Japanese financial services group ORIX Corporation has made an investment in SUN Renewables, an Indian company in distributed generation solar business.
SUN Renewables provides clean power and energy efficiency solutions starting with DG solar power to Commercial and Industrial (C&I) clients.
ORIX is the largest Japanese solar developer with 1GW of solar projects (570MW commissioned) including 150MW of rooftop solar portfolio. It also has a major presence in wind and biomass power generation as well as energy storage and energy efficiency solutions for large private-sector customers.
“SUN Renewables is ideally positioned to be the market leader in offering sustainable energy solutions for the Indian market – starting with solar power,” said Hidetake Takahashi, senior managing director of ORIX.
Distributed generation solar energy will transform the commercial and industrial energy landscape in India.
The distributed solar segment in India is expected to grow from a total installed capacity of 1 GW today to about 15 GW by 2022 with opportunities in rooftop as well as small ground-mount solar projects for private, government and public sector power consumption.
“Our joint venture will benefit from ORIX’s solar track record, management experience and quality processes across hundreds of mega-watts of solar projects with a view to serving our clients over the long-term through robust, quality-conscious processes in every facet of our project development and operations,” said Uday Khemka, vice chairman, SUN Group.
SUN New Energy is the group’s flagship investment company in the new energy space with a focus on renewable energy, energy storage and electric mobility. It has recently announced a joint venture with Chetan Maini to establish SUN Mobility.