In an exclusive interview with CIOTechOutlook, Dushyant Chachra, CFO of SAEL shares his insights on the financial hurdles that manifest when integrating new technologies, particularly in the renewables sector, and also elucidates how successful integration of new-age technologies will yield tremendous savings in the long run. He has industry experience of 18 years and was also associated with Adani Airport Holdings as a Financial Controller.

According to him, the major financial strategies companies can deploy when it comes to accelerating their renewable energy growth are,

• Leveraging green bonds as a financing option for renewable energy projects.
• Automating internal operations to enhance efficiency and save costs on administrative processes.
• Leveraging institutional support by engaging with state and central governments.
• Utilizing digital financial planning tools for easy data organization

What is your view on the adoption of new-age technologies within the renewable energy sector, and what key transformations are you currently observing in the industry?

Within the renewable energy space, solar power has seen significant growth, particularly in the size of solar projects. Earlier, projects were relatively small, but now we are looking at large-scale installations ranging from 400 to 500 megawatts. To put that into perspective, such projects require around 2,000 acres of land, and many similar projects are currently in development. However, one of the key challenges in scaling up the sector is the lack of a mature workforce equipped to handle this rapid expansion.

The future of the sector is heavily dependent on digital enablers, which will play a crucial role in two key areas. The first is improving efficiency in the design, execution, and implementation of solar parks. As projects become larger and more complex, it is essential to optimize every stage of development. Beyond execution, digital monitoring tools will ensure that once a project is operational, its performance remains efficient and meets the expected benchmarks. The scale at which digital tools will be required is unprecedented, making technological advancements a necessity rather than a luxury.

The second major area of focus is solar modules, which are the core components of any solar power generation system. The efficiency of these modules directly impacts the overall productivity of a solar park and, ultimately, the cost of power for consumers. Tracking the performance of each module and ensuring that the promised efficiency levels are met will be crucial. Indian-manufactured modules are now being compared with Chinese products, whereas in the past, the competition came primarily from European and Italian manufacturers. As India strives to match global standards, the design and allocation of solar cells within each module will need to be optimized, making digital tools an essential part of the process.

With energy markets becoming increasingly volatile, how is SAEL integrating predictive technologies to anticipate financial risks and adapt to market changes?

From a financial perspective, the renewable energy sector has undergone significant transformation. A decade ago, only a handful of players dominated the industry. Today, more than 30 active companies are bidding for major projects, making the sector increasingly competitive. At SAEL, we have been at the forefront of these financial innovations. A few years ago, we ventured into the market to raise capital through green bonds, and this year, we successfully refinanced and expanded our portfolio with additional green bond-backed projects. The response was overwhelming—our bond issuance was oversubscribed six times, attracting more than 140 international investors.

SAEL was among the early players in bringing major global investors, such as NorFund, into the Indian renewable energy space. Additionally, we have pioneered waste-to-energy initiatives, where waste materials are converted into power, significantly reducing carbon footprints.

Looking ahead, green bonds will continue to play a vital role in financing renewable projects alongside emerging sustainability bonds. We are also exploring hedging instruments to manage risks associated with power purchase agreements. Furthermore, we are actively engaging with large-scale insurance providers to introduce surety bonds as an alternative to traditional bank guarantees, allowing for more flexible financing structures.

Beyond financing, we maintain strong engagement with both state and central governments to ensure a level playing field, particularly as Chinese manufacturers push their products into the Indian market. Support from regulatory bodies is crucial to enabling domestic players to compete effectively and sustain long-term growth in the sector.

With strategic financial planning, technological advancements, and strong institutional support, the renewable energy sector is well-positioned for sustained growth, ensuring both economic viability and environmental sustainability.

How is technology reshaping the financial management of renewable energy projects, particularly in areas like cost optimization and revenue forecasting?

Cost optimization is a crucial aspect of our strategy, and we are actively automating internal assignments and activities to enhance efficiency. Automation eliminates the need for manual intervention—rather than requesting information from different departments or teams, the data is readily available even before the workday begins. This ensures that all exceptions are flagged in advance, and predictive insights guide decision-making by outlining necessary actions, the stakeholders involved, and the required course of action.

We are implementing this automation at all levels of the organization, not just at the CFO level. By making critical information accessible in real-time, business owners can make faster decisions, which significantly improves the company's agility. Additionally, reporting and compliance processes are being automated to free up valuable time previously consumed by routine administrative tasks.

While these systems were once considered complex, they have now become both complex and routine—meaning that they are seamlessly integrated into our daily operations. Investor dashboards, predictive analytics, and digital financial planning tools are being utilized in combination to provide accurate financial insights. By embedding these tools into our internal systems, we ensure cost efficiency while also recognizing that these are not mere expenses but strategic investments that drive long-term sustainability and growth.

In our case, Oracle has been a key support partner in our digital transformation journey. Historically, we relied on third-party ERP solutions, but after experiencing the evolution and sophistication of their tools, we realized their immense potential. We were the first in the renewable sector to implement Oracle’s Enterprise Performance Management (EPM) suite, and today, many others are following in our footsteps.