Greenergy Corporation: The Untold Story Of India's Earliest Adopters Of Green Energy In The Open Access Market
India's renewable energy sector is one of the most attractive renewable energy markets in the world right now. The years between 2010 to 2020 witnessed a phenomenal transition in the power sector from coal dependency towards the mainstreaming of green energy sources. Over the past decade, the nation's power generation capacity has increased up to 212 Gw. As of February 2021, the total installed capacity stood at 92.97 Gw – which is equivalent to roughly over 40 per cent of the total power contribution. However, back in 2010, the entire renewable energy sector was still in its nascent stages, and the idea of open access to power was completely unheard of. It was at this stage when a young Syed Fahad would return back to India after completing his MBA from the Ohio University in the USA and join hands with his father to grow his 30-year-old family-run business in the poultry sector – Golden Hatcheries. At the time also, Golden Hatcheries was one of the most reputed and well-known brands in the city of Bangalore. It had already diversified and executed many ventures under the banner name of the Golden Group in its three decades of existence.
Since his family was already involved in the poultry business, Syed Fahad visualized venturing into producing biogas from poultry litter as a natural step in a bid to take the family- owned business started by his father to the next level. The initial idea was to convert the poultry waste into gas and the gas into electricity with the help of the latest technology and eventually sell the power generated to end-users. Thus, facilitating a symbiotic business growth model in the process. Despite rigorous efforts by conducting thorough surveys in the biogas industry, which involved regular visits to Germany a leader in Biogas technologies, the initial plan to expand the business could not materialize that year due to many government induced roadblocks. The cost of Solar was also prohibitively high to enter into the segment. It was at this juncture when Syed Fahad came across a German wind turbine manufacturer named Enercon GmBh having their base of operations in Mumbai. It was Enercon who partnered with Syed Fahad in setting up Golden Group's first 5 Mw renewable energy Wind Farm at Gadag, Karnataka at a cost of Rs. 30crores, leading to the foundation of Greenergy Corporation. Eventually, by the end of 2011, Greenergy signed its first project with Wipro Ltd as a customer, in what was back then just a 5 MW project generated by six turbines having a capacity of 0.8 Mw each.
A Tale of Never Looking Back
With such a humble beginning, Greenergy Corporation has successfully added about 10 to 15 Mw of additional plants on a year-on-year basis. Today, Greenergy is present across all the formats, right from wind, solar,hydro power, Biomass, Solar Rooftop as well as the biogas segment. Purely an open-access-based company that caters to end-users by supplying them with the power generated, Greenergy caters to some of the biggest corporate titans in India, including Airtel, Colombia Asia, The Aditya Birla Group, Wistron India, Dell, Spar Hypermarkets, amongst many others. Greenergy Corporation is responsible for saving crores worth of capital on electricity bills for some of the biggest corporate names in India they have served in the last decade.
Greenergy is now Karnataka's largest C&I focused
company, with more than 150 Mw of operating assets in the state of Karnataka alone. Greenergy Corporation has 45 MW of Wind, 90 Mw Solar & 15 Mw of Hydropower spread across 10 different locations in the state of Karnataka under the open-access policies of the Govt. of Karnataka. The company has operational Solar plants in Rajasthan &Tamilnadu, and currently is in the process of acquiring renewable energy projects in Maharashtra, Gujrat &Telangana. The company provides renewable energy to clients at their office / factory location using the existing grid of the government under a wheeling & Banking arrangement with the KPTCL.
Helping Businesses Stay at the Forefront of Sustainability & Cost-cutting With the alarming rise of global warming and its subsequent harmful effects on the climate, the homeostatic balance of the Earth has reached its breaking point. It is high time for businesses to mend their ways by switching over to eco-friendly energy sources. Greenergy Corporation helps companies to meet the objectives of transitioning to a safer eco-friendly future through this power generation model.
Greenergy answers the following challenges that businesses need to inevitably navigate through in the near future:
Bent on a Clear Intent of Conducting Business
The Golden Group has always had a clear vision of doing business with clients having certain sustainable agendas or social welfare in the mode of operations. This is reflected across all the group ventures, starting from the poultry business, where it employs more than 2000 unskilled & uneducated people directly and lakhs of farmers from whom they procure Maize & Soya beans indirectly. The group’s poultry business- Golden Hatcheries, has already created a substantial social impact in its three decades of existence. Additionally, the feed factories run entirely on rooftop solar power, and the chemical plant produces liquid ammonia, which is used in reducing emission in Euro 4 & above diesel engines. Just like its parent entitythe Golden Group, Greenergy Corporation advocates the same ethos from each one of its customers.
Gazing Towards a Robust Future Expansion
In the last decade the Group has seen exponential growth and has clocked an average growth rate of 40% YoY in Revenue & 35% YoY in Net profit making it one of the fastest growing MSME companies in India. The Golden group also continues to expand its main business of Poultry aggressively & currently is in the process of establishing a green field Chicken processing plant at Haveri, Karnataka & Fully modern and automated poultry farms at Doddabalapur & Nelmangala. It is also entering new lines of businesses like Organic Agriculture farming & Processing of IMP Spices (Integrated pest management) at a newly acquired plant at Hindupur, Andhra Pradesh which is a 100% EOU & Acquisition of a 90 Km long 4 lane National highway thereby marking the groups foray into the Roads & Highways business.
Greenergy Corporation is also on its way to double the capacity from the current 150 Mw to around 300 Mw in the upcoming two years, primarily with a mix of Greenfield and brownfield projects. They are actively looking at commissioned projects for acquisitions across the country and have built a strong liquidity position for the same. With a strong credibility with lenders, Greenergy Corporation are in a comfortable position to raise debt for such acquisitions. The group also intends to venture into newer and profitable global markets in regions that are yet to establish a solid renewable energy footprint. The company has set its sights on countries located in East Europe, African and Central Asia towards the same.
