From Survival To 30 GW: How Faruk Patel Built KPI Green & Why Battery Storage Is His Next Big Bet
Mumbai: From starting a small logistics business at the age of 22 to building a renewable-energy group with a 30 GW ambition, Dr. Faruk G. Patel says his journey was driven first by survival, and later by a larger goal: building sustainable power for India. When Dr. Faruk G. Patel started his entrepreneurial journey in 1994, he was not thinking about building a renewable-energy empire. He was…
Mumbai: Dr. Faruk G. Patel, founder of KPI Green, has built his renewable-energy group from a small logistics business to a target of 30 GW capacity. The journey began when Patel started his first business at 22, driven by the need to support his family. Initially, he focused on construction and telecommunications before finding his long-term fit in renewable energy. Over the years, the company grew through IPOs, including solar and wind ventures, and has since expanded to include battery energy storage.
Patel's vision for the future is not about choosing between solar and wind but combining them. As renewable power becomes a larger part of India's electricity mix, providing power when needed is crucial. To achieve this, KPI Green has entered the battery storage market, partnering with Israeli technology and appointing a CEO from Israel. This approach addresses the challenge of intermittent renewable generation and supports India's overall energy transition.
Growth in the renewable sector also brings financial challenges, particularly in securing capital for expansion. Patel emphasizes the importance of financing growth without overloading the balance sheet, advocating for the company's structured approach to arranging projects and financing ahead of execution. Competition in the sector is fierce, but Patel's strategy of securing equipment and materials around order times helps mitigate supply-side delays and protect margins.
Transmission infrastructure is another significant challenge in India's renewable-energy expansion. Patel believes battery energy storage can address some of the intermittent nature of renewable generation, while also contributing to the expansion of transmission infrastructure. As KPI Green grows, the company is increasingly relying on professional management and a more established organizational structure.
This transition is crucial for carrying the organization forward as they strive to achieve their ambitious capacity targets.
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