INDIAN INSTITUTE OF MANAGEMENT, AHMEDABAD

INSOLARE ENERGY
A report submitted to
Instructor: Prof. Rajat Sharma
Academic Associate: Ms. Bhargavi Nayak
In partial fulfillment of the requirements of the course
Marketing I (2016-17)

By
Group E-2
Manisheel Gautam
Vipul Verma

Sukrit Raghuvanshi
Rajesh Ranjan
Section: E
On
4th September 2016

Preetham Gandhi
Arnab Barua

TABLE OF CONTENTS
Industry Analysis.....................................................................................................................................1.
Company Analysis..................................................................................................................................3.
Segmentation, Targetting and Positioning ...........................................................................................10.
Marketing Strategy................................................................................................................................14.
Exhibits17.

THE REPORT
Industry Analysis -

InSolare Energy is primarily a Solar Energy EPC (Engineering, Procurement and Construction) provider
which handles all activities of a solar manufacturing workflow. Currently, Solar Energy contributes
roughly 2% of Indias total installed energy capacity. However, with crucial policies like Solar Parks
Policy and UDAY scheme, and many projects under development, the solar industry, and the EPC
contract industry are expected to boom in the coming years.

As can be seen from the chart in Exhibit 1, the additional solar capacity added in the last five years has
been roughly close to 4GW (1). But solar installations per year are expected to grow over three times
(close to 19 GW) by 2017, with a sector revenue of around $3 billion (2). This is in line with the targets
set by the Indian Government to make the total renewable capacity to nearly 175 GW by 2022. With
around 57% of this capacity coming from solar energy (3), over 11 GW of connected rooftop and
ground-mounted solar capacity will be needed to be installed annually.

Figure 1: Year-wise capacity addition targets (3)

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India is about to become the fourth largest solar market by the end of 2016. With 35 new tenders of 15.4
GW announced last year and over 5GW of new tenders to be announced soon, there is heavy investment
interest from Indian and international developers.
However, due to increasing competition, tariffs have come down significantly and raised concerns over
the financial capacity of the sector (4). Furthermore, the rooftop solar market needs more focused policy
support, especially in the implementation of net metering. Also, this market lacks consumer awareness.
As Governments biggest focus so far has been on ground-based projects, the policies are expected to
benefit distributed generation. Considering these factors, we expect the Rooftop Solar capacity to be
around 7GW by 2022, falling considerably short of target by around 30GW. The possible added capacity
is likely to be split among different kinds of markets. As seen from the graph in Exhibit 2 the residential
and industrial segments are expected to triple their capacity in the next 5 years (5).
Even though the price competition is stiff in the industry, EPC contractors are expected to grow, mostly
due to their increasing experience and efficiency, which can lead to shorter delivery time. Economies of
scale will also be a major factor in lowering the deployment cost per watt as seen from Figure 2(6).
Furthermore, integrated players like Tata Power Solar Systems are expected to have a cost advantage
over non-integrated players, helping them in quoting lower tariffs.

Figure 2: Projected solar energy deployment cost (8)

According to the Bridge to India Solar survey, the individual businesses are expected to grow 3-5 times
by 2022 despite the industry expected to fall short of target (5). This is because the solar installations per
annum are expected to grow considerably.
Regarding allocation process, EPC tenders in the pipeline stand close to Tariff based bidding and going
by the recent trend; the pipeline is likely to be skewed in favor of EPC tenders in the near future. In 2016
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alone, NTPC floated 2760 MW of EPC tenders compared to 1750 MW under developer mode(7),
surpassing the total installed capacity of the last five years.

