India's increasing efforts to expand its share of renewable energy have led to a substantial increase in solar power generation in recent years. The country’s solar power sector is undergoing a technology-backed transformation on a variety of levels, from manufacturing to installation to improving cost and performance efficiency. More and more sectors in India are looking to solar for sustainable energy. Solar panels are constantly becoming more efficient, enabling homes and businesses to access green energy even in a limited space. HCT Sun is a US-owned, India-based solar company that offers high-end solar photovoltaic systems at zero investment to consumers and uses its expertise to provide customised solutions to its clients. Shraddha Naik, director at HCT Sun, is passionate about the company’s sustainable solutions.
Shraddha Naik is a formidable finance professional who graduated from the Institute of Chartered Accountants of India and garnered experience in the utility industry. She is skilled in corporate finance, project finance, treasury management, business analysis, and financial modelling. Below Shraddha Naik engages in a one-on-one interaction with the Women Entrepreneur Magazine.
Could You Give Us A Brief Overview Of HCT SUN? Tell Us About Some Of The Unique Features Of The Company.
The name HCT Sun was inspired by the 1969 Beatles song "Here Comes the Sun,” which celebrates the arrival of spring and reflects the flourishing and blossoming of the environment. HCT Sun is committed to serving the SME sector with environmentally and financially beneficial renewable energy through solar rooftop systems. We operate on the OPEX business model, which helps SMEs gain access to green power at lower rates and without investment. Using expertise from India, Israel, and the US, we have developed technologies that maximise solar efficiency and production and comply with international standards.
What Opportunities Do You Foresee For Upcoming Service Providers Such As HCT SUN?
The waiving of import duties on solar panels in the past led to an increase in unorganised EPC companies across the country, flooding the market with low-quality solar panels. Recent guidelines and heavy duties imposed by the government on the import of solar panels and related components have made it very challenging for SMEs to install their solar projects as Capex. Small EPC companies struggle to survive in the market and will be forced to compromise on the quality of both installation and components to bring products to customers at an affordable price.
HCT Sun sees an opportunity to expand its footprint through its OPEX business model; industries, hospitals, education institutes, and other structures can avail themselves of savings in their monthly power bills without worrying about investment, maintenance, operations, and insurance. We also see an opportunity to take over underperforming solar projects and refurbish them using the latest technology, guaranteeing higher production and sustainability through our O&M service. With our recently installed rooftop solar tracking system, which is the first of its kind in India, we can increase production even with roofs and panels of limited size.
Please Brief Us About Your Prior Industry Experiences
I spent over a decade in the power sector before joining HCT Sun. I worked at TATA Power, in, among other things, thermal and solar energy. I was fortunate to get diverse work opportunities ranging from project finance, treasury management, forex, M&A and renewable energy. One of my significant contributions were for securing funding worth $2.7 billion for India's first ultra-mega power project. Subsequently, I also led the acquisition of a 30-MW wind project.
“HCT SUN has always preferred to be an advanced technology– driven company”
Please Brief Us About The Different Technologies And Solutions HCT SUN Delivers And The Various Advantages That Clients Can Derive From Leveraging Them.
The technologies in the solar industry are rapidly evolving and upgrading. HCT Sun has always preferred to be an advanced technology–driven company. We have adopted and developed various high-end technologies such as leak proof, non-penetrating structures for RCC Roofs, zero-penetrating clamps for standing seam metal roofs, power optimisers, module-cleaning robots, panel-level remote monitoring and alarm systems, and more. We were the first in India to install solar cum roofing structure – a technology imported from France. We are also the first in India to install a rooftop solar project for both RCC and metal roofs with trackers that track the sun through artificial intelligence, resulting in an almost 25 percent increase in production. We can thus derive “more power per panel.”
This is in line with our ideology, “We sell power, not panels.”
How Has HCT SUN's Growth Journey Been So Far, And What Is The Future Roadmap?
Our journey began in 2018.It’scareful planning led to increased revenue and sustainability. We were managing a decent number of projects before the COVID outbreak in 2020. In spite of the challenges of COVID, we have grown by over 400 percent during the pandemic. It is possible that the pandemic was the trigger for many industries, especially SMEs, to take desperate steps towards cost savings and we made it possible for them to save on their electricity bill at the right time.
Our customer profiles range from the food industry to automobile manufacturers to pharmaceutical companies, the plastic industry, logistic/warehousing parks, commercial complexes, and more. In order to optimize our resources and supply chain, we are currently operating in Maharashtra, which is the highest electricity consumer across India, and we have plans to expand to other states in the region shortly.
Shraddha Naik, Director, HCT SUN
With over 15 years of experience in finance, Shraddha is a professional who works tirelessly to offer customised solar solutions to clients.
Awards & Recognitions: Citibank Award
