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Open Access Will Drive Large-Scale C&I Renewable Adoption: Interview

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					</table><p>India added 2.7 GW of solar open access capacity in the first quarter of 2026, up 55% quarter-over-quarter, according to the <a href="https://www.mercomindia.com/product/q1-2026-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q1 Mercom India Solar Open Access Market Report</a>. The growth was supported by favorable policies, growing consumer interest, and improved project execution.</p>
<p>For Vishal Jain, Managing Director at <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy India</a>, open access will remain the primary route for large industrial consumers because rooftop solar is constrained by available space.</p>
<p>According to Jain, favorable open access policies, supported by expanding domestic manufacturing capacity and electricity demand, can drive growth in the C&amp;I segment and strengthen India’s position in the global renewable energy market.</p>
<p>In an interview on the sidelines of the <a href="https://www.mercomindia.com/event/mercom-india-renewables-summit-2026" target="_blank" rel="noopener">Mercom India Renewables Summit 2026</a>, Jain discussed the growth of decentralized energy, the increasing role of battery storage, the emergence of integrated utility solutions, and the outlook for India’s solar manufacturing ecosystem.</p>
<p>Excerpts from the interview:</p>
<p><strong>What are the biggest opportunities for decentralized energy in India over the next five years?</strong></p>
<p>India is emerging as one of the world’s largest C&amp;I energy markets. Policy support, particularly for open access, has been a major catalyst for the sector’s growth.</p>
<p>Compared with several other Asian markets, India has developed a conducive policy framework that enables C&amp;I consumers to procure large-scale solar power from off-site or front-of-the-meter projects.</p>
<p>The shift toward domestic manufacturing may create some short-term challenges. However, over the long term, reducing dependence on external supply chains will strengthen the market and support sustained growth.</p>
<p><strong>Will battery storage become the next major opportunity after rooftop solar installations?</strong></p>
<p>Battery storage will be a value-accretive solution for large-scale solar projects. Historically, banking provisions allowed developers and consumers to treat the grid as an infinite battery, but that arrangement is not sustainable over the long term.</p>
<p>Recent policy changes in major industrial states indicate that the market is moving toward the direct integration of energy storage. Storage will become increasingly important as banking provisions are tightened and consumers seek to align renewable generation with their demand profiles.</p>
<p><strong>What is driving C&amp;I consumers to adopt renewable energy?</strong></p>
<p>The two primary drivers are sustainable growth and cost savings. Even after recent policy changes requiring the use of domestically manufactured modules, consumers can continue to achieve meaningful savings as compared with grid tariffs.</p>
<p>C&amp;I consumers can replace around 40% to 50% of their electricity requirements with clean energy sources. The availability of low-cost power at scale remains the strongest driver of renewable energy adoption.</p>
<p>Globally, the electrification of industrial heat is also creating additional demand for electricity. In markets such as China and Europe, industries are increasingly replacing coal-fired boilers with electric boilers. Such fuel substitution creates new demand and expands the addressable market for solar power.</p>
<p><strong>Do you expect energy solutions to be increasingly offered as an integrated package?</strong></p>
<p>August Energy operates as an integrated utility service provider for C&amp;I consumers. The company offers power, cooling, heating, and energy-efficiency solutions as a bundled service.</p>
<p>Industrial consumers should not have to enter into separate contracts for electricity, heating, ventilation and air conditioning, and steam. These requirements can be combined under a single integrated contract, reducing costs while supporting the decarbonization of industrial facilities.</p>
<p><strong>How do you see the integrated utilities market developing in India?</strong></p>
<p>The market is still at a nascent stage, but the increased availability of impact capital is supporting the growth of integrated utility and energy-efficiency solutions.</p>
<p>Private capital played an important role in the development of India’s utility-scale solar sector and later supported the growth of the rooftop solar segment. Similarly, the availability of impact capital for integrated utilities and sustainable infrastructure is likely to drive the next phase of growth.</p>
<p><strong>Will open access overtake rooftop solar segment in the C&amp;I segment?</strong></p>
<p>The rooftop solar segment faces limitations because of the restricted availability of usable roof space. Open access is therefore likely to remain the larger growth market for industrial consumers, provided grid evacuation infrastructure and distribution networks can accommodate additional capacity.</p>
<p>The rooftop solar segment will continue to be relevant for smaller installations and residential consumers. However, large industrial consumers seeking to replace a substantial share of their electricity demand will increasingly rely on open access projects.</p>
<p><strong>How can changes in banking and time-of-day tariffs potentially affect the market?</strong></p>
<p>The power sector can no longer rely on the grid as an unlimited storage resource. The market is undergoing a structural shift in which electricity consumption will need to align more closely with periods of renewable energy generation.</p>
<p>Time-of-day tariffs can encourage consumers to shift demand toward solar generation hours and away from peak-demand periods. This will also increase the importance of storage and demand-management solutions.</p>
<p>The transcript provided does not contain Jain’s complete response on the detailed impact of time-of-day tariffs, so further conclusions on this point cannot be drawn from the source.</p>
<p><strong>Will accessible finance be a challenge for development of smaller battery storage projects?</strong></p>
<p>Financial institutions are already lending to large-scale renewable energy and battery storage projects. What remains to be seen is whether lenders will be equally comfortable financing smaller storage systems required under emerging state-level regulations.</p>
<p>These projects have similar cash flow and revenue characteristics to other energy infrastructure assets. India’s strong fundamentals and infrastructure requirements should continue to attract capital, provided it is directed toward commercially viable projects.</p>
<p><strong>Do you expect India’s electricity demand to increase significantly?</strong></p>
<p>India’s manufacturing push is likely to drive a substantial increase in electricity demand. New manufacturing facilities for solar modules, cells, semiconductors, and electronics are highly power-intensive.</p>
<p>As these facilities begin operations over the next few years, industrial electricity consumption is expected to rise. Household demand will also increase as more consumers adopt air conditioners, refrigerators, and other electrical appliances.</p>
<p><strong>Will energy-as-a-service become a major business model?</strong></p>
<p>Energy-as-a-service will coexist with other commercial models rather than replace existing technologies or solutions.</p>
<p>The model allows service providers to deploy capital into existing infrastructure, including heating, ventilation and air conditioning systems, steam boilers, and energy-efficiency equipment. India requires significant capital to support infrastructure growth, and its strong economic fundamentals make it an attractive destination for such investment.</p>
<p><strong>Can India develop an end-to-end solar manufacturing ecosystem over the next five years?</strong></p>
<p>Government mandates and policy support are expected to accelerate the development of a domestic solar manufacturing ecosystem.</p>
<p>India has already established a sizeable module manufacturing base, supported in part by foreign capital. The next phase will involve scaling domestic solar cell manufacturing, followed by wafer and ingot production.</p>
<p>The success of domestic cell manufacturing will be a critical turning point. If the industry can establish reliable and competitive cell production capacity, the transition toward domestic wafer manufacturing will be the next major milestone.</p>