Figure 3: Capacity of policy-based projects in India

The scenario mentioned above will increase demand for EPC contractors. As the existing EPC market
contains many small and medium standalone players lacking internal expertise, developers can
outsource projects or get into agreement with larger EPC players. Currently, Tata Power Solar leads the
industry with over 10% market share, with Insolare having around 1% share.
2. 5 C Analysis
Company Analysis Insolare is a system integrator and EPC solution provider for solar energy with an aim to create and
integrate competitive solar energy technology. The companys mission is to create and integrate
competitive solar energy technology to delight their customers by bringing the best in class, optimal, end
to end solar energy solutions. The company leverages global systems suppliers for providing the best
value to its customers.
The company provides two types of solar energy installation services. They provide end to end services
for ground-based tracker installation as well as rooftop projects. The firm provides the option to use
single axis tracker system and without single axis tracker system in ground-based solar plant
installations. The single axis based tracker is the specialty of the company which they have developed
themselves in collaboration with VIASOL, USA. The single axis tracker based solar tracker is more
efficient and requires less maintenance. Their tracking system uses the highest quality, rugged
components and significantly reduces the cost of energy generation.
The company classifies the rooftop projects into two groups, large rooftop projects (> 250KW capacity)
and small rooftop projects (<250KW capacity). For rooftop based, they use the products of SolarEdge, a
global firm providing solutions in solar photovoltaic systems. It is also the authorized distributor of
SolarEdge products in India. Insolare also provides customized products to its customers. Graphical
representation of Insolares products are in Exhibit 3
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Value Proposition for customers

Insolare assures quality in the systems by ensuring the choice design, use of right technologies, ensuring
highest quality components, use of qualified vendors, systematically adhering to the execution of
established process and extensive testing methodologies. They provide solar energy EPC services which
is more resistant to fire than industry standards, up to 10% higher output, which allows panel level
monitoring, has lower maintenance cost compared to competitors, and extended 12 years warranty on
inverter as compared to 5 years provided by competitors. The value proposition of the company is
summarized in the radial chart provided below.

Figure 4: Customer value proposition

Growth and Market Share

The company started its first major project in 2011 when it obtained a contract for 5MW solar power
plant from Blackbone Enterprises Limited in Gujarat. The project was started in January 2012, and
InSolare used their single axis based tracker system. In the financial year, 2012-13 the company
established 49 solar power plants with a total capacity of 661 kW which increased to 64 solar power
plants with total capacity of 838 kW in 2013-14. They also established Karnataka largest rooftop solar
power plant of 940 kW at the Cisco campus in Cessna Business Park, Bangalore. Then they developed
187 solar power farms with a total capacity of 1426 kW in 2014-15, the last year for which financial
data is available i.e. a growth of about 190% regarding a number of solar power farms developed and
70% in terms of total capacity generated. In terms of market share, they started of with a market share of
0.07% in 2012-13 and reached to 0.1% within two years. The growth of the company in last four years
is summarized in figure 5

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Figure 5: Company growth summary

They are a major player in solar energy EPC service provider sector. They are among the top 20 firms in
EPC service provider with a market share of 1% in 2015. Tata Power solar is the biggest competitor in
this segment with a market share of 11.7% in 2015.

Primary Motivators and Inhibitors

Motivators
The increasing awareness about the benefits of renewable sources of energy over the conventional
sources of energy is the biggest motivator for the industry. The prospectus of growth is very strong, and
the industry is expected to grow rapidly with rapidly falling costs and greater environmental agenda in
the post United Nations Framework Convention on Climate Change (UNFCCC) Paris Conference 2015.
Along with the awareness in public, new initiatives taken by corporates to fulfill their green CSR is
providing thrust to this sector.
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The support from the Government of India and many state governments is another motivator for the
industry. The Indian solar market is in full bloom at present with the introduction of key policy changes
and 25 GW of projects under different stages of development. 35 new tenders with a cumulative
capacity of 15.5 GW have been announced in the last year. An additional 5 GW of new tenders are
awaiting release in the coming months. There is burgeoning investment interest both from Indian and
international developers in the sector. This frenetic pace of activity is a big step-up in contrast to historic
solar capacity addition of approximately 1 GW per annum for three straight years until 2014. The
current government wants the solar energy to become a crucial component of Indias energy portfolio by
2022. Under the Jawaharlal Nehru National Solar Mission (JNNSM), has set an ambitious target of
100GW of solar energy by 2022. The mission aims to make India a global leader in Solar energy sector.
The Indian government has also formed International Solar Alliance ( An Alliance of over 120 countries)
with a hope that wider deployment would reduce production and development costs and so facilitate
increased deployment of solar technologies, including poorer and remote regions.
The Ministry of New and Renewable Energy provides a 70% subsidy on the installation cost of a solar
photovoltaic power plant in North-East States and a 30% subsidy on other regions
Inhibitors : 1. Cheap Products from China:
One of the major inhibitors for this firm is the cheap imports of solar equipment from China. The USP of
InSolare is to provide superior quality products with lower maintenance. But the products from China
which are considerably cheaper is giving tough times to companies like Insolare.

