CXOToday has engaged in an exclusive interview with Dhruvil Nitin Goradia, Managing Director, NJ Renewables
- Can you share a brief about NJ Renewable journey so far?
NJ Renewable Energy Private Limited (NJREPL) has charted a path of growth and sustainability since its inception as N.J. Exports in 1995. Our transformation into the renewable sector marked a significant milestone, representing a deeper commitment to renewable energy and sustainable practices.
Over the years, we have expanded our reach and scope, catering to a wide range of industries from Food Processing and Pharmaceuticals to Dairy and Brewing. Our journey has been marked by the establishment of a business association with more than 25 plants across India, each a testament to our growing expertise and the increasing trust placed in us by our clients.
As we evolved, so did our services and product offerings. From initially only being a trader and manufacturer, we now offer a comprehensive suite of services with our own 9 manufacturing plants, green fuel supply, Operations & Maintenance contracts, and competitive green steam supply solution all under one roof. This evolution reflects our commitment to not just meeting but exceeding the needs of our clients and the industry.
Our journey is not just measured in the number of plants or the volume of products we produce but, in the strides, we’ve made towards promoting sustainable energy. With a dedicated team of approximately 1000 individuals, we’ve built not just plants and products but a reputation for reliability and sustainability. Our journey continues with a focus on innovation and environmental stewardship, driving us towards a greener future.
- What are the set of challenges to set up a plant?
The establishment of a biomass briquette/pellet manufacturing plant in India encounters various challenges, which include:
- The substantial capital costs involved and an extended gestation period.
- A deficient and inconsistent supply of raw materials.
- Obstacles in acquiring suitable land, water, and power connections.
- Limited awareness and demand for biomass briquettes/pellets among end-users.
- Facing competition from alternative fuels such as coal, LPG, and firewood.
- The absence of established quality standards and certification for biomass briquettes/pellets.
In a proactive stance to surmount these hurdles and foster the growth of the biomass briquette/pellet industry in India.
- What is the set of key clients that NJ has worked with so far? Also, please mention the key projects in the pipeline for 2024.
We have successfully served clients in various sectors, including the automotive industry (CEAT), food and beverage (Kellogg’s, Amul, Sabar Dairy, PepsiCo), pharmaceuticals (SUN Pharma), and chemicals and adhesives (Pidilite). Our commitment to service excellence has earned us the satisfaction of these diverse clients.
- Where does India stand in the Renewable industry?
India is the world’s 4th largest consumer of electricity and the world’s 3rd largest renewable energy producer with 40% of energy capacity installed in the year 2022 (160 GW of 400 GW) coming from renewable sources.
- What is the untapped market potential, current market size, and organized players
The global renewable energy market is expected to witness a compound annual growth rate of 17.2% which was valued at USD 1.21 trillion in 2023.
The market size is projected to reach USD 860.37 billion by 2021 and grow at a CAGR of 8.5% during the forecast period.
The major players in the renewable energy sector include Acciona, General Electric, Enel Spa, Tata Power, Innergex, Suzlon Energy Limited, Invenergy, ABB, Siemens Gamesa Renewable Energy, Xcel Energy, Inc., and Schneider Electric.
Key factors driving the growth of the renewable energy market include:
– Increasing government incentives for the adoption of renewable energy.
– Concerns about climate change and global warming.
– Ongoing cost reductions in renewable energy equipment, such as wind turbines and solar panels.
– New government expenditures and investments in renewable energy projects.
The renewable energy market is also witnessing a shift towards low-carbon fuels and stringent environmental regulations, which are projected to drive growth in the sector further. Companies operating in this industry are focusing on efficient growth, improvement of operational efficiency and productivity, and achieving high safety standards.
In terms of regional distribution, Asia Pacific accounted for 40.98% of the market in 2023, emerging as the largest regional segment. China alone is expected to account for about half of the global increase in renewable electricity, followed by the United States and other regions.
Source- https://www.grandviewresearch.com/industry-analysis/renewable-energy-market
- How has the renewable energy sector evolved over the years?
The renewable energy sector has evolved significantly over the years and according to a study by the FS-UNEP Collaborating Centre, renewable technologies, excluding large hydropower, accounted for 13.4% of global electricity generation in 2019, up from 12.4% in 2018 and just 5.9% in 2009.
The cost of new solar PV and onshore wind energy installations has fallen by 3-10% annually since 2010, which has removed a hurdle for investment in developing nations as well as developed countries
The factors driving the growth in renewable energy have been systemic, but certain key moments have reflected the larger trends or acted as turning points in renewable energy
To limit global warming to 1.5 degrees C, renewables will need to reach 61% of global electricity by 2030 and 88% by 2050, with solar and wind making up the dominant share
Renewables are set to account for almost 95% of the increase in global power capacity through 2026, with solar PV alone providing more than half.
- Works towards society and the Social Impact?
NJ Renewables has been working towards a sustainable future since 1995, focusing on eco-friendly energy sources such as briquettes, groundnut shells, soybean husk, and sugarcane bagasse for steam generation in various industrial sectors.
The company’s initiatives aim to minimize the industry’s carbon footprint, which is crucial in the current global push for environment-friendly substitutes for fossil fuels. While the provided sources do not directly discuss the company’s specific contributions to the CSR sector, it can be inferred that NJ Renewables’ focus on renewable energy aligns with corporate social responsibility (CSR) efforts aimed at environmental sustainability and reducing carbon emissions.
. However, based on the company’s focus on renewable energy and its potential environmental benefits, it can be inferred that NJ Renewables’ initiatives contribute to societal well-being and align with Social goals related to environmental sustainability.
