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The company was engaged in the production of electricity using coal-based thermal power plants till 2010.
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However, with the emphasis shifting away from fossil fuels to renewable sources of energy, the company branched out its operations to generate energy through solar power.
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But the demand for solar power fluctuated owing to various factors such as the need for a consistent supply of energy, the intermittent nature of solar power, lack of consumer awareness, ineffective government cooperation, high costs, and finally absence of uniformity and standardization of procedures.
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As a result, the company was not able to mitigate its overall expenditure and the return on investment was also low. This challenged the sustainability of the company in the solar sector.
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The company authorities sought out the services of Research Nester consultants to reevaluate the company’s strategies for a better supply and demand equilibrium.
The company was into oil and gas exploration for three decades apart from coal mining activities. In 1992, it ventured into electric power generation and made a strong market position as a reliable power company in India. In 2014, it launched a subsidiary in collaboration with a utility company in a small city to produce solar energy for residential and commercial purposes. The first few years showed moderately successful growth. After that as the city was hit by a cyclone in 2018, and the after-effects of which continued for several months, the growth showed a significant decline. Moreover, since the power grids were built as per the concept of large, controllable electric generators that consistently provided power without requiring much storage, the fluctuating solar supply caused a lot of disruptions. The intermittent nature of solar energy restricted the reliability of the electric supply, at times resulting in blackouts and other cascading problems. The demand was seeing a decline with consumers switching to conventional energy supplies. The utility company was hinting at dissolving the collaboration. Finally, the authorities saw the need for re-strategizing its operations and analyzing the supply and demand scenario. RNPL consultants were brought on board to work out a plan of action to facilitate long-term and profitable growth.
The major challenge the company faced was the raw material supply. Solar power generation is entirely dependent on sunlight availability, making it irregular or intermittent. Nighttime, cloudy days, and other seasonal variations hamper the energy output and consistency in the power supply. Research Nester analysts devised strategizes and offered a customized solution in the form of a report on the Smart Solar Market Analysis. The report offered current and emerging opportunities related to the incorporation of smart solar solutions. RNPL consultants also suggested the following strategies to facilitate efficient management of supply and demand-
The energy and natural resource company integrated the measures into its processes and practices which finally stimulated its growth.
The company in the first year of its solar energy production reported revenue of ~USD 167 million. The growth increased by 10 % in the second year and showed near about the same pattern in the next 2 consecutive years. However, after the onslaught of the cyclone, energy generation got restricted and so did the growth. RNPL consultants were brought into the realm in December 2019. They[R1] devised a structured road map that paved the way for growth and profitability. The company incorporated the strategies and gradually witnessed a 15 % growth by the end of 2020. By the 2021 year-end, energy generation and storage increased around 3 folds and the growth increased by 30%. As the company demonstrated strong future prospects, it found investors and the funding poured in. In mid-2022, the company was able to commission two large-scale power plants adding 50 MW to its portfolio. Presently the company is planning to expand its operations in neighboring towns and is aiming to cover the entire state gradually. By incorporating the measures advised by Research Nester Analysts, the company was able to strategize its supply-demand equilibrium and accelerate its growth momentum.
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