In the next five years, Greenergy is projecting a total power production capacity of 1 Gw. And, for the longterm future, the group has aspirations of becoming India’s largest C&I focused company across all the formats of renewable energy.
With the alarming rise of global warming and its subsequent harmful effects on the climate, the homeostatic balance of the earth has reached its breaking point. It Is high time for businesses to mend their ways by switching over to ecofriendly Energy sources.
Since his family was already involved in the poultry business, Syed Fahad visualized venturing into producing biogas from poultry litter as a natural step in a bid to take the family- owned business started by his father to the next level. The initial idea was to convert the poultry waste into gas and the gas into electricity with the help of the latest technology and eventually sell the power generated to end-users. Thus, facilitating a symbiotic business growth model in the process. Despite rigorous efforts by conducting thorough surveys in the biogas industry, which involved regular visits to Germany a leader in Biogas technologies, the initial plan to expand the business could not materialize that year due to many government induced roadblocks. The cost of Solar was also prohibitively high to enter into the segment. It was at this juncture when Syed Fahad came across a German wind turbine manufacturer named Enercon GmBh having their base of operations in Mumbai. It was Enercon who partnered with Syed Fahad in setting up Golden Group's first 5 Mw renewable energy Wind Farm at Gadag, Karnataka at a cost of Rs. 30crores, leading to the foundation of Greenergy Corporation. Eventually, by the end of 2011, Greenergy signed its first project with Wipro Ltd as a customer, in what was back then just a 5 MW project generated by six turbines having a capacity of 0.8 Mw each.
A Tale of Never Looking Back
With such a humble beginning, Greenergy Corporation has successfully added about 10 to 15 Mw of additional plants on a year-on-year basis. Today, Greenergy is present across all the formats, right from wind, solar,hydro power, Biomass, Solar Rooftop as well as the biogas segment. Purely an open-access-based company that caters to end-users by supplying them with the power generated, Greenergy caters to some of the biggest corporate titans in India, including Airtel, Colombia Asia, The Aditya Birla Group, Wistron India, Dell, Spar Hypermarkets, amongst many others. Greenergy Corporation is responsible for saving crores worth of capital on electricity bills for some of the biggest corporate names in India they have served in the last decade.
Greenergy is now Karnataka's largest C&I focused
company, with more than 150 Mw of operating assets in the state of Karnataka alone. Greenergy Corporation has 45 MW of Wind, 90 Mw Solar & 15 Mw of Hydropower spread across 10 different locations in the state of Karnataka under the open-access policies of the Govt. of Karnataka. The company has operational Solar plants in Rajasthan &Tamilnadu, and currently is in the process of acquiring renewable energy projects in Maharashtra, Gujrat &Telangana. The company provides renewable energy to clients at their office / factory location using the existing grid of the government under a wheeling & Banking arrangement with the KPTCL.
Helping Businesses Stay at the Forefront of Sustainability & Cost-cutting With the alarming rise of global warming and its subsequent harmful effects on the climate, the homeostatic balance of the Earth has reached its breaking point. It is high time for businesses to mend their ways by switching over to eco-friendly energy sources. Greenergy Corporation helps companies to meet the objectives of transitioning to a safer eco-friendly future through this power generation model.
Greenergy answers the following challenges that businesses need to inevitably navigate through in the near future:
Bent on a Clear Intent of Conducting Business
The Golden Group has always had a clear vision of doing business with clients having certain sustainable agendas or social welfare in the mode of operations. This is reflected across all the group ventures, starting from the poultry business, where it employs more than 2000 unskilled & uneducated people directly and lakhs of farmers from whom they procure Maize & Soya beans indirectly. The group’s poultry business- Golden Hatcheries, has already created a substantial social impact in its three decades of existence. Additionally, the feed factories run entirely on rooftop solar power, and the chemical plant produces liquid ammonia, which is used in reducing emission in Euro 4 & above diesel engines. Just like its parent entitythe Golden Group, Greenergy Corporation advocates the same ethos from each one of its customers.
Gazing Towards a Robust Future Expansion
In the last decade the Group has seen exponential growth and has clocked an average growth rate of 40% YoY in Revenue & 35% YoY in Net profit making it one of the fastest growing MSME companies in India. The Golden group also continues to expand its main business of Poultry aggressively & currently is in the process of establishing a green field Chicken processing plant at Haveri, Karnataka & Fully modern and automated poultry farms at Doddabalapur & Nelmangala. It is also entering new lines of businesses like Organic Agriculture farming & Processing of IMP Spices (Integrated pest management) at a newly acquired plant at Hindupur, Andhra Pradesh which is a 100% EOU & Acquisition of a 90 Km long 4 lane National highway thereby marking the groups foray into the Roads & Highways business.
Greenergy Corporation is also on its way to double the capacity from the current 150 Mw to around 300 Mw in the upcoming two years, primarily with a mix of Greenfield and brownfield projects. They are actively looking at commissioned projects for acquisitions across the country and have built a strong liquidity position for the same. With a strong credibility with lenders, Greenergy Corporation are in a comfortable position to raise debt for such acquisitions. The group also intends to venture into newer and profitable global markets in regions that are yet to establish a solid renewable energy footprint. The company has set its sights on countries located in East Europe, African and Central Asia towards the same.
In the next five years, Greenergy is projecting a total power production capacity of 1 Gw. And, for the longterm future, the group has aspirations of becoming India’s largest C&I focused company across all the formats of renewable energy.
