A study on Customer Acquisition for Ecomitram

SIP PROJECT REPORT SUBMITTED IN PARTIAL FULFILLMENT FOR

THE REQUIREMENT OF THE PGDM PROGRAM

By: Kushagra Rastogi

201601327

Supervisors: Company Guide Mr. Ravi Saini

Faculty Guide Prof. S. Anant Ram

Institute Of Management Technology, Nagpur

2016-2018

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 Acknowledgement

I gratefully acknowledge the help and guidance of various people, who directly or indirectly
contributed to the development of this work and who influenced my thinking, behavior, and acts
during the course of the training.

I express my sincere gratitude to Mr. Rituraj Sharma (Chief Executive Officer, Ecomitram
Sustainable Solutions Pvt Ltd) for providing me an opportunity to undergo summer training.

I would also like to thank my Company Guide - Mr. Ravi Saini (Chief Marketing Officer,
Ecomitram Sustainable Solutions Pvt. Ltd.) for his continuous support, advice, and
encouragement. His valuable guidance has led me to learn the practical aspects business.

The most important of all, I would like to thank S. Anant Ram (Professor, Marketing Department
IMT Nagpur) for giving me the opportunity to carry out this internship and providing with the
essential facilities and guidance with due course of time.

Lastly, I would like to thank the almighty and my parents for their moral support and my friends
with whom I shared my day-to-day experience and received lots of suggestions that improved my
quality of work.

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 Certificate

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 Table of Contents

S.No. Contents Page No.

1. Introduction 5-8

2. Objectives of the study 9

3. Brief description of the concept 9-15

4. Company Analysis 15-20

5. Tabulation and Findings 21-22

6. Conclusion 23-24

7. Recommendations 25

8. Limitations 26

9. Scope for future improvements 27

10. Bibliography 28

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 Introduction
1.1 Power Sector in India
Power is one in all the foremost important elements of infrastructure crucial for
the economic process and welfare of
countries. Indias power sector is one
among the foremost diversified within the
world. Sources of power
generation vary from typical sources like coal,
lignite, natural gas, oil, hydro and nuclear
energy to viable non-conventional
sources like wind, solar, and agricultural and
domestic waste.
Electricity demand within the country has enlarged rapidly and is predicted to
rise more within the years to come back in order to satisfy the increasing demand for
electricity within the country, huge addition to the installed
generating capability is required.
India ranks third among 40 countries in EYs Renewable Energy Country Attractiveness
Index, on back of sturdy focus by the govt on promoting renewable energy and
implementation of projects during a time certain manner.
Market Size
Indian power sector is undergoing a major change that has redefined the business outlook.
Sustained economic process continues to drive electricity demand in India. The govt. of
Indias concentrate on attaining Power for all has accelerated capability addition within
the country. At a similar time, the competitive intensity is increasing at each the
market and supply sides (fuel, logistics, finances, and manpower).
Total installed capacity of power stations in India stood at 315,426.32 Megawatt (MW) as
of February 28, 2017.
The Ministry of Power has set a target of 1,229.4 billion units (BU) of electricity to be
generated in the financial year 2017-18, which is 50 BUs higher than the target for 2016-

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 17. The annual growth rate in renewable energy generation has been estimated to be 27
per cent and 18 per cent for conventional energy.
The Government has added 8.5 GW of conventional generation capacity during the April
2016-January 2017 period. Under the 12th Five Year Plan, the Government has added
93.5 GW of power generation capacity, thereby surpassing its target of 88.5 GW during
the period.

1.2. Solar Power in India

Solar power in India is a fast growing industry. As of 30 April 2017, the country's solar
grid had an additive capacity of 12.50 GW. India quadrupled its solar-generation capability
from 2,650 MW on 26 May 2014 to 12,289 MW on 31 March 2017.

The country added 3.01 GW of solar capacity in 2015-2016 and 5.525 GW in 2016-2017,
the highest of any year, with the average current price of solar electricity dropping to 18%
below the average price of its coal-fired counterpart.

In January 2015 the Indian government expanded its solar plans, targeting US$100 billion
in investment and 100 GW of solar capacity (including 40 GW from rooftop solar) by 2022.

