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					</table>The recent <a href="https://www.mercomindia.com/mcx-to-start-electricity-futures-trading-from-july-10-2025" target="_blank" rel="noopener">launch</a> of electricity derivatives by the Multi Commodity Exchange of India (MCX) and the National Stock Exchange (<a href="https://www.nseindia.com/" target="_blank" rel="noopener">NSE</a>) is a long-awaited reform, with a history spanning over 15 years.
In 2010, an attempt to launch electricity derivatives led to a significant legal dispute between key regulatory bodies, the Central Electricity Regulatory Commission (CERC) and the Securities and Exchange Board of India (SEBI). Consequently, the CERC&#8217;s Power Market Regulations 2010 completely prohibited the use of financial derivatives. The primary reason for this was that power sector reforms were in their early stages, and with electricity being an essential commodity, policymakers were cautious about potential misadventures in such a market.
However, times have significantly changed. Both regulators reached a consensus in 2020, and further approval from the Supreme Court in 2021 paved the way for the introduction of electricity derivatives.
The current outcome is that any contracts involving the physical delivery of electricity will be regulated by CERC, while all other contracts will be regulated by SEBI.
The launch of electricity derivatives is an important initiative for power sector stakeholders, including independent power producers, distribution companies, and bulk electricity offtakers.
Before we delve into use cases, let&#8217;s understand two very important parameters of electricity markets:
<ul>
<li>Electricity is simply the movement of electrons. It cannot be stored (unless very expensive storage is involved), hoarded, or stockpiled. Hence, electricity prices are purely a function of demand and supply on a 15-minute block basis. This is the only commodity where speculation or price manipulation is extraordinarily difficult.</li>
</ul>
<ul>
<li>Electricity prices in India are subject to unprecedented volatility. While electricity prices in markets are highly subdued during solar hours (generally in the range of ₹2 (~$0.023)/kWh-₹3 (~$0.035)/kWh, prices can touch peaks (even as high as ₹8 (~$0.093)/kWh-₹10 (~$0.12)/kWh on the same day during peak timings or even at night nowadays. Such volatility in an essential commodity is highly undesirable.</li>
</ul>
Electricity derivatives provide a very important instrument to counter this volatility. For example, when financial investors are able to square off their position at a higher rate based on the 24-hour cycle, they will be willing to pay a high price for electricity derivatives during solar hours, effectively lifting the price of physical power during those hours.
Similarly, during peak times, when they are squaring off their positions for a profit, they will be willing to sell the contract at a lower rate than physical power, which will bring down the price during peak hours.
Accordingly, when derivative markets are deep enough, it will significantly impact physical power prices, ultimately benefiting the sector.
With this understanding, let&#8217;s look at broad use cases for various stakeholders in the electricity markets: 
Independent Power Producers (IPPs)
For many years, IPPs have been exploring ways to finance merchant projects. However, financing for such projects is difficult as lenders are concerned about long-term revenue visibility (given price volatility). Many bulk electricity offtakers with net-zero targets have similar concerns.
Recently, CERC <a href="https://www.mercomindia.com/cerc-releases-draft-virtual-power-purchase-agreement-guidelines">issued</a> draft guidelines for the Virtual Power Purchase Framework. These contracts essentially shift (partially or fully) the market risk for sustainability offtakers. Electricity derivatives provide them with a much-needed instrument to hedge their market positions.
For example, say a sustainability offtaker executes a VPPA for 100 MW at a strike price of ₹3 (~$0.035)/kWh. With electricity derivatives, the offtaker can essentially hedge the entire market risk by taking a short position for 100 MW in derivatives at ₹3 (~$0.035)/kWh.
The following table illustrates the broad framework for such a transaction: <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81992 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1.png" alt="" width="751" height="244" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1.png 751w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1-300x97.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1-650x211.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1-624x203.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/electricity-deriv-1-600x195.png 600w" sizes="(max-width: 751px) 100vw, 751px" /></a>
By taking the opposite position in the derivative market, an IPP or offtaker is essentially able to nullify any market risks in the contract. 
