presents

DEAl OR NO DEAL
THE PRIVATE EQUITY CASE CHALLENGE
as a part of

FINTELLECT
2024
VENTURES, VISIONS, VOICES

ROUND 2:
CASE STUDY

For any queries, contact:

Devika Chawla: +91 9453013081
Khushi Aggarwal: +91 9821940439
Vanshika Sonawala: +91 9005536623
 GUIDELINES
1. The document consists of the case-study &
the problem statement.
2. The drive contains the following: Industry
Reports, Financial Statements and the
Case Study.
3. The submission deadline is 12th March,
11:59 P.M. IST.
4. Only the team leader has to make the
submission to ficjmc17@gmail.com
5. The submission must be in the form of a
PDF of a maximum of 5 slides (excluding
cover, thank you, and appendix slides).
6. The file name of the submission should be
TeamName_DND2024
7. E-Mail Subject Format:
TeamName_Round2_Submission.
8. The submission mail body must include the
team name, member names & contact
details.
9. The cover slide must contain the details of
the participants.
1 0 .S t r i c t l y a v o i d a n y r e f e r e n c e t o t h e n a m e o f
your college throughout the presentation.
1 1 .A n y a s s u m p t i o n s m a d e m u s t b e c l e a r l y
stated and justified.

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 GUIDELINES
12. Attach all sources, calculations, excels
etc. in the appendix.
13. The judgment shall be made based on the
logical flow of solution, analytical skills,
the financial viability of the suggested
investment and industry analysis.
14. Formatting guidelines for the PDF are as
follows:
Format- PDF
Dimensions- Presentation (16:9)
Any submission made post the deadline
will not be evaluated.
15.The decision of the organising team will be
final and binding on all the teams.

02
PROBLEM STATEMENT
As a financial consultant, conduct a thorough
analysis of three renewable energy companies
to determine the optimal investment out of
three.

Justify your choice of investment by

conducting an in-depth analysis, leveraging
industry reports, financial statements
available in the Drive, and insights from
independent research to determine the optimal
investment.

Navigate the complexities of the dynamic

renewable energy landscape by conducting a
comprehensive risk analysis and return
considerations to make a well-informed
investment decision.

Ensure the financial soundness of the chosen

investment by applying advanced financial
analysis techniques, including modeling and
comprehensive evaluation of key financial
indicators.

03
 COMPANY OVERVIEW

ZEPHYR ENERGY CO
Zephyr Energy Co is among the world's leading
renewable energy solutions provider that is
revolutionizing and redefining the way sustainable
energy sources are harnessed across the world.
Presence in 17 countries across Asia, Australia,
Europe, Africa and the Americas, Zephyr Energy is
powering a greener tomorrow with its strong
competencies in renewable energy systems.
Zephyr’s extensive range of robust and reliable
products backed by its cutting-edge R&D and more
than two decades of expertise are designed to
ensure optimum performance, higher yields and
maximum return on investment for the customers.
Sustainable development is the creed that
underpins Zephyr’s bespoke initiatives to protect
the environment, strengthen communities and
propel responsible growth.Zephyr Energy Co is in
the business of manufacturing, project execution
and operation and maintenance of wind turbine
generators and sale of related components. It has
installed 20+ GW of wind energy in 17 countries
and 111+ wind farms with a capacity of 13,880
MW. Company client portfolio includes power
utilities and electricity producers in both the
private and public sectors.

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VISION & MISSION:

PRODUCT PROFILE:
a) S144 Wind Turbine Generator:
Built on a new 3.x MW platform, it is one of the
largest wind turbine that will target India's low wind
regimes.
b) S133 Wind Turbine Generator:
Built on a 2.6 to 3.0 MW platform to unlock unviable
sites and deliver improved energy yield suitable for
all wind regimes.
c) S120 Wind Turbine Generator:
Built on a 2.1 MW platform, it is available in 3
variants and suitable for low wind sites IEC Class
S
d ). C l a s s i c F l e e t :
Company has phased out the manufacturing of its
older WTG models - S111, S97, S88, S82, S66, and
S52. However, it continues to support, operate and
maintain all its installed wind turbines.

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New Products - FY22:
Company introduced a 3 MW product series which is
a customizable platform that can accommodate site-
specific requirements. It installed India’s tallest
wind turbine at 160 meters in FY23 to maximize
yields from low wind sites. Company also introduced
the S144 wind turbine.

SERVICES & SOLUTIONS OFFERED:

Company provides Operations & Maintenance
Services for its commissioned wind energy projects
and for Multi make WTGs and provides turnkey
project services and solar energy solutions.
Company's operations include design development
and manufacturing of major components, including
rotor blades, tubular towers, generators, control
equipment, gears and nacelles. It offers wind project
planning and execution services, including wind
resource assessment, infrastructure and power
evacuation, technical planning and execution of wind
power projects.

Sale of wind turbines and other parts ~73%,

Income from operation and maintenance service
~27%

END TO END WIND POWER SOLUTIONS

MODEL
The Zephyr Group aims to make renewable energy
both simple and cost effective for customers. In fact,
Zepyhr pioneered the 'End to End Wind Power
Solutions' model in wind energy, enabling it to meet
the breadth
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and depth of customer requirements across the
renewable energy value chain.