Installed Solar PV on 31 March
14000
12000
10000
8000
6000
4000
2000
0
2010 2011 2012 2013 2014 2015 2016 2017

Cumulative Capacity (in MW)

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 Annual Solar Power Generation
14 12.09
12
10
7.45
8
6 4.6
3.35
4
2
0
2013-14 2014-15 2015-16 2016-17

Solar power generation (billion kwh) Linear (Solar power generation (billion kwh))

1.3. About Company

EcoMitram is creating and managing hedge portfolios having Renewable Energy Plants as
underlying assets, providing reasonable energy solutions through RESCO. EcoMitram is
a service primarily based company concerned in providing solutions for Renewable Energy,
environment conservation, and Protection. They provide solar Plants on
CAPEX i.e. an upfront investment and OPEX-BOOT Model within which they are doing
Power purchase agreement with the consumers wherever they simply need to pay us for the
electricity generated from for the plant which too at a discounted value. This manner they save
money using less expensive and clean energy and solar power could penetrate to rock
bottom level possible. We develop and manage portfolios of such projects by rating them on the
basis of financial and Technical Assessment therefore as to maintain a cap on risk and reap out the
most return on investment through these portfolios. The company is also diversifying and has the
first mover advantage within the credit assessment of renewable projects.

MISSION
Creating and managing portfolios of Solar Rooftop PV Plants of capacity 500MW in a span of 5
years.
VISION
To be the largest clean energy producer and managers of PPA portfolios in Renewable Energy
Segment at a global level.

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 SERVICES
Offer zero investment plan through OPEX to Customers
Providing low risk investment returns by selling ongoing revenue stream projects to investors
Doing Engineering, Procurement and Construction (EPC) of Solar Power Plants
Also providing Operations and Maintenance (O&M) services
Developing and Maintaining project portfolios
Risk and return rating of project portfolios
COMPETITIVE DIFFERENTIATION:
Commission projects with a minimum capacity of 10KW in RESCO.
Projects having big capacity have a higher risk of failure as if a client defaults, a big amount
of investment gets sunk. So we build our portfolio from diversified projects having balanced
risk and return ratios.
Generation losses are high in bigger projects as the whole plant or a bigger chunk of capacity
has to be shut down for maintenance.
Risk and return rating analysis of each and every project to secure every portfolio. The analysis
takes into account the type of industry, land ownership details, roof rights, cash flows of the
industry, market repo and many other parameters.
Incorporation of a hedging mechanism to balance the risk and returns from the projects and
clubbed portfolios.
COMPETITORS:
Tata Solar
Amplus Solar
Solar Town
Mahindra Susten
Adani Solar

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 Objectives of the project
Primary Objective
As the project mainly comprises of business development so the primary objective of this project
is to generating the leads for the company and working on the leads and trying to convert those
leads to the company.
Secondary Objective
Secondary objective of this project is to take follow up to the past clients, new clients in order to
check how far the process reached now, collecting proper documents from the clients, and
finalizing the project with the clients up to the installation of project.
Proposals
To prepare proposals for the client citing the company overview, benefits of the solar installation,
to aware them with the requirements of the solar plant and which all are the equipments of which
brand used in the installation in their premises and to know them about some general FAQs.
Viability Sheets
To prepare viability sheets for the client as well as for the investor in order to know the feasibility
of the project in the view of client as well as the investor. Viability sheets ensure the price (at what
price do the company go & pitch), profits (what is there for the clients and investor) & tenure of
the project in which it is most feasible.

Brief description of the concept

3.1 MATHS BEHIND A SOLAR PLANT

Size 100Kw
Cost INR 60 Lakhs
Area 10,000 Sq. ft.

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 Life 35+ Years
Energy Generation 1.4 to 1.5 Lakh Units PA
Maintenance 1.5% of cost of Plant
Warranty 27 Years
Payback 4 to 6 Years
Depreciation 40%
Year 25 Efficiency 80% backed by warranty

3.2 Business Development Process

Generating clients and Understanding their requirements: We gather information about
what are the requirement of the client and does a Solar Rooftop On-Grid PV Power Plant solves
the purpose.
Report/Proposals Generation: We prepare a report on the client after doing the Technical
and Financial and Legal assessment of the client. The report provides us information about the
productivity of the solar plant, creditworthiness of the client, risk involved in installing the
unit. Following includes the details of all assessment:
Technical Assessment: We collect the below-mentioned documents about the premises for
preparing a technical report for the client which provides an idea for maximum electrical
generation from the unit if installed at the location.
Electrical load
12 Months Electricity Bills
Shadow free roof area
Details of supporting units like DG sets, Inverter etc.
Blueprint of the premises
Height of premises
Area transformer capacity
Solar radiation data
Other relevant technical details