Distribution Companies (DISCOMs)
DISCOMs act as both sellers and buyers in physical power markets; however, they are price takers without any ability to influence the price. Especially during solar hours, most DISCOMs offload electricity at whatever prices the market is willing to pay, and then become net buyers during peak and nighttime hours.
This results in significant losses to the public as the cost is passed through to ordinary electricity users.
However, with electricity derivatives, DISCOMs may enter into block deals with a financial investor to mitigate price risks. For instance, a DISCOM  has a surplus of 100 MW during the daytime, which it intends to sell at ₹3 (~$0.035)/kWh, and becomes a net purchaser of 100 MW during peak time, which it intends to purchase at ₹6 (~$0.070/kWh. Simultaneously, a financial investor believes that daytime power should be ₹3.50 (~$0.041)/kWh and peak time power should be ₹5.50 (~$0.064)/kWh. This DISCOM may enter into a block deal for an equivalent amount of derivatives, for instance, at a rate of ₹3.25 (~$0.038)/kWh during the daytime and ₹5.75 (~$0.067)/kWh during peak time. This will enable both parties to gain ₹0.25 (~$0.0029/kWh.
Bulk Electricity Offtakers
Currently, most bulk electricity offtakers face a significant challenge in obtaining visibility into electricity volume clearance when purchasing electricity from exchanges. While bid or breakeven prices are known, volume clearances are subject to demand and supply during each 15-minute block. When the price discovered is higher than the bid price, volumes are not cleared, and the offtaker purchases the shortfall quantity from the DISCOM. If the price discovered is lower than the bid price, the difference is the net profit for the offtaker.
Using financial derivatives, bulk electricity offtakers may largely target monthly savings. They can take a buy position based on uncleared volume from the start of the month, with the premise that notional losses for uncleared volume are made good through profits made in the derivative market. The above provides a broad overview of the potential uses of derivatives. As the derivatives market deepens, a new wave of innovations is likely to drive the development of many new products. These innovations ultimately reduce price volatility and provide a stable market framework for all stakeholders in the sector.
The views and analysis presented in this article are solely those of the author.
(The author Aditya Malpani is Senior Director &amp; Regional Head &#8211; West, AMPIN Energy Transition)

Electricity Derivatives: A Gamechanger for Indian Power Market Stakeholders

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					</table><a href="https://www.mercomindia.com/cabinet-approves-new-rooftop-solar-subsidy-program" target="_blank" rel="noopener">Launched</a> in February 2024, the PM Surya Ghar: Muft Bijli Yojana aims to provide financial support for the installation of rooftop solar systems in 10 million households by 2026-27. The subsidy for a 3 kW system is ₹78,000 (~$910), which is expected to generate approximately 360 kWh per month at a capacity utilization factor (CUF) of around 16%.
Under the program, a collateral-free loan of up to ₹200,000 ($2,333) is available at an interest rate of 6%, with a loan tenure of 10 years. For a 3 kW system costing ₹180,000 ($2,100), if the full amount is financed through the loan, the equated monthly installment (EMI) would be ₹1,998 ($23.20). This can be offset by an electricity bill with a tariff of ₹5.50 ($0.064)/kWh or higher, assuming monthly consumption of 360 kWh.
If the government subsidy is applied, the EMI drops to ₹1,132 ($13.20), which can be offset by a tariff of ₹3.15 ($0.037)/kWh or more. Once the loan is fully repaid, the electricity generated by the 3 kW system will be free for the remaining 15 years of its estimated life.
By March 2025, rooftop solar installations under PM Surya Ghar crossed the one-million milestone. In the first quarter of 2025, India <a href="https://www.mercomindia.com/india-adds-1-2-gw-of-rooftop-solar-capacity-in-q1-2025-a-232-yoy-growth" target="_blank" rel="noopener">added</a> 1.2 GW of rooftop solar capacity. The quarter’s installations were driven by the residential segment under PM Surya Ghar, which made up nearly 77% of the capacity additions, according to Mercom’s Q1 2025 India Rooftop Solar Report.