2. Per unit cost of electricity from solar energy is still considerably high as compared to that from
conventional sources. The high cost of installation of rooftop solar projects is another inhibitor for EPC
service providers in the industry. Though both per unit electricity cost and installation of the cost is
expected to reduce in future, it still remains a challenge for the firms in the solar industry.

3. Another challenge for the industry is the huge area of land required to develop a solar power plant of
considerable energy output.
Motivators and Inhibitors are graphically represented in Exhibit 4

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Customer Analysis
Customers in Solar Energy Sector can be broadly classified into three categories: 1. Commercial and Government - The major customers in this sector is Government PSUs in the
energy sector. NTPC has planned to build 3,300 MW of solar power generation capacity. Coal
India and ONGC have also committed to create 750 MW and 1000 MW of solar energy
respectively. Recently, six PSUs ( BHEL, Solar Energy Corporation of India, Sambhar Salt Ltd,
PowerGrid, Satluj Jal Vidyut Nigam and Rajasthan Electronics and Instruments Ltd.)have formed a
Joint Venture to set up worlds largest single location 4000-MW Ultra Mega Solar Power Project in
Rajasthan. Many state governments are taking steps such as providing government land at low
lease value and exemption in excise duty for setting up solar power plants. Many state distribution
companies for e.g. Punjab, Rajasthan, Madhya Pradesh are outsourcing solar energy creation to
private companies on the basis of preferential tariff based on reverse bidding. Most of the
Governments project is awarded through bidding where the company with a minimum bid (L1)
and satisfying the technical criteria is awarded the contract. So, developing a cost-effective solution
is necessary to win the contracts in this segment. Many PSUs like Rashtriya Ispat Nigam Limited,
MMTC, Manikaran Power Trading have voluntarily invested in solar energy to obtain Renewable
Energy Certificates.

2. Industrial: - In the industrial segment, there are two categories. The first one is the power
generation and private distribution firms who uses solar energy power for an additional capacity
generation. They are consumers of ground-based tracker systems. The other type of industrial firms
are those who use solar energy for fulfilling their green CSR initiatives. These industrial consumers
can be further divided into segments based on their industries namely, Information Technology,
Telecom, Real Estate and FMCG.

3. Residential - These are private consumers who install rooftop solar systems to meet their additional
energy requirements. Rooftop solar projects have been highly successful in lighting rural areas
which are difficult to connect through grid based electricity systems. By the end of 2015, only 55%
of rural households in India had access to electricity. So, there is huge market potential in consumer
segment.

Competitive Analysis
The competition has increased in the solar EPC services sector in recent years with many international
firms and integrated solar power firms entering the market. Market share and growth is highly dynamic
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in this market. While Sterling and Wilson was the leader the market leader in 2014 with a market share
of 6.7%, Tata Power emerged out to be the market leader in 2015 with a market share of 11.6 % and
Sterling and Wilson was reduced to a market share of 0.6%. The market of 2015 as estimated by
BridgeToIndia, a solar consultancy firm is given in the figure 6 and for 2014 is in exhibit 5

Figure 6: Solar energy EPC Market share for 2015

The top five Solar EPC firms in 2015 were : Page | 8

1. Tata Power Solar (11.6%)

2. Sukam (4.9%)
3. CleanMax (2.6%)
4. Chemtrols (2.1%)
5. L&T (1.9%)

The summary of comparative studies of these firms is given in Table 1 below

Companies Price

Product

Promotion

Place

Tata Power Affordable

Solar prices.

Different products
for different
segments.

Print Ads,

Present in 21
states across India

(Rs 47-70/ Watt)

Products of
varying price
ranges

1000+ channel
partners across India

They are solar energy

product
manufacturer.
Warranty of 1 to 2
years

Sukam Variable price

depending on
product (Rs 4980/watt)

250+ products and

EPC services,

Print Ads,

90+ countries

ATL media,
25 years warranty
28744 dealers

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CleanMax Rs 40-60 /watt,

Cost effective
solution

Chemtrols Rs 30-50/watt,
Cost effective
solutions

End to End Solar

power services both
roof-top and ground
based systems

Digital Marketing,

Southern, Central
and Western India.

Solar products
manufacturer

Focus on customer
experience. Word of
mouth promotions

6 states

Promotions based on
past experience in
engineering and
customized cost
effective solutions.

