Cleaning India's Grids
In 2017, the wind industry was undergoing a transition from feed-in tariffs to reverse auction bidding, which drove down the pricing and margins across the value chain for the wind power sector.
This led the OEMs (turbine manufacturers) to re-evaluate their core competencies risks associated with providing turnkey wind project development. They started reducing their scope of works for the investors (IIPs – independent power producers) concerning land, project construction, turbine logistics and even installation. This created a need in the value chain for a reliable developer who could take the role of a windfarm developer. This is where Siddharth Mehra-led ViViid Renewables sought to become that reliable developer.
ViViid Renewables operates as a developer of utility-scale renewable energy projects, offering its services to international investors, wind turbine manufacturers and IIPs in India. It has become the largest wind farm developer in the country and has forayed in the development of solar parks as well.
Renewables Developer
Mehra was a keen observer of the renewable energy business in India and studied the successes of reputed global energy conglomerates. With more than a decade’s learning in the renewables space, he decided to start ViViid Renewables to provide renewable energy investors with a reliable partner to develop large green field projects. Today, it is among the few developers in India who have built the capability and capacity to do a complete packaged wind and solar project development.
Mehra recalls getting the first order and the right talent as challenges for his venture in its early days. But today, he is confident that ViViid Renewables has bridged the gap it intended to. “We bring in a unique set of technical expertise like no other company, and thus we are today one of the fastest-growing companies in the renewable energy space,” says Mehra.
On the expansion front, ViViid Renewables plans to conceptualise Wind-Solar Hybrid projects and create two new verticals to cater to the opportunities within the sector in terms of operating and maintenance of renewable energy projects as well as creation, validation and trading of carbon credits.
