Thermax has announced the expansion of its solar business by transitioning from the present rooftop-based Capex model to the solution-based Opex model.

Thermax’s Solar business is projected to grow to a GW scale based on its Opex strategy. The new business - First Energy Private Limited, will work closely with customers in the commercial and industrial space and support their decarbonising journey by providing optimised renewable power.

First Energy strives to set up open access based solar and solar hybrid farms, hybridising solar with storage and other solutions and delivering appropriate renewable power to customers.

This initiative complements well with the build own operate renewable energy and environment business model that Thermax has built via its subsidiary, TOESL. For over a decade, TOESL has owned and operated renewable utilities that have supported more than 30+ domestic and multinational customers on their decarbonisation journeys in a variety of industries including pharmaceuticals, chemicals, food, and metals.

Elaborating on the new business model, Ashish Bhandari, Managing Director and CEO, Thermax Ltd. said, “Understanding the need to boost our capabilities in green energy and strengthening our efforts towards a cleaner India, the incorporation of this new business will be significant to Thermax’s product offerings in solar.”

In light of these developments, Navjit Gill will be joining as the Chief Executive Officer (CEO) of First Energy Private Limited.

Navjit brings with him more than 32 years of leadership experience in the areas of capital equipment, sales and project development which includes syndication of debt, raising finance and liaising with leading ESG investors. Prior to joining Thermax, Navjit was associated with SB Energy (SoftBank Group) as the Chief Commercial Officer for their Solar business.