Thermax Expands Solar Business

Thermax Is Transitioning From Its Rooftop-Based Model To A Solution-Based Model

Thermax has expanded its solar business, transitioning from its rooftop-based model to a solution-based model. The new business, which will be part of Thermax subsidiary First Energy Private Limited, will work with customers in the commercial and industrial space. It hopes to set up open access-based solar and solar hybrid farms, hybridizing 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 more than a decade, TOESL has owned and operated renewable utilities that have supported more than 30+ domestic and multinational customers in a variety of industries including pharmaceuticals, chemicals, food, and metals.

“Understanding the need to boost our capabilities in green energy and strengthening our efforts toward a cleaner India, the incorporation of this new business will be significant to Thermax’s product offerings in solar,” said Ashish Bhandari, managing director and CEO at Thermax Ltd.

As part of the transition, Navjit Gill has been named CEO of First Energy Private Limited. Navjit has 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 as the chief commercial officer for its solar business.

Headquartered in Pune, India, Thermax’s business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. The company also designs, builds, and commissions large boilers for steam and power generation, turnkey power plants, industrial and municipal wastewater treatment plants, waste heat recovery systems and air pollution control projects.