In the case of Kerala, Maharashtra, and Rajasthan, the electricity tariff for residential consumers with a monthly consumption of 300 kWh or higher is more than ₹7 (~$0.082)/kWh, which makes rooftop solar financially viable even without a subsidy. In Gujarat and Uttar Pradesh, the tariff is around ₹5 (~$0.058)/kWh. However, the high rate of installations in Gujarat is due to the favorable policy ecosystem for rooftop solar in the state. Uttar Pradesh provides an additional state subsidy of ₹15,000 (~$175)/kW up to 2 kW.
These examples strengthen the case for rationalizing the subsidy available under the PM Surya Ghar program.
Under distribution companies (DISCOMs) where the tariff for residential consumers is higher than the average power purchase cost (APPC), rooftop solar results in revenue loss to DISCOMs on two accounts:
<ul>
<li>The difference between the retail tariff and the APPC</li>
<li>The solar power generated by the consumer during the daytime is adjusted by the power supplied mostly during peak hours, which is comparatively costlier than the power available during the daytime. For example, in Maharashtra, the tariff for residential consumers with monthly consumption above 300 kWh is ₹9.69 (~$0.11)/kWh. With an APPC of around ₹5.8 (~$0.68)/kWh, Maharashtra DISCOMs will lose revenue if consumers install rooftop solar. A similar case exists in Kerala and Rajasthan, where the tariff exceeds ₹7 (~$0.082)/kWh, which is significantly higher than the APPC.</li>
</ul>
In several states, the electricity tariff for rural domestic consumers is heavily subsidized. In rural areas, the connected load is typically low, around 1 kW, and electricity consumption is also limited. Moreover, shadow-free rooftops or roofs with sufficient structural strength to support the load of a rooftop solar system are often not available.
For smaller rooftop solar systems, the cost is high (over ₹75,000 (~₹875) for a 1-kW system in rural areas). Even with a central subsidy of ₹30,000 (~$350), the rural consumer has to invest ₹45,000 (~$525), which is not viable due to the highly subsidized tariff.
The Case for Community Solar
To reduce the subsidy burden on states and DISCOMs and promote energy independence in villages, community solar appears to be a more viable alternative. In a rural habitation, if 100 households participate in a community solar project, the aggregated demand would be around 100 kW. A 100 kW solar system would cost approximately ₹50,000 ($583)/kW, compared to ₹75,000 ($875) for individual 1 kW rooftop systems. Moreover, such a system is easier to maintain and can operate at a higher capacity utilization factor (CUF) of 17–19%. In April 2022, the Prime Minister inaugurated one such project in Palli Gram Panchayat, Jammu, declaring it the country’s first carbon-neutral Panchayat.
According to a report, “ Shared Solar: Current Landscape, Market Potential, and the Impact of Federal Securities Regulation” by the U.S. National Renewable Energy Laboratory, 49% of households and 48% of businesses in the country are unwilling or unable to install rooftop solar. This may be due to factors such as lack of homeownership, unsuitable roof conditions (e.g., shading or limited roof size), or high upfront installation costs.
For such consumers, community solar is being actively promoted. As of December 2024, more than 3,760 community solar projects with a combined capacity exceeding 10 GW had been installed across 44 U.S. states. Additionally, 23 states have enacted policies that support the development of community solar projects.
The European Union in a <a href="https://eur-lex.europa.eu/eli/dir/2019/944/oj/eng" target="_blank" rel="noopener">directive</a> to the European Parliament on June 5, 2019, on common rules for the internal market for electricity, mandated that all member countries implement laws to make community energy not only feasible but also financially viable. In northwestern Europe, experts estimate that over 10,000 community energy associations are active, primarily in Germany, Denmark, Belgium, the Netherlands, and the United Kingdom.