Zephyr Energy’s investment in R&D and cutting-edge

technology enables it to offer an extensive range of
robust and reliable products which meet all customer
requirements.

For instance:
Zephyr’s S144 -140m and S133-140m models are the
all-steel lattice-tubular tower wind turbine and offer
up to 160 meters hub height. It has been designed to
harness wind energy across low wind sites. Zephyr’s
both models are one of the highest yielding wind
turbines in its class; its lowest life cycle cost helps
drive down the energy price for customers.
Found a way to transport wind blades that would
reduce the environmental impact called blade lifter.

Zephyr established MeteoFlow which provides

weather forecasts and optimizes renewable
production. MeteoFlow estimates the electricity
production of any renewable installation and weather
forecasting at its sites. It incorporates some of the
most modern forecasting techniques such as machine
learning, AI and big data technologies.

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SUPPORT SERVICES:
The Group also offers and executes best-in-class
Operations, Maintenance and Services (OMS) across
the globe. Apart from physical, on-ground service
terms, Zephyr’s SCADA system (Supervisory Control
and Data Acquisition) enables remote monitoring of
over 9,980 wind turbines worldwide, allowing the
Group to manage uninterrupted operations and
reliability of power generation.

SUSTAINABLE DEVELOPMENT:
The Group has taken innovative steps to stay
competitive in a difficult economic environment and
ensure further growth of the renewable energy
sector. Besides being a technology leader, its CSR
endeavors work to protect the environment,
strengthen communities and propel responsible
growth.

With ‘Empowering a Greener Tomorrow’ as its

vision, the Group has mandated Zephyr Foundation
to ensure sustainability across all business
operations. Zephyr Foundation is the medium
through which the Zephyr Energy group carries out
its CSR initiatives.

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SUNFLARE CORP

SunFlare Corp Ltd is one of the leading end-to-end

solar engineering, procurement and construction
(EPC) solutions providers globally and is also
engaged in the operation and maintenance (O&M) of
solar power projects.

One-Stop Shop for Solar Solutions:

Unlike many companies that focus solely on specific
segments of solar projects, SunFlare Corp offers a
comprehensive EPC (Engineering, Procurement, and
Construction) solution. They handle every step, from
meticulously designing and engineering solar power
plants to procuring materials, constructing them with
expertise, and finally commissioning the completed
project. This integrated approach ensures seamless
project execution and minimizes risks for their
clients.

Global Reach, Local Focus:

With a presence in 29 countries across diverse
continents, SunFlare Corp boasts a truly
international footprint. This extensive network
allows them to cater to a wide range of clients while
simultaneously adapting their solutions to specific
geographical and regulatory environments. They
bring global expertise with a touch of local
understanding.

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Beyond Building, Towards Sustainability:
Their commitment extends beyond building solar
power plants. SunFlare offers operation and
maintenance (O&M) services for solar projects,
guaranteeing optimal performance and longevity.
This dedication to the entire lifecycle of a solar
project underlines their commitment to a sustainable
future, ensuring the plants they build deliver clean
energy for years to come.

Embracing Innovation:
SunFlare Corp actively explores advancements in
solar technology. They offer innovative solutions
like floating solar plants, which utilize underutilized
water bodies for power generation, and hybrid
systems that combine solar with energy storage for
enhanced reliability. This focus on innovation
positions them at the forefront of the solar industry.

CORE BUSINESS:
End-to-End Solar EPC Solutions Provider: They
offer a comprehensive package for solar power
projects, handling everything from design and
engineering to procurement, construction, and
commissioning. This includes utility-scale solar,
floating solar, and hybrid & energy storage
solutions.
Operations and Maintenance (O&M): Their services
extend beyond building solar plants. They also
manage and maintain solar power projects, ensuring
optimal performance and longevity, even for projects
constructed by other companies.

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MARKET LEADER:
SunFlare is recognized as a leading solar EPC solutions
provider globally.
Extensive Portfolio: They boast an impressive track
record with a total portfolio exceeding 17.80 GWp
(gigawatt-peak) of solar projects, including
commissioned and under-construction ones. This
includes building one of the world's largest single-
location solar PV plants - a massive 1,177 MWp project
in Saudi Arabia. They also manage an O&M portfolio of
around 6.41 GWp.
Geographic Reach: The company operates in a vast
network spanning 29 countries across India, Southeast
Asia, the Middle East, Africa, Europe, Australia, and
the Americas.
Additional Points of Interest:
Financial Performance: SunFlare has demonstrated
consistent growth, recently reporting strong Q3FY24
performance with significant order inflows. They've also
raised capital through various means to support their
expansion.
Focus on Innovation: They actively explore
advancements in the solar industry, offering solutions
like floating solar and hybrid systems with energy
storage.

