The falling margins and tariff pressure have forced Indian EPC rooftop solar players to shut shop over the last six months as they find it difficult to meet their working capital and other operating expenses, industry sources close to the development told FE.
Policy decisions from state to retrospectively cancel net metering, and failure to honour the 20% to 30% capital incentives have damaged the viability of many companies that aggressively bid for projects across the country, said sources close to the development.
More than 12 EPC players in the rooftop solar segment have either closed or are on the verge of closing their rooftop solar divisions due to tough financial conditions.
Some of the companies facing severe constraints are: Ujjas Energy, Kotak Urja, Relyon Solar, Harsha Abacus, Kirloskar Solar and 8 Minute, among others. Read More
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