Throughout India

Focus on high quality

on low maintenance

More than 10
states

Online promotions
Limited presence
in East India

Both roof-top and

ground based
services,

Telangana, Andhra
Pradesh, Odisha,
Punjab, Haryana,
Karnataka

5 Years warranty

L&T Rs 38-65/watt

Provide integrated
solutions with other
Cost competitive, renewable sources of
energy
Variable price
range

InSolare > Rs 70/watt

Customized
pricing

Both solar system

integrator and EPC
provider
12 years Warranty

Table 1: Comparative study of competitors

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Context Analysis - PESTLE

Context
Insular can be analyzed through the context of the external environment in which it operates. The solar
sector, in general, may be more sensitive to the external environment than other sectors in the energy
generation industry.
Political
Electricity generation through Large and small solar installations receives significant political backing.
The countrys National solar mission aims to create a solar capacity of 100 GW by 2022 against the
current installed capacity of 8-9 GW. The Central and state governments aim to achieve this by(10)
1. Investing in large-scale solar farms
2. enabling large-scale solar installations by public sector undertakings
3. subsidizing domestic rooftop solar installations through direct subsidy and net metering through
distribution companies
4. incentivizing the development and manufacture of solar components in the country.
Economic
There have been significant reductions in The cost of solar PV over the years. From about $76.67 per
watt in 1977 to about $0.3 per watt in 2015. Advancement in technology and economies of scale can be
a cause for this, summed up by swan sons law which states that solar costs fall by 20% for every
doubling in cumulative shipments.
Increase in efficiency of transmission networks also contributes to this source being cost competitive
with conventional sources over the long term.(11)

Social
In the social context, Its ability to provide reliable electricity to remote, of the grid locations is enriching
the lives of countless indian households. Also, the fact that this technology is environmentally friendly
adds to is social acceptance.(12)

Technological

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The solar industry is heavily driven by advancement of technology. More efficient PV panels,
production processes and newer materials have helped this source of energy go mainstream from being a
niche player in its initial years.
Technology also helped reduce costs to make solar power competitive with power from other sources in
the long run.

Environmental
The relevance of the entire solar industry hinges on claims that this source is sustainable and generating
electricity from it is friendly to the environment. although the sustainability is a fact, the second claim is
disputed. Some activists consider the benefits of solar to be wipeout by the polluting processes of
manufacturing and installation. In spite of this, Solar is still considered the most viable renewable energy
source.

Legal
Specific to solar projects, issues of land ownership, zoning, environmental clearances, financing, power
purchase agreements etc. can arise. Broadly, the industry faces challenges through protectionist policies
that countries like USA, china etc. adopt to push their local manufactures.
Another issue concerns the developed countries dumping less efficient technology into developing
markets at significant markdowns threatening local manufacturers.
Collaborator AnalysisThe company leverages global systems suppliers for providing best value to its customers. The single
axis based tracker is the specialty of the company which they have developed themselves in
collaboration with VIASOL, USA. For rooftop based, they use the products of SolarEdge, a global firm
providing solutions in solar photovoltaic systems. It is also the authorized distributor of SolarEdge
products in India.
Performance Review The company has been on a healthy growth trajectory. In year 2014-15, they grew at a rate of 190% in
number of solar farms created and by 70% in terms of capacity added year on year. They have become a
major player in solar energy EPC sector breaking into the top 20 firms in the country. They had a market
share of 1% among solar EPC service providers.
Revenue has been growing for the firm at a rate of 84% year on year on an average in the last three
years. The revenue grew at a rate of 48% in the financial year 2015 over 2014. In terms of profit, the
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company was able to earn a profit of rupees fifty lakh in the year 2014 which was 110% more than the
previous years. The summary of revenues, expenses and profits is provided in figure 7.

Figure 7: Summary of Revenues, Expenses, and Profits

2

Segmentation, Targeting, and Positioning

To maximize the marketing impact, the process of Segmentation, Targeting and Positioning is of
paramount importance. The key questions to ponder upon are - Who is the product for? & Who is your
product not for?
An interesting graphic that decodes the STP in very simple terms is as follows:

Segmentation
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It is the process of understanding why customers buy products/services like yours and which of those
segment you can best satisfy.
In case of Insolare, the segments can be based on type of sectors : Government and Commercial,
Industrial and Residential. Figure 8 provides an estimate of the market segmentation of solar energy
capacity forecast in India after 2016, by sector.

