Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry? 

I'm Upkar Raghav, and for more than 22 years I’ve had the privilege of leading teams and projects in the renewable energy and infrastructure space. My experience covers everything from EPC and project development to procurement, contract management, commercial strategy, and transforming supply chains—across solar, wind, battery energy storage (BESS), green hydrogen, and green ammonia.

Over the years, I’ve headed the commercial and procurement functions at some of India’s top renewable energy companies, such as Gentari Renewables (PETRONAS Group), Serentica Renewables (KKR & Vedanta Platform), ACME Solar, KEC International, ABB, and Fedders Lloyd. I’ve been fortunate to develop and deliver multi-gigawatt renewable portfolios and have taken the lead on everything from strategic sourcing and EPC contracting to project development, M&A, CAPEX governance, and building technology partnerships.

I’ve helped deliver more than 10 GW of renewable energy projects, managed procurement worth over ₹10,000 crore each year, negotiated contracts totaling more than ₹45,000 crore, and overseen commercial governance for major renewable investments. Along the way, I’ve built resilient global supply chains, led high-performing teams, driven project cost optimization, and set up governance frameworks that improve execution and create long-term value.

Some of the most rewarding moments in my career have come from being part of industry-first projects like India’s first 600 MWh RTC Hybrid Project and some of the country’s earliest green hydrogen and green ammonia initiatives, while collaborating with global investors and leadership teams at organizations like PETRONAS, KKR, and Vedanta.

Today, my biggest strength is bringing commercial strategy and technical execution together so I can deliver complex renewable projects, build strong relationships, drive operational excellence, and support sustainable business growth. I’m especially passionate about working where business strategy, project delivery, and technology meet, helping organizations scale effectively and create long-term value for everyone involved.

 

Q2. What trends are you seeing in equipment sourcing and supply chains across utility-scale solar, wind, and battery energy storage projects, particularly around localization, pricing, and supplier selection?

Right now, supply chains for utility-scale solar, wind, and battery storage projects are seeing big changes. This shift is being fueled by the push for more local manufacturing, greater energy security, and a strong focus on building resilient, future-ready supply chains.

Localization

Solar Industry Transformation

The solar sector, in particular, has come a long way thanks to the Make in India initiative. India now has a strong manufacturing base for modules and cells, and investment is picking up for wafer manufacturing as well—which should become commercially available soon. While China is still the global heavyweight, India’s reliance on imports is steadily going down.

Transformation in the Wind Sector

When it comes to wind, a few leading Indian OEMs have long set the pace. But as demand grows and localization becomes more important, several global players are now setting up factories in India or expanding their presence to take part in new projects.

Transformation in BESS

BESS is still the segment most reliant on imports, with battery cell production mostly concentrated in China and a handful of other countries. That said, the Indian government is working hard to change this with PLI schemes and ACC programs aimed at building a local battery manufacturing ecosystem in the years ahead.

Pricing

When it comes to pricing, each technology tells a different story.

• For solar modules, you’ll typically find three main types:
  • Fully imported modules, primarily from China.
  • Modules assembled in India using imported cells
  • Modules manufactured in India using domestically produced cells.
• Not surprisingly, fully imported modules from China are usually the cheapest. Next are modules assembled in India with imported cells, while fully Indian-made modules are currently more expensive—mainly because domestic manufacturing is still ramping up and costs are higher for now.
• Wind turbine prices depend on the manufacturer, the specific technology, and the expected plant load factor (PLF). European OEMs tend to cost more, thanks to their advanced tech and strong performance guarantees. Indian and Chinese OEMs are usually more affordable, especially when you look at the levelized cost of energy.
• Battery storage prices have swung wildly over the last couple of years, largely because of shifting lithium prices and changing global demand. The good news is, battery cell costs have settled down recently, giving project developers more stable numbers to work with.

 

Supplier Selection

Choosing the right suppliers isn’t just about getting the best price. For large-scale projects, developers look closely at several key factors:

• Technology maturity and bankability
• Tier-1 status and financial strength
• Proven operational performance and energy yield
• Local manufacturing and service capability
• Production capacity and delivery commitments
• Warranty and long-term service support
• Commercial competitiveness and total lifecycle cost

Overall, the industry is moving past the old habit of picking suppliers just because they’re cheap. More and more, developers want resilient, diverse, and local supply chains that deliver reliable execution and boost long-term performance and returns.

 

Q3. How are EPC contracting and procurement strategies evolving as renewable projects become larger and increasingly integrate technologies like storage and hybrid assets?

As renewable energy projects keep getting bigger and start combining solar, wind, and battery energy storage systems (BESS) more often, the way companies approach EPC contracting and procurement is changing. Instead of focusing on one technology at a time, the industry is moving toward delivering fully integrated projects from start to finish.

Shift towards single-point EPC contracting or integrated EPC models

In the past, developers usually went with a split-package approach, awarding separate contracts for modules, wind turbines, BESS, transmission, and other balance-of-plant work. But with today’s hybrid and round-the-clock (RTC) projects, there’s a definite shift toward single-point or integrated EPC contracts.

