EQ In Exclusive Conversation With Mr. Gagan Vermani, CEO and Founder – MYSUN

1. Your brand name says that ‘MYSUN is India’s largest online rooftop solar platform’. Please tell us about it?

MYSUN is an innovative technology platform for distributed solar solutions and services focused on large C&I clients on one hand and the under-solarized SME and homes market on the other.

We operate India’s largest online rooftop solar platform. We have a strong backbone of technology including AI-based tools all integrated in a digital online platform for generating awareness and aggregating and curating customer demand with an easy and simple UI/ UX for enhanced customer experience.

On a monthly and annual basis, our platform and social handles attract millions of views and thousands of client registrations. Our expertise in technology-based customer acquisition and demand aggregation allows us access to a much larger client base across the different segments of large C&I, SMEs and homes. As on date, the company has more than 100,000 registered clients on its platform.

2. Our reader would like to know the journey of the MYSUN- The Solar Company?

MYSUN’s online platform was launched in Q3 of FY17. Starting with a marketplace platform, we graduated to providing full solution and services to residential clients and SMEs in FY18 and FY19 respectively.

Keeping innovation at its core, and with an intent to unlock the SME/ Homes market for solar, we developed unique in-house financing options for its clients.

Last year, the company launched its Asset Vehicle to cater to the PPA/ OPEX needs of large C&I clients and we have already acquired some of the most prestigious C&I clients and have developed projects for them.

Our Asset Vehicle named MYSUN+ has also closed project financing from one of the leading cleantech financing companies in India. MYSUN+ has already developed a healthy pipeline of new projects and is also expanding into Open Access distributed solar projects.

So as on date, MYSUN has developed into a 360 degree platform catering to the solar needs of all type of clients. Our presence/ projects have expanded across 9 states in India including Maharashtra, Andhra Pradesh, Rajasthan, Madhya Pradesh, NCR, and Gujarat amongst others. Our cluster approach ensures we are always close to our customers for sales and service.

3. Please tell our readers about MYSUN in-house financing products?

The overall objective of MYSUN is to make consumer relationships with Solar easy and reliable. MYSUN’s in-house financing products specifically cater to the unique solar financing needs of SMEs/ MSMEs and individuals while its asset-ownership or PPA model caters to the solar energy needs of large industries, corporate and institutes.

Rooftop solar is considered a great financial investment and thus consumers prefer to have easy financing options to choose from to suit their individual needs.

MYSUN’s solar financing provides hassle-free solar loans for Commercial, Industrial & Retail customers; Collateral free & customized loan options available with minimal down payment and solar loans available through MYSUN & our financing partners.

We offer customized solutions to Commercial & Industrial Customers as well as Residential consumer segments through Deferred Payment Agreement and Financing through our partnered banks along with financing options for Retails customers through MYSUN Flexi-Pay and Financing through our partner Banks/NBFCs

4. What is the current scenario of rooftop solar? What can we expect in future?

The current scenario of the solar rooftop industry is turbulent due to COVID-19. The announcement of 40 percent Customs Duty from April 2022, clients delaying their solarization decision, rise in solar costs, etc. have disrupted the chain of the economy.

The demand for solar is rising again from large industries followed by SMEs and individual homes as many customers had postponed their solar plans due to the pandemic.

The targeted expectations by 2022 are 40 GW from rooftop solar. But an extension of SGD, imposition of BCD, rising module prices including for the domestic solar panels, and capping of the net metering capacity at 500kW has drawn criticism from industry stakeholders as these will restrict the growth of the rooftop solar industry in India.

We are definitely going to miss this target of 2022. However, the long-term growth story of rooftop solar remain extremely strong due to the inherent cost arbitrage between the grid tariffs and solar costs and it can definitely exceed 100GW from rooftop/ distributed solar alone by 2030.

We expect that the government’s initiatives shall drive a thriving but globally competitive domestic module manufacturing capacity in India. There is no point in protectionism if that comes at a cost of hugely increasing our costs and compromising innovation and technology. And for that, a level playing field with both the global as well as domestic manufacturing in India is required.

5. Enlighten our audience about the recent development by the company?

At MYSUN, we are committed to lead the solar revolution and change the way solar energy is perceived, bought, and sold today.

MYSUN has recently launched its asset vehicle, MYSUN+. MYSUN+ has already gained a lot of traction with some of the large and renowned Indian as well as multinational (MNC) clients and has signed up and executed/executing projects in Rajasthan, Madhya Pradesh, Andhra Pradesh and Puducherry.

The company is funding MYSUN+ with the capital it raised recently and has also debt for its first set of projects. The next round of capital for the larger portfolio is already under discussion and is expected to be closed over the next quarter.

6. What are the future plans of MYSUN?

MYSUN aims to invest Rs 600 crore in the next three years to develop a 200MW solar portfolio for the first phase of its recently launched asset vehicle named MYSUN+.

This new venture will provide bespoke solar energy solutions to large corporate, industrial, and commercial establishments on a build, own, operate, and transfer (BOOT) or RESCO (Renewable Energy Service Company) model both in an on-site as well as larger off-site Open Access projects.

7. Please tell us about the goals and objectives of the MYSUN?

MYSUN’s goal is to lead Indian energy consumers transition to Solar energy and then expanding into other markets. And its mission is to develop a large network of clusters across India to make it easy and reliable for consumers to shift to solar.

8. What are the biggest challenges and opportunities for the solar industry in India?

In terms of opportunity, the distributed solar market has a huge potential simply due to two reasons – huge price arbitrage between the grid tariffs and solar tariffs and the sheer size of the Indian C&I, SME and Homes market spanning millions of roofs to be solarized over the next decade or so.

However, the challenges are definitely there right from the customer awareness to the regular policy changes, DISCOM’s onboarding with the solar mission and targets, etc.

With a robust policy and long term vision and enabling the right implementation, this industry can grow to more than 100GW in 10 years employing thousands and thousands of manpower and contributing significantly to India’s CO2 reduction targets.