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LEADERSHIP:
a)Leading Solar EPC solutions provider in
the world.
b)Leading Solar O&M player globally
c)No. 1 Solar EPC player in Australia
EPC Portfolio : 17.5 GWp
O&M Portfolio : 6.4 GWp
d)EPC and O&M of Abu Dhabi 1,177 MWp One of the
world’s largest single-location PV plant
e)EPC and O&M of NTPC 3GW+ in 2 projects
Executing one of India’s largest PV plants at
Khavda, Gujarat.
f)Awarded two projects of 1,570 MWp and 1,500 MWp in
FY23.

PRODUCTS AND SERVICES:

The company offers Design, Detailed Engineering,
Procurement, Construction, Installation, Commissioning
and Operations & Maintenance services under turnkey
EPC and BoS (Balance of System) solutions for utility-
scale, rooftop and floating solar power projects, it also
offers solar plus storage solutions.

REVENUE MIX:
International EPC : 10%
Domestic EPC : 81%
Operation and Maintenance : 9%
SunFlare has received new orders in five projects worth
~Rs. 2,421 crs. in Q3FY24 including L1 for one of the
largest floating solar module projects in India. It has
received total orders / LOI in 11 projects for ~Rs. 5,527
crs. in 9MFY24. The company bagged its first
international order in 3 years from Wealth Co for a BOS
project in Spain amounting to ~EUR 112 mn (inclusive
of O&M for 3 years).

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H2OASIS POWER SOLUTIONS
H2Oasis Power Solutions stands at the forefront of
clean energy innovation, specializing in proton
exchange membrane (PEM) fuel cell technology
which creates electrical energy from the combination
of hydrogen and air. Known for their reliable and
cost-effective solutions, the company is dedicated
to meeting the world's growing energy needs
sustainably.

They focus on diverse market applications, serving

industries such as heavy-duty transportation (buses,
trucks, rails, and marine vehicles), material
handling, power generation, and portable power
solutions.

This versatility allows H2Oasis Power Solutions to

contribute significantly to various sectors while
promoting a cleaner and more sustainable future.
Beyond product offerings, H2Oasis goes the extra
mile by providing comprehensive engineering
services. This holistic approach solidifies its
position as a one-stop solution provider for clean
energy needs.

MISSION:
To accelerate the adoption of hydrogen engines for
a zero-emission future. Their statement details the
company's specific contribution to achieving the
vision. It highlights their focus on hydrogen engines
and emphasizes their commitment to reducing
emissions and creating a sustainable future.

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VISION:
The urgency to combat climate change demands a
global shift towards clean energy. Hydrogen, a
versatile carrier of renewable energy, presents a
promising solution. Our company focuses on
developing hydrogen engines, a familiar technology
for users poised to revolutionize various sectors.
These engines achieve zero emissions when fueled
by clean hydrogen, significantly reducing
greenhouse gasses and air pollution. While
acknowledging the potential for minimal NOx
emissions, we are dedicated to developing advanced
aftertreatment systems for a truly clean future.
Ultimately, our mission is to accelerate the adoption
of hydrogen engines, paving the way for a
sustainable future powered by clean energy.

H2Oasis boasts a long history of pioneering fuel

cell technology. They recognize the critical role
clean hydrogen will play in achieving net-zero
emissions and are actively developing solutions for
various applications.
Their commitment to green hydrogen is evident in
their recent rebranding, emphasizing "clean" in their
logo and marketing materials.

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PRODUCTS & SERVICES FOR GREEN
HYDROGEN OFFERED:
PEM Fuel Cells for Stationary Power: H2Oasis
Power Solutions offers fuel cell stacks and systems
for stationary power generation applications. These
can be used in backup power, microgrids, and
combined heat and power (CHP) systems, powered
by clean hydrogen. This offers a reliable and
emission-free alternative to traditional generators.
Fuel Cell Modules for Heavy-Duty Vehicles:
H2Oasis Power Solutions develops fuel cell modules
specifically designed for heavy-duty vehicles like
trucks and buses. These modules enable zero-
emission transportation with the advantage of
familiar range and refueling infrastructure when
used with hydrogen.

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MegaCell Stacks for Marine Applications: H2Oasis
Power Solutions’ high-power MegaCell stacks are
suitable for powering marine vessels such as ferries
and workboats. Replacing diesel engines with
hydrogen fuel cells in these applications
significantly reduces emissions while maintaining
performance capabilities.
Fuel Cell Power for Material Handling: H2Oasis
Power Solutions offers fuel cell solutions for
material handling equipment like forklifts used in
warehouses and distribution centers. This allows for
clean and efficient operation within these facilities.
Services for Green Hydrogen Integration: Beyond
just the fuel cell technology, H2Oasis Power
Solutions also offers support services for
integrating hydrogen fuel cells into various
applications. This includes engineering expertise,
system design, and project management, assisting
customers in adopting clean hydrogen solutions.

FOCUS ON INNOVATION & COLLABORATION:

H2Oasis Power Solutions actively invests in
research and development to continuously improve
their fuel cell technology, specifically for green
hydrogen applications.
They collaborate with various stakeholders,
including vehicle manufacturers, energy companies,
and government agencies, to accelerate the
development and deployment of hydrogen
infrastructure.

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