That’s because hybrid projects need all their technologies to work together seamlessly. If one part doesn’t perform, it affects the whole plant, and managing several vendors can get complicated fast. By working with a single EPC contractor, developers get smoother coordination, easier system integration, better scheduling, and clear accountability from start to finish.

From a developer's perspective, integrated EPC contracting delivers several benefits:

• Reduced execution and interface risks
• Single-point responsibility for engineering, procurement, construction, and commissioning
• Better integration of solar, wind, BESS, SCADA, and energy management systems
• Stronger performance guarantees and liquidated damages (LDs) covering the complete hybrid plant rather than individual equipment
• Improved schedule certainty and faster project execution
• Simplified contract management and reduced claims between multiple contractors

 

Changes in Procurement Approaches

Procurement is becoming more strategic and less about just getting the lowest price. More developers are working with suppliers early in the project to:

• Secure manufacturing capacity
• Lock in long-lead equipment
• Optimize technology selection

It’s now common to see framework agreements, strategic partnerships, and long-term supply deals—especially for critical equipment like wind turbines, BESS, transformers, and power electronics.

At the same time, developers are looking beyond just upfront prices—they’re considering the total value over the entire lifecycle. They’re choosing suppliers based on things like:

• Technology maturity
• Bankability
• Execution capability
• Digital integration
• After-sales support
• Localization
• Long-term operational performance

In short, as renewable projects continue to grow in size and complexity, the focus is shifting away from just buying separate pieces of equipment. Now, the goal is to deliver a fully optimized, integrated energy solution. Companies with strong integrated EPC skills, solid supply chain partnerships, and proven end-to-end execution are the ones best placed to succeed in today’s fast-evolving market.

 

Q4. Green hydrogen continues to attract significant attention. Based on what you're seeing, where do you believe commercialization is progressing well, and where do the biggest hurdles remain?

Green hydrogen and green ammonia are attracting major investments all over the world. More and more, governments, energy companies, and big industrial players see them as essential for driving the energy transition. Here in India, there’s a real sense of momentum—thanks to the National Green Hydrogen Mission and major commitments from top renewable energy developers to build integrated green hydrogen and ammonia projects.

We’re seeing real progress in commercializing green hydrogen wherever there’s strong policy support and obvious demand—especially in fertilizer, refining, chemicals, and export-focused green ammonia projects. Quite a few pilot and early-stage commercial projects have already been announced, and the ecosystem is slowly but surely moving from ideas to real-world execution.

Challenges in Green Hydrogen Commercialization

Commercial Viability

But the biggest challenge right now is still making green hydrogen commercially viable. It’s much more expensive to produce than traditional grey hydrogen, mainly because the supply chain for key components—like electrolyzers, storage, compressors, and other supporting infrastructure—is still developing and hasn’t yet reached a scale where costs can come down.

Offtake

Another major hurdle is finding buyers who are willing to commit for the long term. While plenty of developers are eager to invest, customers want prices that are competitive and supply that’s guaranteed for years to come. Until production costs drop further, it will be tough to lock in the kind of long-term agreements needed to get big projects financed.

Going forward, I believe the sector will benefit from three major drivers:

• Continued government policy support through incentives, viability gap funding, and production-linked schemes.
• Localization of the manufacturing ecosystem, particularly for electrolyzers and associated equipment.
• Scale, which will improve manufacturing efficiency, strengthen the supply chain, and reduce overall project costs.

Overall, I’m very optimistic about the long-term future. As renewable energy gets cheaper, manufacturing capacity grows, and supply chains mature, green hydrogen will become much more competitive. The next few years will be crucial in bridging the gap between pilot projects and full-scale commercial rollouts.

 

Q5. If you had to leave investors with one key takeaway about the direction of the renewable energy industry today, what would it be, and what observations or experiences have shaped that view?

If there’s one thing I’d want investors to remember, it’s this:

Renewable energy isn’t just an emerging sector anymore; it’s quickly becoming the backbone of the energy system of the future.
Today’s opportunity stretches far beyond just building solar and wind projects. As renewables become more mainstream, we’re seeing big growth across the whole value chain: energy storage, grid upgrades, transmission, green hydrogen, digital energy management, advanced manufacturing, and specialized supply chain solutions. All of these areas offer major long-term investment potential, right alongside traditional power generation.

After spending years in project development, EPC, procurement, and supply chain roles for large renewable projects, I’ve learned that the next wave of value will come from localization, technology innovation, and truly integrated energy solutions. Companies that can build resilient supply chains, embrace advanced tech, and deliver complex hybrid projects efficiently are going to stand out.

For investors, this means the chance isn’t just about owning wind or solar assets anymore. There’s also huge potential in manufacturing, energy storage, green fuels like hydrogen and ammonia, power electronics, transmission infrastructure, and all the businesses that support the clean energy transition. These segments are set to deliver strong returns as the market matures.
All in all, I’m very optimistic. The world’s move toward clean energy is unstoppable. With supportive policies, falling technology costs, and growing energy demand, I believe renewables will keep offering great opportunities for lasting growth, strong returns, and real long-term value.