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 Financial Assessment: We prepare a financial report on client which provides us information
about the profitability of the solar plant, risk involved, and tariff to be discounted on the
client, advance security amount to be taken from the client, market repo of the client, land
ownership details, any other monetary or legal liability on the client. The security amount
and the tariff to be levied on the customer are dependent on the above-mentioned information.
The above details are generated on the basis of the following information from the client:
Type of industry
Company registration proof
Memorandum & Articles of Association
Company pan card
Balance Sheet and P&L
o Actual Past 2 years / Estimated Current Year
o Projected 6 years
Tax return statements for 2 years
ITR
All current account statements last 2 years
KYC of all directors (Pan cards & address proof & photo ID proof)
Property Details
o Original Title Deeds (complete chain of 30 years)
o Prior Deeds
o Land Tax Receipt
o Building Tax Receipt
o Possession Certificate
o Location Sketch
o Ownership Status (Company owned/ Director owned/Lease)
o Loan against Property: Yes/No
Field Investigation
o Reference checks from people doing business with the client
o Reference checks from people related to them
o Cross check of land ownership details

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 o Details regarding any pending liability, legal or capital, from concerned
authorities.
Legal Assessment

Investors Approval: On the basis of information provided by the above reports and results of
assessment, we can fix the upper limit for the client in terms of investment and generating
projected the return on that investment.
Agreement preparation: After finalizing all the terms, we prepare an agreement which
consists of two parts - BOOT (Build, Own, Operate & Transfer) Agreement and PPA (Power
Purchase Agreement). BOOT gives us the right to use the premises and provide the Solar
Rooftop setup to the client after gaining desired returns from the investment done for it for a
certain period of time (25years). PPA is done to sell the electrical units to the client at the tariff
agreed upon for a limited period of time (25 years)
EPC: We do all the procurement of the material required for the construction of the plant and
outsource the construction part to the best person available in the market who is having the
desired expertise level and is cost effective. We also have people for the installation of the
projects of smaller capacity and having desired experience. We fulfill all the norms of the State
Electricity Board for installing Solar Rooftop Plant and doing the Net Metering.
Service & Maintenance: We set up a remote monitoring system to monitor the plant to have
efficient maintenance of the plant on the basis of generation data. People are hired for regular
servicing of the plant like cleaning of junction boxes, wiring node adjustments etc.
Billing and Payment: We provide regular bills to the client for the number of electricity units
produced from our plant at the tariff agreed upon in the PPA. The client makes the payment
through net banking, cheque, cash or any other mode he desires.

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 3.3 Calculation of Bill

There are two types of electricity bills which we consider first is domestic/Commercial bills
and other is industry bills shown as above.
So in bills we have to collect some information and according to that, calculations are to be
done. Information like Connected load in KW but in Industry bills it is given into HP which
is to be converted into KW by 1HP=0.746KW, their consumption and then sum up of all
taxes like energy charge, E.duty, WCC Amount, Urban Cess .
So the total sum up of all charges is to be divided by consumption and the result will be
known as Base Tariff at which consumer paid to government.
These further details are acquired from the electricity bill for computations.
i. Number of units per day = size plant * 5
ii. Number of effective days = 27 or 25
iii. Total units produced in a year = size of plant * 5 * 27
iv. Ecomitram tariff = Current base tariff* ( 1 tariff discount )
v. RSEB reduction = Base tariff * Total units per year

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 vi. Yearly per unit price increment = 4%
vii. Lease paid to Ecomitram period is taken into consideration
viii. Savings = RSEB reduction Lease paid to Ecomitram in the respective year.

For example:- In above Industrial bill

o Connected load is 1745 HP = 1302 KW ( 80% of this is accepted)
o Consumption is 63225
o Energy charge is 461452, E.Duty is 25290, WCC Amount is 6322
o Total is 493064 and calculated Base Tarriff is Rs 7.8/unit.
This means an user is paying 7.8/unit to the government for their industry electricity
bill.

3.4 Net Metering Concept

Net metering is a charge mechanism that credits solar

energy system owners for the electricity they add to the
grid. for instance, if a residential client encompasses a PV
system on the home's rooftop, it
should generate additional electricity than the
house uses throughout daylight hours.
How Net Metering works
1. Solar panels convert energy from the sun into electricity.

