In May 2013, along with Narender Kumar, whom he met at a project site, Yadav founded Ultimate Sun Systems. “The idea was to help India transition to clean and renewable energy by providing customised, state-of-the-art solutions, powered by solar technology, at affordable rates,” he says.
The startup’s renewable energy services include engineering, procurement, construction (EPC) and consultation for solar PV power plants for residential, commercial and industrial units and for power utilities.
“Our aim was to provide solutions and expertise in the installation of solar projects, which deliver the best results and also qualify for government incentives,” says Yadav, Co-founder and Managing Director.
Founded with an investment of Rs 75 lakh, put in by the founders, Ultimate Sun Systems, in a relatively conducive environment for renewable energy, has seen quick growth. In 2016-17, with a staff of 35, it generated Rs 20.2 crore in revenue.
The Gurugram, NCR-headquartered company, with offices in Punjab, Karnataka, Mumbai and Tamil Nadu, has had to overcome some tough challenges in the process of scaling-up operations. “Being a new entrant, proving our creditworthiness was a big barrier. The second big hurdle was the qualification criteria—work experience and financial strength. We were at a disadvantage on both counts,” says Yadav. The company went past the entry barriers by taking on relatively smaller projects and delivering on them. The startup’s track record helped it bag larger projects.
Ultimate Sun Systems, which has delivered 35-plus projects, counts DLF, NHK Springs, Indian Oil, DCM Shriram, among its prominent corporate clients. The startup, which was recognised as Solar PV EPC Company of the Year 2017 by India Solar Week Awards, is empanelled with several government agencies—Solar Energy Corporation of India, HAREDA, Indraprastha Power Generation Company, Himachal Pradesh Energy Development Authority and Punjab Energy Development Agency.
Ultimate Sun Systems’ current challenges include lack of awareness about the benefits of solar power among people at large, and managing its costs without compromising on quality of service. “Lack of support from power distributors—which consider solar rooftop developers a threat—and sub-optimal coordination between the Centre and the states deters growth,” says Yadav.
Even as the startup negotiates its current challenges, it is looking to enter newer areas. From being a solar EPC company, it is now in the process of becoming an independent power producer and operate in the distributed power generation space.
“We are looking forward to helping clients switch to cleaner solar power, while saving up to 20-40% on their monthly electricity bills,” says Yadav. The company intends to focus on the Indian market for the next two years and then expand overseas to Asian and African markets.