To evaluate the financial viability of community solar projects in rural areas under the PM Surya Ghar subsidy scheme, a cost-benefit analysis is provided below:
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81592 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11.png" alt="" width="853" height="657" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11.png 853w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11-300x231.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11-768x592.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11-650x501.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11-624x481.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/11-600x462.png 600w" sizes="(max-width: 853px) 100vw, 853px" /></a>
The above analysis indicates that even with a subsidy under PM Surya Ghar, a 1-kW rooftop solar installation in rural areas is not viable for an LCOE less than ₹3.09 ($0.015)/kWh. In special category states where the subsidy is 10% higher, the LCOE for community solar would be ₹1.16 (~$0.014)/kWh.
Community solar implemented with a DISCOM/RESCO model in rural areas where electricity is free or highly subsidized will enable both the DISCOM and the state to reduce the electricity subsidy amount to a large extent, thereby enhancing the reliability of the power supply.
With an APPC of ₹5 ($0.073)/kWh on purchasing electricity to supply in rural areas. With the adoption of community solar under PM Surya Ghar, not only will the subsidy outgo from the exchequer be reduced to zero, but the DISCOM will also be able to save around ₹5 (~$0.058)/kWh.
From the above analysis, it is evident that aggregating demand across a village or a cluster of households significantly reduces installation costs for community solar. It also operates at a CUF of around 17–19%, compared to 12–14% for individual rooftop solar, owing to enhanced flexibility in design and orientation, as well as better maintenance. Community solar would benefit states, DISCOMs, and end-consumers, and improve the government’s resource utilization efficiency.
The views and analysis presented in this article are solely those of the author. 
(Pulkit Jethani is a researcher at IIT Delhi and can be reached at pulkitjethani@gmail.com.)

Community Solar with PM Surya Ghar Subsidy is a Viable Option in Rural India  

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					</table>The renewable energy sector is experiencing unprecedented growth fueled by environmental concerns and technological advancements. Countries are increasingly prioritizing sustainability, leading to the rapid adoption of clean energy sources like solar, wind, and hydropower. Falling renewable technology costs are making it economically competitive.
India exemplifies this trend, aiming to <a href="https://www.mercomindia.com/india-become-carbon-neutral-2070" target="_blank" rel="noopener">install</a> 500 GW of power generation capacity from non-fossil fuels by 2030.
The dynamic growth of renewable energy presents distinct tax challenges in India, where the Goods and Services Tax (GST) intricacies impact the sector. The complexity of this system poses challenges for businesses operating in renewable energy, requiring a closer look at GST in this context on both the output and input sides.
While GST does not apply to electricity, supplies related to the renewable energy sector are subject to GST, impacting project cost structures. Previous tax exemptions aimed at promoting clean energy have evolved under the GST regime, maintaining reduced rates for renewable energy equipment. The implementation journey, particularly for solar power generating system (SPGS) supplies, has faced challenges and fluctuations.
Companies in the renewable energy sector and or providing engineering, procurement, and construction (EPC) services can focus on the following for effective tax structuring and administration:
EPC Contracts
Taxation for renewable energy projects faces a key challenge with the prevalent EPC approach. Under GST legislation, EPC contracts involving a composite supply resulting in immovable property are deemed works contracts subject to an 18% GST rate. This classification can impact project cost structures significantly, necessitating effective tax liability management.
Transaction Structures and GST Optimization
Various transaction structures have evolved to optimize GST applicability in power generation, aiming to minimize costs. A strategy involving separate contracts for goods and services helps companies reduce the GST rate below the 70:30 ratio stipulated by legislation. However, a recent trend limits concessional rate benefits to supplies under Chapters 84, 85, and 94 of the GST Tariff Act, particularly for renewable energy projects. These challenges underscore the dynamic nature of tax planning in the renewable energy sector, emphasizing the importance for businesses to stay updated and compliant with evolving GST provisions.
GST Valuation Mechanism
The government introduced a valuation mechanism to alleviate high taxes on renewable energy supplies, applying a 5% GST on 70% of the total contract value as goods and an 18% GST on services. However, the concessional GST rate for solar power generating systems increased to 12% from October 2021, raising concerns in the renewable energy sector particularly impacting solar project costs.
