with over 4000 Megawatts worth of projects.
Param has a vision to achieve 10,000 MW Portfolio in O&M Segment in next two years. With a team of 600 energetic members and usage of technology like automation of module cleaning tools with robots and central NOC for monitoring entire plants of the clients as well as flying drones to check on the health of solar panels and much more, Param plans to maintain its leadership in Solar while expanding into wind energy and energy storage as well, globally.
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