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 2. An inverter converts the electricity produced by the solar panels from direct current (DC)
to alternating current (AC) for use in your home, school or business.
3. The energy used in your home, school or business.
4. Existing electrical switch board with new bi-directional metering installed.
5. A bi-directional meter measures energy used and excess energy produced
6. This meter works as when the solar system generates more electricity than your households
uses the excess electricity goes back into the grid and spins your meter backwards adding
credit to your electricity bills and when you required it can come from grid and spins your
meter forward and makes electricity bills.
7. During peak periods and at night electricity is imported from grid.

Company Analysis
4.1 Marketing Department
A marketing department promotes your business and drives sales of its products or services.
It provides the necessary research to identify your target customers and other audiences.
The whole process of creating and growing business starts from here, and it leads to making
new clients, retaining those clients and maintaing relationship with those clients.
The work of a business development team is as segmenting the market and sending content
to the client,understanding and analyzing existing cleints, client engagement,lead genration
and conversions etc.So lets understand all the process of the team :
Target Customer :
a) For setting solar rooftop project : this is divided into three parts i) Industrial which
include factories,warehouses,sheds and other is ii) Residential which include
societies,bunglaows,villages and last is iii) Commercial which includes Hotels,
office buildings,schools,institutes,malls and shopping center.
b) For investment oppurtunities through Hedge Portfolios : this includes high net worth
individuals, companies having large corpus funds and salaried people looking for
alternative investment.
Clents Base : which basically consisted of three as discussed earlier that is
domestic,indutries and commercial but right now company only focused in industries

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 and commercial sector. So the work of the business develeopment team is to reaching
out to these cleints and aware them about solar, aware them the advantages of solar,
future savings from the solar plant in their electricity bills etc. and telling them about
companies working model**.
**CAPEX Model : This is the upfront investment. In this, the client agrees to pay for the entire
plant at once and is the owner of the plant.The life is as 25 years plus given by company to the
client and the cost will be recovered in 4 to 5 years or more depending on size of plant.Company
just provide maintenance and operational services to the client in which one year is free after that
it will charge. This model is less popular in commercial sector due to very reason of huge
investment involved but in industry sector this will have an impact in the minds of people.
**OPEX Model or RESCO : is the model in which the there is no upfront investment. In this model
there is Zero Investment for the client which means client dont have to pay the cost of the whole
solar plant. Client is required to give the electricity price which they pay to governemnt even at
15-20% discount.Or the client ay go for fixed tariff for whole 25 years.The tariff plans depends on
different clients.
The Investors : For investors, we are not just solar solution provider but we take up
projects on all renewable resources. We collaborate with them in the form of Joint
venture or Special Purpose Vehicle and work on projects together. These Investors
collaborate with us due to the reason of that we compliment each other with our
services.For them, we, are not just EPC (Engineering, Procurement, and Construction)
company but are partners.
Channel Partners : May or may not be investors, these are companies which help us
get leads and we give them their share of the earnings which varies from project to
project. They also include the vendors or middle who supply us with the solar panels and
vendors. They have sometime those incompleted clients who are left due to issue of some
fundings or else so from those team collected information and contact again those clients
and trying to converting them.

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 Sales and Marketing approach :
i. Segmentation approach : Team can segregate their target market into segments
such as Household/Domestic Connections, Educational Institutes like schools,
colleges & universities, Hospitals, Petrol Pumps, Dairy Plants, Hotels,
Government buildings, Textile industry, Chemical industry Iron & Steel Industry
etc. Research on problems of the particular segment then building solutions to
those problems and then approaching the client with the solution to the problems
of his segment and pitching our service.
ii. Location wise approach : Team can segregate the target market into different
locations according to weather conditions, demography, types of industries in that
location etc.Research on problems for that particular location. Finding the solution
to those problems.Approaching the client with the solution to problems of that
particular location and pitching our service and how the solutions for the particular
location can be beneficial to the client.

Some of the clients: a) 35 KW Rooftop Solar Power Plant on Tin sheet roof in Bhilwara.

