Advising an energy solutions company on investment in the renewable C&I in India


A leading energy solutions company wanted to pursue opportunities in the Commercial and Industrial (C&I) solar market in India. With new opportunities emerging from the green transition in India, the client wanted to explore profitable opportunities in the Indian solar space, especially in providing sustainable solutions to C&I customers.

MEC+ was engaged to facilitate entry into the C&I solar market through the M&A route.


There are three main drivers for C&I solar market investment:

  • The higher returns on the C&I projects as compared to utility-scale projects
  • The large demand outlook in India and relatively recent decline in prices of solar
  • The desire of private companies to adopt sustainable policies

But the business is dependent on:

  • Policy governing the extent of rooftop and open access renewables in the state
  • Regulations for interconnection, permitting, tariff compensation & charges, incentives for banking, and net metering
  • The ability of customer to pay which varies by state, open-access type, and customer segment type.

MEC+ team took a two-dimensional approach to help the company position itself as a leader in the solar open access market:

  • Identify the model required to align with drivers in Indian C&I solar towards 2025: We analyzed opportunity and fitment with investment objectives. These were based on a detailed analysis of market segments in terms of geography, market segment, offering, value chain presence, etc.
  • Identify 3-5 acquisition targets that are best positioned to succeed: We ran an extensive process for target identification and screening which included assessment of 650+ registered players in the solar space. The top 5 players were then filtered based on the strategic fit with the client.


MEC+ supported the client throughout the Go-To-Market journey. Out of 80 active solar developers, 20 were selected for in-depth analysis based on revenue scale and business focus. Developers were finalized as a potential acquisition target based on their business model, value chain capabilities, and credentials.

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