Committed to growth and development of the "Clean Energy" Industry

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Building a 1 GW renewable energy portfolio by 2024

Vision:

Promote sustainable development and play our tiny party in mitigating climate change by developing and commissioning 1000 MW of renewable energy in Asia (excl. India & China) by the year 2025.

Mission:
To promote sustainable development and support the local communities while inculcating a standard of excellence in business operations that ensures the best in class project implementation and operation, translating into superior returns for our investors.

What We Do

Project Development

Carbon Watch will strive to gain a significant growth in the renewable energy market. Its future vision is to expand its portfolio of 1 gigawatts (“GW”) in 48 months. The way forward in ensuring this growth will be through green/brown field project developments and strategic acquisitions.

Implementation

The Carbon Watch team is one that has built a reputation for successfully implementing projects and generating superior investor returns. Backed by an extensive experience in Engineering, Procurement and Construction of projects, we have what it takes to get the work done.

 

The team comes equipped with experience to undertake and install world class projects successfully at optimal costs, developing high-quality operating systems and delivering superior returns to its investors. All the while not losing sight of its responsibility towards the local communities and environment.
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Asset Management

A disciplined, experienced company offers one of the most rewarding opportunities in the Solar energy value chain. The key drivers for investing in such a development are Strong returns and de-risking of projects through long-term contracts and other arrangements.

 

 

Asset and capital management in a disciplined manner is another requirement: A smart Asset Management strategy includes maximizing returns through world class operation and maintenance systems. Dealing and negotiating on pricing with Local Distribution Companies, building long term relationships is vital so is ensuring consistent payments and executing strategic exits for the Assets when necessary.

 

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Our Team

Deepak Mawandia 

Founder, Out of the box thinker with a passion for renewable energy

MBA – INSEAD (France), Chartered Accountant – ICWAI

Passionate about climate change mitigation and renewable energy, Deepak was on the founding advisory board of the WWF Gold Standard, one of the first members of the Roaster of Experts on the UNFCCC on Clean Development Mechanism and also a member of the advisory panel for developing new CDM methodologies. Deepak set up India’s first Carbon Credit advisory firms in the year 2002 and was involved / instrumental in developing some of the largest CDM projects globally.

Deepak has been intimately involved with the solar power generation sector and secured one of the first large sized (1 MW in those days!) solar project in the state of Orissa, India. Deepak was also instrumental in setting up Orange Renewables, a renewable energy platform in India which was recently transacted with over 700 MW of Wind / Solar at an EV of approximately USD 1 Billion, returning > 2X equity within 5 years. In Orange, his role included recruiting and mentoring the initial team / management , setting up the IC project selection and approval process, monitoring execution and optimization, leading the sale process (which was completed after he resigned from AT Capital, for personal reasons).


Deepak has over 23 years of experience in the financial services, investing, fund/asset management space. Prior to Backbay, Deepak was the CIO of a multi-billion-dollar family office based in Singapore where investing and managing real estate assets was one of his key focus areas. With strong execution mindset, Deepak is a strategic thinker with the rare ability of looking at the big picture without missing out the granular detailing. Real estate experience includes (i) Netherlands : developing a portfolio of grocery super market and leading the team (on behalf of the investor) bidding for the redevelopment of the Amsterdam Prison (ii) India : On the Investment Committee of AT Capital and deeply involved with the real estate investments in NCR. Involvement included in depth management and operational issues (iii) China : Invested in a distressed property in Dalian, where he learnt what not to do!

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Amit Gupta 

Director

MBA –IIM Bangalore, BE Ind. Engg. IIT Rourkee

Amit has over 24 years of experience in M&A, strategy & business planning, fund raising through private equity and structured debt financing. Amit has in depth knowledge and experience in structuring and managing complicated Joint Ventures. Amit is one of the founding partners of Backbay Equity Partners LLP, a specialised financial advisory firm.

Prior to founding Backbay, Amit worked with a large Indian family owned multinational conglomerate (Essar) for over a decade, where as part of Essar’s leadership team for telecom businesses, he oversaw the group’s interests in mobile telecommunications JV in India with Hutchison and Vodafone, and helped set up the Groups ‘ mobile venture in Kenya and an independent telecom tower infrastructure company in India. He led the monetization of these telecom assets for Essar through separate transactions resulting in realization of over USD 6 bn for Essar. He also led the sale of Essar’s 20mmtpa oil refinery and gasoline retailing business in India to a consortium led by Rosneft for an aggregate value of $12.9bn, one of the largest M&A transactions from India. Prior to Essar, he worked for 11 years in investment banking, with SSKI Corporate Finance (now IDFC Capital) and earlier with Kotak Mahindra Capital. In these stints he gained extensive experience in executing a broad range of strategic as well as private equity and capital market transactions for companies across a range of sectors including telecommunications, ports, media and manufacturing.