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					</table><p>Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy</a> has secured long-term project financing of ₹1.3 billion (~$15 million) in debt from <a href="https://aseeminfra.in/" target="_blank" rel="noopener">Aseem Infrastructure Finance</a> for a portfolio of renewable energy projects in the commercial and industrial segment.</p>
<p>The financing will support multiple assets across the portfolio of August Energy India, a subsidiary of August Energy. The company said the funding from Aseem Infrastructure is its first asset-level long-term project financing in India.</p>
<p>TruBoard Cleantech, a digital-first ecosystem that provides asset lifecycle management, engineering, and procurement services for renewable energy projects, served as the advisor to August Energy for this transaction.</p>
<p>August Energy operates across Southeast Asia and India. It has also received financing from Aravest, Green Tower, Proparco, responsAbility Investments AG, PIDG Project Development, and other institutional capital providers.</p>
<p>This February, August Energy <a href="https://www.mercomindia.com/august-energy-signs-energy-as-a-service-deal-with-1-5-gw-solar-module-plant" target="_blank" rel="noopener">signed</a> its first EaaS contract in India for a 1.5 GW solar module manufacturing facility near Jaipur, Rajasthan, marking its entry into integrated utility services for the country’s rapidly expanding solar manufacturing sector. Under the agreement, the company will invest approximately ₹80 million (~$883,072) in the facility and provide chilled-water cooling, compressed air, and uninterruptible power supply infrastructure under a 10-year contract.</p>
<p>Last July, Switzerland-based impact asset manager responsAbility <a href="https://www.mercomindia.com/august-energy-15-million-expand-india-renewables-portfolio" target="_blank" rel="noopener">invested</a> $15 million (~₹1.28 billion) in August Energy on behalf of its investors. The funding enabled the company to expand its portfolio of distributed renewable energy projects in India.</p>
<p>The total global corporate solar funding <a href="https://www.mercomindia.com/corporate-solar-funding-down-16-yoy-in-2025-deal-count-rises-ma-robust" target="_blank" rel="noopener">dropped</a> by 16% year-over-year in 2025, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s newly released 2025 Annual and Q4 Solar Funding and M&amp;A Report.</p>
<p>Announced debt financing during the year totaled $16.1 billion, 14% lower than $18.8 billion in 2024, and securitization deals totaled $3.4 billion across nine deals.</p>