Ambiguity in GST Rates
The demarcation of GST rates for renewable energy supplies took effect on January 1, 2019, causing ambiguity for the interim period from July 1, 2017, to December 31, 2018. Circular 163/19/2021-GST, dated October 6, 2021, clarified that for this period, GST on specified renewable energy projects could be paid based on the 70:30 ratio for goods and services, similar to the prescribed ratio starting from January 1, 2019.
Lack of Precise Definitions
A persistent challenge in the GST regime for the renewable energy sector is the lack of precise definitions, causing uncertainty. The absence of clear criteria for devices in lower tax brackets can lead to varied interpretations. A recent Madhya Pradesh High Court ruling under the value-added tax (VAT) regime clarified that all goods related to power evacuation and transformation from renewable sources qualify for benefits. Despite this precedent, achieving similar clarity within the GST regime is essential, particularly with the introduction of new taxes and potential interpretations limiting benefits to power generation systems rather than subsequent processes.
Changing GST Rates and Terminology
In the 45th GST Council Meeting on September 17, 2021, a proposal to <a href="https://www.mercomindia.com/developers-worried-gst-hike-solar-modules" target="_blank" rel="noopener">increase</a> the GST rate from 5% to 12% for specified renewable energy devices and parts was made. This led to a change in terminology from &#8216;Solar Power Generating System&#8217; to &#8216;Solar Power Generator&#8217; (SPG), creating ambiguity in the exact definition of an &#8216;SPG&#8217; due to the lack of an industry standard. The absence of explicit guidance on components encompassed within the SPG category further complicates matters. While a straightforward interpretation includes all components converting solar energy into electricity, the crucial factor lies in authorities&#8217; interpretation and application of this change.
Composite Supplies vs Mixed Supply
Some transaction structures assert that supplies for SPGS/SPG in renewable energy projects are composite supplies, with the primary supply being solar modules subject to a 5% or 12% GST rate. However, a concern arises as this structure could be treated as mixed supplies, attracting a higher 18% GST rate. This distinction between composite and mixed supplies adds complexity to the GST landscape in the renewable energy sector, requiring businesses to structure contracts and documentation meticulously for desired tax treatment.
Documentation and Compliance
In audits or assessments, businesses must substantiate their chosen GST optimization structure, aligning documentation with actual implementation for compliance and to prevent issues during inspections.
The article highlights the intricate relationship between the GST regime and India&#8217;s renewable energy sector. Evolving transaction structures and the quest for tax optimization emphasize the need to align documentation with practical implementation, particularly in the context of solar power generators and components.
Timely resolution of tax issues is vital for &#8216;Make in India&#8217; and &#8216;ease of doing business&#8217; initiatives, supporting India&#8217;s global aspiration to lead in renewable energy. Swift resolution fosters the nation&#8217;s achievement of renewable energy targets, promoting economic growth and securing a prominent position in the global clean energy arena. As the sector expands, stakeholders must adapt to changing GST regulations and capitalize on opportunities for sustainable growth.
&nbsp;
Authors Hardik Shah (Director) and Dhrumil Shah (Deputy manager) are tax experts at Deloitte Haskins &amp; Sells LLP (DHS)

Navigating GST Challenges in Renewables: Balancing Planning and Execution

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					</table>India has millions of Micro, Small, and Medium Enterprises (MSMEs), which are the growth engine of its economy and represent the nation&#8217;s entrepreneurial spirit.
Power is one of the largest components in the input cost of an MSME, and given the availability of sunshine across the country, going solar is an ideal way to reduce operating costs and hedge long-term electricity inflation.
Over the years, falling costs of solar, tax incentives, and <a href="https://mercomindia.com/emi-rooftop-solar-savings-on-power-costs-tata-power/" target="_blank" rel="noopener">increased awareness</a> have resulted in rooftop solar growth in MSMEs, but there has not been a radical uptake. Despite the tremendous potential, scaling <a href="https://mercomindia.com/product/rooftop-solar-market-report-q3-2022/" target="_blank" rel="noopener">rooftop solar</a> has been challenging due to multiple reasons. One such challenge that&#8217;s less discussed is customer acquisition strategy.
