The events witnessed in the period of 2012-2013 have certainly reiterated theimportance of renewable energy (RE) as a pivotal part of the energy mix. Due to a seriesof events experienced along the course of the year, from the massive grid failures to thetransmission and distribution challenges faced by various players in the power industry,renewable energy became a particular point of focus during this year gone by. The hurdlesfaced by the sector on the whole led to many positive policy changes and incentives beingprovided by the Government in the solar and wind energy sectors. This led to a reductionin the cost of producing solar energy, thanks in particular to the Jawaharlal NehruNational Solar mission.
Government intervention was the pivotal point that led to an increase in thecontribution towards renewable energy, which in turn led to an increase in thecontribution of renewable energy to the national electricity installed capacity, to around12.5%.The National Action Plan on Climate Change has thus gained a lot of momentum in theyear gone by. This sector also saw the involvement of more private players, thanks to theintroduction of incentives like the Renewable Purchase Obligation (RPO). Companies thatwere skeptical about making a foray in the renewable energy sector are now realising theimportance of being a part of the story of sustainable development and have thus startinginvesting in the RE business from a long-term perspective. Furthermore, what has been mostpromising is that the renewable energy is now becoming an intrinsic way of life, not onlyin the cities and industrial establishments but also in the interiors and villages by wayof renewable energy solutions being seamlessly integrated into the daily way of life.
Your Company has been a part of this exciting growth by way of our various renewableenergy projects, which includes the prestigious Maheshwar Project. Being a pioneer in therenewable energy business, we are the first private company to be awarded a hydro-electricproject. The Maheshwar Project has been completed and is ready to run, with 3 turbinesready for generation. Your Company has thus, aligned its mission with that of theGovernment in harnessing the potential of renewable energy for the benefit of all. TheMaheshwar Project is a clean and green project with zero carbon emissions. It willeffectively change the lives of millions for the better, and provide much needed water andelectricity to the people.
During the year your Company has considerably contributed to the solar and wind energysectors by way of a number of prestigious projects in the country. The Company has playeda pivotal role in the Supply and Installation of a Solar Wind hybrid system at thePresidents Estate, New Delhi. In addition to this, company has also been involved in theSupply, Installation and Commissioning of Solar Water heaters of various capacities at RajBhavan - Dehradun and Nainital. We have also brought about an installation of number ofSolar Water Heaters across the region of NCR.
The focus will continue to be expanding the renewable energy business in the country byway of Solar Power and Photovoltaic projects in the country. Thanks to the variousincentives provided by the Government, Your Company, being pioneers in the renewableenergy space is best poised to capitalise on these incentives and bring about moreinnovation in the business of preserving the environment and further change for the betterin the power scenario in the country.
Thanks to the Government intervention, the renewable energy industry is drawing a lotof positive focus. The introduction of tax holidays, fiscal incentives, etc. has led tothe formation of a large manufacturing base in the domestic market, for renewable energyproducts. India has also been deemed as an excellent base for Clean Development Mechanism(CDM) projects. As a result, India is now the second-most highly targeted country afterthe United States with outside investors aligning their business with those of localentities in an effort to enter the Indian market. Your Company will capitalise on thesepositive changes, in an effort to further entrench itself in the renewable energybusiness.
I would like to sincerely thank the Members of the Board for their unwavering belief inour vision and mission of bringing about positive growth, while preserving theenvironment. I am also indebted to the faith placed in us by our valuable investors,stakeholders and employees and would, in particular, like to thank the Government for allthe support rendered by them to Our Company as well as to the renewable energy sector onthe whole.
I look forward to the future with optimism and I am certain that we shall make furtherstrides in leading positive growth in the country, with the support of the Board, ourStakeholders, our Investors, our Government and our Employees alike.
|Yours sincerely, |
|Mukul Kasliwal |
|Date: 28.9.2013 |
|Place: Mumbai |