Figure 8: Capacity projections in different sectors

The segments can also be targeted on the basis of regions in which clients are located. It is preferable to
have a solar plant in a region where there is plenty of sunshine. In the case of Solar Power Plant, a
number of units generated and Tariff decides your profit. Peak Sunshine Hours is one of the factors
which decides Number of units generated. Exhibit 6 can be used to estimate solar radiation at the
location of the site.
It can be observed that the darker shades overlap with the states of Gujarat, Rajasthan, East cost of Tamil
Nadu, Maharashtra and Madhya Pradesh. Unlike a number of other infrastructure projects, there seems
to be no dearth of land for solar power projects, with more than 467,021 sq km of wastelands in the
country. [Exhibit 7]
The availability of waste land eases the process of setting up a plant in an area. The states with the
highest wasteland are Rajasthan, J&K, Madhya Pradesh, Maharashtra, Himachal Pradesh & Gujarat.
The ease of doing business also plays a key role and acts as a motivator for private players to set up
power plants in respective states/regions. Ease of doing business covers a wide category of issues
including land acquisition and conversion, transparency, and predictability of policy, approval
process. State government policies and subsidies create a perception in the industry about the motivation
of setting up plants in different locations.
A survey done by Bridge to India on India Solar CEO yields the below perception graph [Figure 9] in
the industry about different states.
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Figure 9: Perception graph of ease of doing business

Targeting
In the next step, we decide to target one or more segments. The choice depends on a a lot of factors like
size of the segment, growth rate projections, ease of establishing a plant , efficiency of setting up a solar
power plant in that location, power demand, and presence of industries in the location.
From the sector wise segmentation it is quite evident that the Industry sector is expected to grow the
most because of factors like government policies and CSR initiatives. The growth of government and
commercial sector follows along with government plan National Solar Mission which targets The
Mission has set the ambitious target of deploying 20,000 MW of grid connected solar power by 2022
and is aimed at reducing the cost of solar power generation in the country through (i) long term policy;
(ii) large scale deployment goals; (iii) aggressive R&D; and (iv) domestic production of critical raw
materials, components and products, as a result to achieve grid tariff parity by 2022. This gives InSolare
a lucrative and strategic segment to target.
From the geographic location wise analysis of the segments it appears that states like Madhya Pradesh,
Telangana, Rajasthan are the most favourable locations on the basis of mean daily radiations, wasteland
availability, ease of doing business among others.
Positioning :
Positioning is the means by which the product/services can be differentiated from others and giving the
consumers/customers a reason and motivation to buy from you.
Insolare energy works with the motto of Global Reach and Local Expertise and boasts of proven
quality, delivery direct access and top performance. Insolare is a team that understands technology to
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deliver the best solution to the customer. A comparison of Insolare with its competitors [Table 3] shows
that it is a highly reliable product and thats where it should try and position itself.

Table 3: Comparison of InSolare and its competitors

A perception mapping chart [Figure 10] shows that as Insolare lies in the quadrant of marginally higher
cost and high reliability. The industrial sector user target group which seeks reliability is the best fit to
keep into mind while positioning.

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Figure 10: Perception Mapping Chart

From the perception map and comparison with customers, it can be inferred that InSolares products are
perceived as of high quality and costlier as compared to competitors. The products are comparable in
cost if seen in the long run. We need to bring out the long run aspect out to bring the cost effectiveness
feature.
Our suggestion is to position as Reliable, Sustainable and value for every penny
4. Marketing Strategy

Short Term
1. Reinforcing the reliability:
Concern about the reliability of solar is a barrier to market growth. Insolare already being reliable
can build upon it and make it their USP. Reliability is measured in terms of solar technology (mean
time between failure), provision for servicing and maintenance and warranty period provided by
the company.

