According to Allied market research, the renewable energy market was valued at $ 881.7 billion in 2023 and is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 11.4 percent from 2023 to 2030. The renewable energy industry is experiencing dynamic shifts driven by several key trends.
Firstly, there's a growing emphasis on hybrid energy systems, blending multiple renewable sources to ensure reliability. Second, energy storage technologies are advancing, enhancing grid stability. Third, decentralized energy production, notably through rooftop solar, is gaining traction. Last but not the least, green finance and sustainability targets are encouraging investment in renewables.
The industry's expansion is fueled by environmental consciousness, government incentives, and declining renewable technology costs. However, Consumers face hurdles in adopting renewables, including high upfront costs, intermittency concerns, and regulatory complexities. Customized solutions that address these issues are crucial for wider adoption.
In this landscape, Latent Renewable Energies specializes in tailored renewable solutions, mitigating consumer challenges. By providing end-to-end services, LREPL streamlines adoption, from project selection to procurement and commissioning. Its expertise, coupled with a commitment to sustainability, positions it as a catalyst for renewable energy's widespread adoption.
In the realm of renewable energy, Latent Renewable Energies (LREPL) emerges as a beacon of innovation and sustainability. Founded by a group of dedicated professionals with over 40 years of experience in engineering, energy, management, and marketing, LREPL is making significant strides in the renewable energy sector in India. The driving force behind LREPL's inception was a desire to leverage its collective expertise for the greater good.
The founder, Mridul Khare, having worked in the government sector, recognized the need to bring practical Renewable energy solutions to the public. It was clear that individuals and organizations lacked access to tailored renewable energy solutions that could address their unique needs. LREPL stepped in to bridge this gap, offering end-to-end solutions for solar, wind, and small hydropower projects.
Delivering Solutions, Nationally & Beyond
LREPL primarily operates in India and is committed to sourcing materials both locally and internationally to provide comprehensive turnkey solutions. These solutions encompass project selection, procurement, and commissioning for solar, wind, and small hydro projects. The company's expertise has positioned it as a leader in Central India's renewable energy sector, and it is expanding its reach across the nation. “The development of electrical infrastructure is crucial to the success of renewable energy projects. India's green corridor system initiated between 2014 and 2020, played a pivotal role in strengthening the electrical network. This network now boasts numerous substations capable of accommodating renewable power inputs. While the electrical infrastructure has grown robust, challenges remain, including the need for further infrastructure development to reach remote substations”, quotes Agraj Khare, VP at LREPL.
LREPL sets itself apart by tailoring solutions to meet the specific needs of its clients. Rather than taking a one-size-fits-all approach, the company conducts in-depth assessments of each client's requirements and develops customized solutions. This ensures that clients benefit from sustainable energy solutions that enhance their overall operations and generate carbon credits. “One pressing issue in the renewable energy sector is matching energy supply with demand. Solar power, for instance, is most efficient when aligned with daytime energy consumption patterns. Adapting demand cycles to maximize the use of solar energy is a significant challenge that requires innovative solutions. Government bodies, load managers, and dispatchers must collaborate to shift the demand cycle toward daytime consumption”, says Mridul Khare, Managing Director of Latent Renewable Energies.
Transparency & Quality Assurance
In a market where transparency can be elusive, LREPL advocates for standardized quality in renewable energy products. It emphasizes the importance of manufacturers delivering consistent quality across all projects, regardless of the scale or investment. By promoting transparency and quality assurance, LREPL contributes to the industry's overall credibility and reliability. LREPL is actively engaged in structuring projects that combine various renewable energy sources, such as solar, wind, and small hydro, to cater to the diverse requirements of governments, industries and large corporate entities. With the recent introduction of banking regulations for power, the company is well-positioned to provide tailored solutions to organizations, ensuring a stable and cost-effective power supply.
Future Prospects
Latent Renewable Energies has emerged as a dynamic force in India's renewable energy sector, driven by a commitment to innovation, sustainability, and customized solutions. As the nation moves towards achieving its 2030 renewable energy targets, LREPL's contributions are likely to play a pivotal role in shaping a greener and more sustainable future. With a focus on transparency, quality, and tailoring solutions to meet specific needs, LREPL is setting a new standard for excellence in the industry.
With government initiatives aligning with broader 2030 targets, LREPL is poised to contribute significantly to India's renewable energy growth. The company is actively engaging with organizations that were previously unexplored as potential consumers of renewable energy. “Moreover, as solar power becomes a more prominent energy source, LREPL is focused on ensuring the sustainability of its projects, with a commitment to environmental protection and responsible development”, concludes Mridul Khare.
Mridul Khare, Owner, Chairman & MD, Agraj Khare, Co-Owner
Mridul Khare is a renewable energy veteran with 40 years of experience. He served as former Director of Rewa Ultra Mega Solar. Under his stewardship, India's first mega project of 3x250 MW was conceptualized and executed. He led the Renewable movement in Madhya Pradesh with capacity added from 313 MW to 4000+ MW in the state in 5 years. His leadership contributed to the development of multiple renewable projects, spanning small hydro, wind, and solar, dating back to the early 90s.
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