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 b) 10 KW Plant in RESCO to Shree Deepak Industries in Jaipur. and many more

4.2 Finance Department

The part of an organization that manages its money. The business functions of a finance
department typically include planning, organizing, auditing, accounting for and controlling its
company's finances. The finance department also usually produces the
company's financial statements.
The work of credit analyst team as follows :
Making finance viability of plant and give feasibility of the project to company.
Sensitive analysis on cost of plant and revenue.
Credit rating of potential clients.
Parameter building for rating clients.
Making financial, legal and technical assessment parameters.
Assigning weightage to the parameters.
Making financial, technical and legal scenarios of the clients.
Assessments and final evaluation of clients.

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 Finding risk and return relationship.

Technical Assessments Team

This team act after all financial assessment has been done and the team goes onto site and
inspect site on various parameters like
Shadow Free Roof Area
Height of premises
Solar Radiation Data
Area transformer capacity
Electrical Load
Consumption Pattern
Safety Measures
Roof Top
Consumption pattern with respect to Connected Load

Legal Assessments Team

Legal assessment parameters cover the legal aspects that would be important in developing
business. This involves a detailed background check of the client, company records, disputes
related to property or land etc.
Parameters taken into consideration are as follows:
Promoter Track Record
Property Disputes
Family background and detailed analysis*
Land Area Dispute
Land Ownership Check

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 Integration of the process

BD Team

EPC and Lead

Generation
O&M & Collecting
Service Documents

Credit
Investment
Analyst
Approval
Team

Financial &
Technical
Assesment

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 Tabulation & Findings
Quotations breakup for client
Plant Size (KW) Initial Quote Price (Rs. Per watt) Bottom Quote Price (Rs. Per watt)
10 67-70 62
20 62-65 58
35 57-60 54
50 56-62 51
100 51-55 47
200 48-52 45
500 43-46 41
1000 41-43 39

MATERIAL USED PRODUCT DETAILS

Top quality and highly efficient solar panels will be
used in the system. Vikram Solar, Trena, Canadian
Solar Panels Solar or equivalent make will be used.
The Solar modules are warranted by the solar panel
manufacturer for a period of 27 years.

Makers of Inverter will be ABB, Schneider, SMA or

Delta or equivalent
Inverter
The Inverter is warranted by the manufacturer for a period
of 5 years

Static Galvanized Iron mounting structures will be

Mounting Structure
used with the minimum coating of 80 Microns.

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 Service Preference

Type Of Customer
Capex with loan Capex without loan Resco Fixed Resco Discounted

Industries 85% - 90% 60% - 65% 30% - 35% 30% - 35%

Institutions 5% - 10% 2% - 5% 35% - 40% 65% - 70%

Commercial 20% - 25% 30% - 35% 0% - 5% 10% - 15%

Service Preference
100

90

80

70

60
Percentage

50

40

30

20

10

0
Capex with loan Capex without loan Resco Fixed Resco Discounted

Industries Institutions Commercial

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 Conclusion
Ecomitram is doing great so far in their journey as they now making some profits as well from
their project and also they have now a good and reputed client base in location like Jaipur,
Udaipur, and Bhilwara etc. Even they attracted more investors as they making such projects
portfolios where investors seen much profits and profits growths in near future. They also
generating new values, ideas to expand the business like to go into green bond, seeking
opportunities outside India such as Finland, gulf countries etc. Companys two model i.e.
CAPEX and OPEX is very much profitable as now the customer are getting aware and
understand the advantageous side of this and even the zero discount model attracted more client
as in India ZERO is very much attractive type thing. They only just to have concentrate on
pricing factor as in the prices in case of solar are getting very dynamic due to many external
factors.
Solar Power is new to the people of India who had been dependent on only conventional
sources of Energy. Thus, Government of India is coming up with new and improved policies
for the smooth operation and installation of Solar Power Projects.
The initial installation cost of the solar plant is high because of which people are not able to
fund the plant operation by themselves. Ecomitram, with its RESCO Model associates with
the investors to provide upfront financing to potential clients.
Evaluating the clients empowers the channel accomplices to exhibit their ability in executing
undertakings to different partners. This also increases the scope for self-correction and change
on capacity execution.
Technology development, large-scale projects, and the learning effect has allowed the use of
efficient designs and have pushed down costs over the recent years making renewable energy
attractive to power utilities that are contracting new long-term capacity, and in addition, this
avoids them the burden of take-or-pay contracts and fuel risk.
Many challenges remain in the Solar Power Sector, which is still being worked upon, viz. grid
integration, curtailment, counterparty risk, the cost of finance, imbalance costs, etc. but at the
same time public opinion is positive with the recognition of environmental, economic and
social benefits.

