Executive Summary In boardroom energy procurement, assuming a high IRR on an Excel sheet means a Wind-Solar Hybrid PPA is a risk-free asset is a career-ending mistake. When the CFO of a Gujarat Cement company signed a 10 MW Open Access term sheet to secure ₹2.50/unit savings, his objective was simple: hit ESG goals and […]
Author Archives: Gaurav Kawatra
Case Studies
77.8% Equity IRR: How an Automotive CFO Used State Regulations to Unlock a Multi-Crore Plant Expansion
18
Jun
Jun
Executive Summary A major automotive company was planning to expand its manufacturing base across Maharashtra, Haryana, or Rajasthan. Having already achieved massive returns in their existing plants, the Board delivered a clear mandate: hit at least 77% Renewable Energy replacement, scale to 100% over the next 3 years, and secure more than ₹2 per unit […]
Case Studies
Why a Maharashtra Steel CFO Paid 40% MORE to Protect His European Revenue (And Rejected the L1 Tariff)
16
Jun
Jun
Executive Summary Solar at ₹4.70 vs. Solar+BESS at ₹6.58. It sounds like financial suicide. But for a Steel Giant in Maharashtra, the “Cheaper” option was a trap. This post breaks down how we stopped a CFO from signing an L1 tariff that would have failed a strict European export mandate, and how we secured unanimous […]
Case Studies
Why I Stopped a Gujarat CFO from Chasing a 15-Paise Discount (And Secured a ₹75 Crore Energy Asset)
10
Jun
Jun
Executive Summary A major industrial plant in Gujarat was evaluating a 50 MW Round-The-Clock (RTC) requirement. The Board’s mandate was aggressive: switch to renewable energy, hit strict ESG targets, and slash the power bill. The CFO shortlisted a Wind-Solar Hybrid PPA at ₹3.85/unit, promising a massive ₹70-75 Crore in pure savings. However, he hesitated, wanting […]
Case Studies
Why I Forced a Steel CFO to Pay ₹0.41 More per Unit (And Create ₹135.5 Crore in Extra Wealth)
02
Jun
Jun
Executive Summary A major Steel Company in Tamil Nadu was under immense pressure. With 50 MVA Contract Demand and a ₹256.8 Crore annual electricity bill, they needed to switch to Renewable Energy. Investors and European export markets were demanding an end to “Black Power.” The CFO had two finalists: a Solar-only PPA at ₹4.03 and […]
31
May
May
Executive Summary A Chemical Giant in Gujarat was bleeding capital with a grid tariff of ₹7.50 per unit. Under pressure to switch to Green Energy for their 192 Million Unit consumption, the CFO shortlisted two developers. Developer A offered the lowest L1 tariff at ₹3.80. Developer B offered ₹3.90. The obvious choice was Developer A. […]
28
May
May
Executive Summary In April 2021, a Steel major signed a 50 MW Open Access Solar PPA, chasing the lowest L1 tariff. They promised their Board ₹2 per unit in savings for 15 years. By 2023, a regulatory notification hiked Cross-Subsidy Surcharge (CSS) and Additional Surcharge (AS), turning those savings into a -₹0.60/unit loss. The CFO […]
Case Studies
A ₹262 Cr Solar Mandate Approved. But a 25% ALMM Module Hike Just Crushed the 15.3% IRR.
27
May
May
Executive Summary A spreadsheet IRR is useless if it shatters upon contact with a regulatory change. Recently, the CFO of a massive Chemical Company in Gujarat was evaluating a 50 MW Solar Open Access project. On paper, it was a goldmine promising a 15.34% Equity IRR and ₹3.25 per unit in pure savings. The Board […]
25
May
May
Executive Summary We often assume a Wind-Solar Hybrid solution is an automatic winner in corporate energy procurement. You see a green PPA tariff of ₹3.50 versus a Grid tariff at ₹8.50 and think the math is simple. It rarely is. Recently, I presented an Open Access case to the MD of a chemical giant in […]
Case Studies, News & Regulatory Updates
₹2.21 Lakh vs ₹1.48 Lakh: How India’s BESS Tariffs Collapsed 33% (And Why It Costs Your Boardroom ₹94 Crore)
22
May
May
Executive Summary In corporate energy procurement, relying on outdated benchmarks is the fastest way to strand capital. Between January and December 2025, India ran 10 reverse auctions for standalone battery storage. In just 11 months, tariffs collapsed by 33%. Every single one of these auction results is public, yet almost nobody in the corporate world […]