August Energy Secures ₹1.3 Billion in Debt Financing from Aseem Infrastructure


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					</table><p>Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy</a> has signed its first EaaS contract in India for a 1.5 GW solar module manufacturing facility near Jaipur, Rajasthan, marking its entry into integrated utility services for the country’s rapidly expanding solar manufacturing sector.</p>
<p>Under the agreement, the company will invest approximately ₹80 million (~$883,072) in the facility and provide chilled-water cooling, compressed air, and uninterruptible power supply (UPS) infrastructure under a 10-year contract. The company stated that integrated utilities contracts of this nature typically last 7 to 15 years.</p>
<p>Hitender Singh Grover, Country Head EaaS – Integrated Utilities at August Energy, stated, “<span data-teams="true">August energy has designed and deployed a highly energy efficient EaaS solution that is scalable and manages to deliver sustained energy savings over the asset life cycle of the customer.”</span></p>
<p>Manufacturing processes are temperature-sensitive and require controlled environments for process cooling, clean room cooling, and heating, ventilation, and air conditioning systems. The compressed air system will have a designed capacity of 1,428 cubic feet per minute to support production equipment.</p>
<p>The cooling infrastructure is designed to deliver 480 tons of refrigeration of chilled water capacity to the plant. In large-scale solar module manufacturing facilities with capacities of 1 GW to 2 GW or more, electric chillers are critical to maintaining process stability.</p>
<p>In addition, the project includes the provision of 1,100 kVA UPS capacity to manage power quality and provide backup for critical infrastructure, reducing the risk of production interruptions.</p>
<p>August Energy highlighted operational challenges associated with medium-sized capacities, where highly efficient technologies such as centrifugal chillers and centrifugal compressors may not always be preferred solutions.</p>
<p>The company noted that solar manufacturers, particularly those integrating backward from EPC to manufacturing, require additional operational expertise to manage utilities efficiently.</p>
<p>Rajasthan’s high ambient temperatures pose further efficiency challenges for cooling systems, requiring design considerations that address thermal performance. The project incorporates loop redundancy in the chilled water system and structured preventive maintenance to ensure uninterrupted delivery of utilities.</p>
<p>“In a greenfield project, the customer has a choice between investing capital or adopting an asset-light and off-the-balance-sheet model to optimize capital allocation toward core revenue growth activities,” Grover said.</p>
<p>August Energy will assume operational responsibility, guarantee uptime, and ensure efficiency throughout the asset lifecycle, delivering performance and savings for the manufacturer.</p>
<p>In July 2025, Switzerland-based impact asset manager responsAbility <a href="https://www.mercomindia.com/august-energy-15-million-expand-india-renewables-portfolio" target="_blank" rel="noopener">invested</a> $15 million (~₹1.28 billion) in August Energy on behalf of its investors. The funding enabled the company to expand its portfolio of distributed renewable energy projects in India.</p>


August Energy Signs Energy-as-a-Service Deal with 1.5 GW Solar Module Plant


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					</table><p>Switzerland-based impact asset manager <a href="https://www.responsability.com/" target="_blank" rel="noopener">responsAbility</a> will invest $15 million (~₹1.28 billion) in Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform, <a href="https://august-energy.com/" target="_blank" rel="noopener">August Energy,</a> on behalf of its investors. The funding will support August Energy in expanding its portfolio of distributed renewable energy projects in India.</p>
<p>The investment is part of responsAbility’s $500 million (~₹42.95 billion) climate investment strategy for Asia. It aims to accelerate the decarbonization of key economic sectors in emerging and developing Asian markets.</p>
<p>August Energy aims to increase its installed capacity to over 1 GW within the next five years. The funding will also provide the company with flexibility to execute its growing project pipeline in the country over the next 12 months.</p>
<p>This investment is August Energy’s first structure financing delivered in partnership with responsAbility.</p>
<p>August Energy focuses on decentralized energy infrastructure for commercial and industrial clients in India and Southeast Asia. The company develops and operates rooftop solar and integrated utility services, including cooling-as-a-service and steam-as-a-service solutions.</p>
<p>It is backed by institutional investors such as Asia-Pacific Sustainable &amp; Decarbonisation Infrastructure Equity, an Aravest and SMBC Group-backed investment fund, and Green Tower, an investment vehicle promoted by the Green Giraffe group and Daiwa Securities.</p>
<p>responsAbility funds scaling infrastructure platforms with strong regional execution capacity, aiming to mobilize private capital towards energy transition in fast-growing economies.</p>
<p>The company has deployed over $16.8 billion in impact investments. As of June 30, 2025, it manages approximately $5.5 billion in assets across around 300 portfolio companies in approximately 70 countries.</p>
<p>In January this year, responsAbility <a href="https://mercomindia.com/responsability-injects-20-million-in-ev-manufacturer-euler-motors" target="_blank" rel="noopener">announced</a> an investment of up to $20 million in Euler Motors, a New Delhi-based electric commercial vehicle manufacturer.</p>
<p>In 2024, independent power producer AMPIN Energy Transition <a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener">secured</a> funding of up to $35 million from responsAbility to help it expand its clean energy projects across India.</p>


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