In this multi-part series, I would share some of the learnings from my travels <a href="https://mercomindia.com/renewable-experts-decode-ways-for-green-at-mercom-indias-event/" target="_blank" rel="noopener">selling solar to MSMEs</a> across India. In a diverse and complex country, it is imperative to understand the cultural and business nuance at the last mile.
Critical Drivers
Two critical drivers support MSME solar adoption. The first is the obvious &#8211; <a href="https://mercomindia.com/here-is-how-much-businesses-are-saving-from-installing-solar/" target="_blank" rel="noopener">cost savings</a>. It is critical to map which states and industries have the highest C&amp;I tariffs, but it is also important to determine the net savings on the electricity bill after solar has been deployed.
If the net savings on the bill, after paying the EMI, are less than 5-7%, the hassle of solar and the risk of damaging the roof far outweigh the incremental savings. The accelerated depreciation tax benefit is also not seen as a major driver.
MSMEs regularly buy equipment and have a good understanding of depreciation. Net electricity bill savings have to be large enough to garner interest.
A major non-financial driver to consider is if your customer is an <a href="https://mercomindia.com/eus-carbon-deal-accelerate-exporters-transition-renewables/" target="_blank" rel="noopener">exporting entity</a> or one that is selling to a large Indian / international player, which has to measure Scope 3 emissions.
In the pursuit of decarbonization, large corporates are mandated to work on their Scope 3 emissions through their supply chain. It is not uncommon for a large international buyer to visit the MSME to check for quality and safety standards but also check for green and climate-friendly practices.
Approach 
According to the MSME ministry, India has over 400 industrial clusters, and they are the best place to launch your go-to-market strategy. This is because factories are geographically close to each other. They may be a single industry cluster like Chakan, Pune (Auto and Auto Ancillaries), or multiple industry clusters like Tarapur in Boisar (Chemicals, Textiles, Steel).
The buy-in from the local industrial association will be critical to amplify your offering. Awareness events at these associations – with chai, samosa, and biscuits – are the best way to get in front of customers and then get invited for a one-on-one meeting at the factory. A lot of business happens over chai in this country.
Please study the health of the industry before approaching the cluster. I once made a trip to Chittorgarh only to realize that the marble industry was reeling with headwinds from demonetization and 28% goods and services tax (GST).
It helps to have a grasp on the energy situation in the cluster – sometimes the power distribution company’s (DISCOM) office is in the cluster itself, and you will get a first-hand understanding of the last mile efficiency for changing meters and any other permissions.
It is highly likely that SMEs will not purchase the equipment outright and will ask for financing and have some options ready. A large cluster would usually have a small branch office of a public sector bank – meeting the branch manager there will also give a sense of the business activity in the cluster.
Don&#8217;t miss the nuance
Many of the customers will be family-run businesses; hence, it will be critical to quickly ascertain who the decision maker is. In these firms, the promoter looks at the finances but depends heavily on the opinion of their chartered accountant, who might act as a gatekeeper.
Having the required numbers ready will help in moving through the sales process quickly. Communication will more likely happen on WhatsApp rather than email and in the regional language rather than English. It&#8217;s essential to find someone who speaks the local language, ideally from the same area.
The real India moves at a slower pace than the big city rush. Constant follow-ups are not required, after a point, let the magic unfold – solar is important for an industrial customer, if they trust you and if the need arises, the customer will themselves find a way to reach you.
In the following parts of this series, we travel to different parts of India and look at specific industrial states and clusters where I have had the joy of having very sweet chais.
Mercom India&#8217;s C&amp;I event series is targeted to get solar service providers in front of C&amp;I consumers throughout India. Find out more <a href="https://mercomindia.com/event/" target="_blank" rel="noopener">here</a>.
(Author: Sishir Garemella, Founder Sunvest and Head of International Business Development for PV Evolution Labs. More articles in the series will follow. Watch this space.) 
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