2. Engage With Strategic Partners and Clients:

a) Engaging on a long term basis with suppliers and partners will help grow the reliability
value delivered.
b) Engaging with government for projects and CSR activities. For e.g. being a part of
electrification of villages plan.
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3. Creating Awareness :
a) Conduct seminars on corporate level to attract clients.
b) Information about company, products and value delivered on website and portals. Increase
visibility.
c) Advertising on B2B, Digital marketing and print media inserts.
d) Collate data about CSR teams of corporates in the target geographic locations and inform them
about the benefits of green energy and log term returns. Emphasize on the fact of the advantage
the location provides the company in terms of higher energy output because of higher radiations.
Long Term:
This Industry is vulnerable to price changes, Customers segments like government organizations are
price sensitive as lowest bids are accepted. Also, SBUs and individual users are price conscious and are
susceptible to change to lower priced products from competitors.
Long term solution for people shifting to other EPC companies is to create a new product using sourced
materials from china and using R&D team to create a quality product at comparable price
1. High quality products should be positioned for commercial use as quality is of importance in
industry uses
2. Medium quality product created from materials sourced from china to be positioned for price
conscious segments
Ps Analysis Profit and Loss control
Each of the 4P variable is a control in reaching our profit potential or incurring losses
Product:
2 key products - Advisory services and EPC services for On-roof and On-ground solar cell setups.

In short run we need to emphasize on long run cost effectiveness of our products

Use our current clients to improve our product through feedback

Price has to be in sync with our major competitors to reduce clients switching to other EPC
companies.

Our current product is of high price and a lower cost product has to be developed to acquire
customers and increase customer share

Price:

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Promotion
Our main consumers right now are Industries and Government. The major avenue of
promotion should be through CSR activities to partner with Government organizations
For Industries, Client referrals and participating B2B solution events are important
Place

Overall Insolare projects span across more than 12 states in India with heavy presence in Gujarat,
Rajasthan and Karnataka owing to the ease of solar accessibility in the states.

Large Rooftop Projects spread across Karnataka, Bihar , UP and Bengal

Being a major EPC player, Insolares installation processes take place onsite depending on the
scale of the project.

References:
1. Available at: http://re.indiaenvironmentportal.org.in/files/file/BRIDGE-TO-INDIA_India-SolarHandbook-2016.pdf (Accessed: 4 September 2016)
2. Sharma, S. (2016) Will low solar tariffs hurt Indias sunrise sector? Available at:
http://www.livemint.com/Industry/JiaWUtobFnSpiKhmx5P2fI/Will-low-solar-tariffs-hurt-Indiassunrise-sector.html (Accessed: 4 September 2016).
3. List of Major India EPC contractors in 2015 with Marketshares (2016) Available at:
http://www.greenworldinvestor.com/2016/04/25/list-of-major-india-epc-contractors-in-2015-withmarketshares/ (Accessed: 4 September 2016).
4. Solar, U. (2012) India renewable energy consulting - solar, Biomass, wind, Cleantech. Available at:
http://www.eai.in/events/solar-epc-blueprint-2016 (Accessed: 4 September 2016).
5. (No Date) Available at: http://mnre.gov.in/file-manager/grid-solar/100000MW-Grid-Connected-SolarPower-Projects-by-2021-22.pdf (Accessed: 4 September 2016).
6. India Solar capacity (yearly, megawatts) (no date) Available at:
https://ycharts.com/indicators/india_solar_capacity (Accessed: 4 September 2016).
7. Bennett (2014) Solar EPC prices plunge as global companies raise bar. Available at:
http://articles.economictimes.indiatimes.com/2016-01-22/news/69989606_1_epc-solar-projects-prices
8. https://www.db.com/cr/en/docs/Deutsche-Bank-report-Make-way-for-the-Sun.pdf (Accessed: 4
September 2016).
9. https://www.atkearney.in/documents/10192/692844/Solar+Power+in+India++Preparing+to+Win.pdf/b6b34499-8285-4813-9d66-ecdc293a8537
10. http://energy.economictimes.indiatimes.com/news/renewable/india-to-touch-15-gw-solar-powerproduction-by-march-2017/53969061
11. Cost of electricity at source,https://en.wikipedia.org/wiki/Cost_of_electricity_by_source
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12. How Indias Smart villages are centralizing solar power ,http://www.bbc.com/news/world-asia-india36681112

5. Exhibits

Exhibit 1: Solar energy capacity in India

Exhibit 2: Market projections for Rooftop Solar Capacity in India

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Exhibit 3 : Graphical representation of Insolares products

Exhibit 4: Graphical representation of inhibitors and motivators of the industry

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Exhibit 5: EPC market in 2014

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Exhibit 6: Average mean daily solar radiation in India

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Exhibit 7: Data of Indian Wasteland

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