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 Impact of technology:
Technology plays an important role in laying the foundation of business. With time, the
advancement in technology affects the business in terms of efficiency, costs, revenue, etc. In
the case of solar plants, the equipments used have become more efficient over time.
The efficiency of Solar Panels:-
Renewable Energy Service Companies involved in the installation of Solar Plants use solar
panels purchased from Vikram Solar, Trena, Canadian Solar or equivalent make. These panels
provide an efficiency of only 17%. Which means that out of 100% of the solar radiation, the
panel is able to convert only 17% into electricity. SunPower, a premium panel manufacturer
has achieved an efficiency of 23.5% in its solar panels. Ecomitram is collaborating with
SunPower for the purchase of solar panels to achieve maximum electrical generation from the
Solar Plant.
The size of Solar Panels:-
Reduction in the size of solar panels has reduced the area occupied by the entire solar plant.
Earlier, 100 sq. feet are was required for the construction of 1KW solar plant. The occupied
area has now reduced to 80 sq. feet.
Type of Solar Panels:-
With technological advancement, the type of solar panels used for the construction of the solar
plant has improved.
Earlier, Mono-Crystalline Solar Panels were used. In this, the internal circuit is connected in
series, which means that if one panel goes defective, the entire plant stops working. Now, Poly-
Crystalline Solar Panels have come up. In this, the internal circuit is connected in parallel,
which means that disruption of a single solar panel has not effect on the functioning of the
solar plant.
Net Metering:-
Before 2014, Gross Metering was used, in which all energy consumed in the household is
imported at the electricity retailer's rate and thus, the total value of the electricity being sold to
the grid is greater than the total cost of your electricity, so the electricity retailer pays you the
difference.

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 Recommendation

STRENGTHS WEAKNESSES
Undertaking projects with a minimum capacity Lack Of Man Power
of 10KW in RESCO Fluctuating Solar prices
Build portfolios from diversified projects Other renewable resource market untapped
having balanced risk and return ratios. Outsourcing for operation and maintenance
Risk and return rating analysis of each and
every project to secure every portfolio.
OPPURTUNITIES THREATS
Electricity prices are rising at an approximate The Large presence of competitors in the
rate of 5% yearly market.
Capex is very high for setting up energy Lack of awareness among the people about
projects. renewable energy.
Few investment options are available with high Unfavorable government policies and lack of
sustainable returns and low calculative risks. government support.
Energy demand is growing at a very fast pace,
Rapid technological changes
the fossil fuel resources are depleting rapidly.

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 Limitations
Would not get access to all the documents of the company, due to confidentiality reasons.
Due to lack of financial resources, couldnt be focused on promoting onshore advertising
and digital platform too.
Dynamics in pricing of solar industry it will be difficult for changing prices so frequently
but if it isnt do competitor gets surpasses you in no time.
Lack of awareness among the people about renewable energy which will take more time to
duration of project.
Unfavorable government policies and lack of government support.
Lack of man power present to the company because of which the whole process of business
development gets suffer and cause into delaying of projects and hence might result into
loosing that client.

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 Scope for future improvements
As the technology is still in development and experimental phases so to cope with
emerging technology, Ecomitram should have to be consider all given factors.
As to grow the business, to run along with growing competition they should have to hire
manpower which helps to manage all future possibilities and conditions.
In coming future they will might need to do some altercation in their RESCO model such
as they have to fix certain prices after some years like 10-15 because in current model the
prices are going far than expected so it will confused consumer.
There are residential markets are also available in a great amount which they can tapped
in future with their RESCO model as it will attract huge customer base hence generating
more revenues.
There are other opportunities available where they can invest or find investor or in some
cases clients as well such as Green Bond, Infrastructure Investment Trust Fund (InvITs),
Ratings company etc.

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 Bibliography
https://en.wikipedia.org/wiki/Solar_power_in_India

https://www.ibef.org/industry/power-sector-india.aspx

http://ecomitram.com/about.php

http://www.mnre.gov.in/

https://en.wikipedia.org/wiki/Renewable_energy_in_India

http://www.sebi.gov.in/

Company documents and presentations

https://en.wikipedia.org/wiki/RESCO

https://en.wikipedia.org/wiki/Net_metering

http://www.seia.org/policy/distributed-solar/net-metering

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