Solar Company – Due Diligence Services from Solar Mango

Solar power is growing at a tremendous pace in India.

Not surprisingly, such a strong growth is also witnessing significant amounts of M&A activities.

In some cases, M&A is happening as attractive targets emerge; in some other cases, acquisitions of small or weak companies are happening because they are available at a low acquisition price.

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Why Due Diligence is critical in M&As?

In all the M&A activities, or in related equity investment activities, a critical component is the due diligence of the target company and it is important for the following reasons:

  1. The renewable energy sector is new and hence carries with it a significant number of uncertainties, some owing to technology changes, and others owing to policy and regulatory changes/volatility.
  2. Due diligence is also important to be done on the target companies as many of these companies are small, with nascent technologies, with some of them also operating on new business models.

As a result of the above, Solar Mango has seen a significant increasing in the number of companies seeking our assistance for due diligence of Indian solar energy companies.

Utilizing our knowledge of, and leadership in the Indian solar energy sector, and exceptional professional contacts along the entire length and breadth of the solar energy industry, we offer Market & Technical Due Diligence services for along the entire solar energy value chain, both for solar photovoltaic and solar thermal.

Specifically for solar photovoltaic, Solar Mango can provide expert due diligence for companies in any part of the value chain:

  • Cell Manufacturers
  • Module Manufacturers
  • Solar power plant developers/IPPs
  • Solar off-grid product suppliers – solar water pumps, solar streetlights and lanterns, solar /LED combo products
  • Solar EPCs
  • Solar PV Component and sub-component manufacturers – trackers, mounting structures, inverters, cables, connectors, backsheets and more.
  • Other innovative solar solutions providers such as solar/wind hybrid products

Apart from the above, Solar Mango can provide due diligence & evaluation for solar thermal companies as well (solar water heaters, industrial process heating using medium temperature solar thermal technologies, and concentrating solar thermal for heat and power).

Solar Mango can provide due diligence/evaluation on the following:

  1. Technology Assessment – We can do an assessment of the solar technology/equipments used to determine their real worth in terms of what they can produce and their technological maturity/superiority
  2. Market Assessment – We can do a thorough assessment of the market for the product/solutions of the target company. This includes detailed research of the present and future demand and supply, competition, key drivers of success (including analyses of the key policies of the government and their impact on the company), and more. This part of the research will provide an effective understanding of the market structure and situation of the target company.
  3. Assessment of the Company Management – Successful solar energy companies need their top management to have both excellent domain knowledge of the industry, as well as possess strategic decision making skills. Solar Mango, with its team of industry experts as well as MBAs from top business schools, is well placed to do this part of due diligence for the target companies.

Solar Mango can thus assist those keen on investing in, or acquiring solar energy companies, with a comprehensive due diligence that includes a thorough technical, market and management due diligence.

With our expertise of the industry and our nimble work ethic, we can complete such due diligence in relatively short duration, providing the investor with critical intelligence and analyses to aid in their decision making.

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Case Study

Due Diligence of Solar Cell Manufacturing Facility

An asset reconstruction company wished to assess the business operation, market potential and technology feasibility of a large PV cell manufacturing company which manufactured crystalline solar cells.

But Solar cells business is not doing well in India. How to ensure that I place my bets right?

The client approached Solar Mango with this key question and did a technical and business due diligence study on the facility and assisted them in evaluating the key dimensions and presented comprehensive report on the same.

Due Diligence of a prominent Solar PV Cell manufacturer

  • Market Evaluation – Provided the client detailed information about the PV cell manufacturing scenario and existing manufacturing capacity in India. (DCR regulations, Anti-Dumping duty, WTO ruling etc.)
  • Technology Assessment – Inspected the cell manufacturing lines at the manufacturing facility along with our technical partner and provided a detailed due diligence evaluation of the same.
  • Management Due Diligence – Evaluation of the team and their preparedness to face the challenges and benefit from the opportunities.
  • Cost Evaluation – Accounting the overall cost of cell production and searching for avenues to reduce cell cost.

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Call Narsi 7358263274