Mumbai, Nov. 2 -- At least 60 per cent of irrigation pumps in India have been running on solar power over the past decade, according to Mayur Misra, Chief Executive Officer of Corrit Energy and Infra. Government data shows that 8,800,000 of the country's 30 mn irrigation pumps still run on diesel, indicating a substantial shift towards solar-powered equipment.
Misra said the transition had accelerated as farmers assessed the potential savings and income opportunities associated with solar energy. Corrit, a Gurugram-based renewable energy company providing end-to-end engineering, procurement and construction solutions, has operations in Haryana, Uttar Pradesh, Punjab, Delhi, Bihar, Rajasthan, Madhya Pradesh, Chhattisgarh and Maharashtra. It has also completed projects in West Bengal, Karnataka and Gujarat.
The company is executing projects in Uttar Pradesh and Rajasthan under the PM-KUSUM scheme, or Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan. Launched by the Centre in March 2019, the scheme promotes solar energy in agriculture, provides daytime electricity for irrigation and enables farmers to earn income by supplying power to state governments. It also supports solar plants on land that is unsuitable for cultivation.
Corrit is currently executing about 100 MW of projects across Punjab, Rajasthan and Uttar Pradesh, with completion planned within the next 12 months. The company intends to increase its project portfolio to 500 MW within the following 18 months. Under the scheme, farmers can partner with companies or form joint ventures to develop plants, while the government-backed purchase of electricity can improve revenue visibility.
Misra said access to finance had initially been a major obstacle because many farmers lacked documented income and other security required by banks. Corrit addresses this issue by partnering with farmers and helping lenders assess the company's execution capabilities. The company has completed 5.4 MW of a 13 MW rooftop project for Volkswagen and is working on a 65 MW project for an iron and steel company in Punjab.
Corrit is also targeting the textile and automobile sectors and plans to establish captive solar plants. Battery energy storage systems, or BES, are another focus area, with a government requirement that 10 per cent of grid-connected plant capacity be linked to storage. Misra said BES could become a major sector after 2030, although the company's outlook includes some uncertainty.
Published by HT Digital Content Services with permission from Construction World.