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Klaus Mueler 

Technical Advisor

Electrical Engineer, Wurzburg University

Klaus has over 26 years of work experience in construction space, primarily in Solar, he had served German Military for 8 years. Owner of Solar Fabric which was a German company formed in 1978, initially in construction business was one of the first companies to start construction of solar plants in Germany. He was partner of a thin-film module manufacturing company. Owner of TIF, which has been involved in construction of more then 460MW across globe, it has a team which has done work across the value chain.

He has experience across value chain in solar space; will guide us to optimize design to create most value accretive project.

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Niraj Mehta 

President – Project Development & Execution

MBA – Finance (SP Jain), CFA (ICFAI)

Niraj has over 11 years of experience in financial services, project development and execution. Prior to Backbay, Niraj lead the team in Funsolar development and execution of MW sized solar projects. With precise planning, the company achieved financial closure and commissioning within three months of getting the project.

He had also headed Greenfield Project Development and initiated strategy for solar projects for Orange Renewable Pvt Ltd., which commissioned more than 600MW of renewable projects. He was involved in developing one of the first solar projects in India; played active role in development of Government policy for the sector. He has developed network with suppliers, manufacturers and government policies to ensure timely execution of projects.

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Strategy - Our Plan

Target: 1 GW by 2024

Our Strategy aims to gain a foothold in the renewable energy sector and grow to 1 GW in the next 48 months. This will be achieved by a mix of early start brown field projects and long gestation green field projects. We believe that the value is in projects developed by us from scratch!

Development of Wind Sites

To ensure optimal performance, we are in the process of development of wind sites at more than one location that will become operational in 18-24 months.

Initiate Solar Development in Vietnam

Carbon Watch will start Solar project development in Vietnam as the environment is ideal for investment in this fast developing country.

Projects in other Emerging Markets

Due to the significant demand for renewable energy to meet the needs of growing economies, Asian markets are ripe grounds for investors looking for profitability and return on investment.

How we will mitigate investor risks?

The CarbonWatch way of doing projects is one that has, at its heart the interest of the community and the investors. We believe that if we do things the way they are supposed to be done…without short cuts or cutting corners..we will create superior value….consistently.

At the core of our model is our innate desire to manage risks AND we do this by securing superior project sites, reliable power purchase agreements, optimal financing / capital structures, use of top class equipment and good old-fashioned conservatism….we believe in cash flow driven opportunities…and not exit valuations! We significantly reduce risks project risk as under:  

Credit Risks

By undertaking projects backed by Sovereign / quasi sovereign Power Purchase Agreements (PPA). Non Sovereign PPAs are limited to top quality AAA+ names only.

Termination/ No Offtake Risks

All PPA’s undertaken will have a term of atleast 20 years with a no exit option and are bankable.

Generation Risk

Vendor guarantee of 98% of performance ratio i.e., generation adjusted for ‘actual’ solar radiation received. India averages at PR = 103%

Forex/ Interest Rate Risk

Modules/Inverters that constitute about 60-65% of the project cost are imported. However, suppliers are required to quote to us in local currency in order to minimize currency risk.

Our business is to build and operate power plants, we DO NOT take currency risks and hedge out all exposure.
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Equipment Performance

Performance of the Solar Panel systems is guaranteed by purchasing only superior quality systems from market leading suppliers. Carbon Watch will only acquire modules with 25 year power generation warranty.

Where the output of the panels is below the specified levels, suppliers will need to replace them to ensure optimal levels of output.
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EPC Execution Risks

EPC Contracts will be undertaken by technically sound and reliable contractors and vendors. The duration of the contract will be short, restricted to about 6-9 months to prevent costs escalations.

The contractors chosen needs to have a reputable presence and proven expertise in the Solar Power and allied industry. Besides, we have an in-house EPC team that ensures a level of supervision and adherence to quality control procedures not common in the industry.
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Reach Us

MC Energy Pvt. Ltd, 284 Vauxhall Street, Colombo 02, SriLanka

+22 140 006 754

Backbay Capital Partners Pte Ltd, 80 Robinson Road, #09-06, Singapore

+22 140 006 754

801, Backbay Equity Partners LLP, Lodha Supremus, Mumbai

+22 140 006 754

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