We Aim To Make Solar Biz Simple & Effective: Nishant Sood

Tell us about your journey. How do you transition from a finance background to the solar industry?

Nishant Sood: I’m a mechanical engineer by background—I graduated from IIT in the early 2000s, followed by an MBA in finance. It was a fairly typical path: IIT, then IIM, and straight into investment banking. I graduated from IIM in 2008. I did enter banking, but over time, I found it monotonous. By 2014, I decided I wanted to build something of my own. I was in Hong Kong then but returned to India and launched a manufacturing business. I scaled and exited that by 2018. After that, I started exploring long-term, tangible sectors—areas with real-world impact. That’s when solar came into the picture. It wasn’t a master plan, but it felt like the right space to be in.

candi solar is a Switzerland-based company focused on India and South Africa. That’s an unusual combination. How did that come about?

Nishant Sood: It does sound unconventional, but the idea stemmed from where our founding team had strong networks. We had a solid team in India, and some of the founders had deep connections in South Africa. So, it made sense to begin in these markets. That said, our broader vision has always focused on emerging economies. India and South Africa are two of the largest in Asia and Africa, respectively, so they were natural starting points.

And how are you positioning candi solar in such a competitive market? What’s your USP?

Nishant Sood: I’d say we differentiate ourselves on two fronts. First, geography and funding. Being based in Zurich allows us to access Europe-based development funds and strategically channel them into emerging markets like India. Our Zurich team focuses on financial structuring and capital access, which gives us a unique edge. Secondly, whether it’s in contracts, financing structures, or asset management, we aim to keep things simple and effective. For instance, back in 2019–20, most PPAs in India were 80–90 pages long and targeted only at investment-grade companies.

We introduced a 15-page PPA—easy to understand and usable even by small schools or MSMEs. One of our first projects was just 20 kW. Since then, we’ve expanded into lease models, performance-linked loans, and other financial tools. Our goal isn’t to push a product—it’s to solve a problem.

You primarily work under the OPEX or RESCO model. How does that work for clients?

Nishant Sood: Yes, most of our business operates on the OPEX model. That means clients typically don’t have to make an upfront financial investment—we own and operate the system, and they pay for the power they consume. What sets us apart is the flexibility we offer. We’re not tied to a single product like a standard PPA. We listen to the client’s needs and customize a solution—be it lease-based, performance-linked, or hybrid models. That agility is important in a space where energy isn’t always a core priority for the client.

Out of 10 corporates that express interest in solar, how many actually convert?

Nishant Sood: I’d say between 5% and 10%. The bigger challenge is the long decision-making cycle. Solar isn’t core to most companies, even though electricity is a major cost component. It often gets delegated to someone for whom it’s not a full-time responsibility, so it gets delayed. What many don’t realize is that every day they delay is a day of missed savings. The installation process itself takes just 3–4 months. We handle the heavy lifting, including maintenance, but we do need basic support from the client, like keeping the roof accessible and clean.

In your experience, what helps close a deal? What tips the scale?

Nishant Sood: An internal champion—someone who takes ownership and drives the project forward. Often, solar isn’t part of anyone’s job description. But when someone, especially a senior executive, is already convinced—say, a CEO who has solar at home—it becomes much easier.  I remember a client who reached out via our general email id. We responded promptly, and the deal was closed within a month. That’s rare—but it’s the ideal scenario. Most deals take 5–6 months, and some even stretch out to two years.

What about newer trends like RTC and FDR? Are corporates open to those?

Nishant Sood: Not yet on a large scale, but interest is building. These models are more complex and expensive, so adoption will take time. We think it’ll take 2–3 years before they become mainstream. Once early adopters show success, others will follow.

A few years ago, corporate clients often compared C&I rooftop rates to utility-scale solar. Does that still happen?

Nishant Sood: Not as much, but we still hear it occasionally. Utility-scale solar might go as low as ₹2/unit, but comparing that to rooftop solar is like comparing apples to onions. Utility-scale projects benefit from massive scale, land access, and centralized infrastructure. C&I rooftop systems are custom-designed, installed on-site, and come with flexible contracts, real-time support, and more personalized O&M. The value proposition is very different.

Are there scenarios where you decide not to proceed with a project?

Nishant Sood: Very rarely, but yes—sometimes technical challenges make it tough. For example, factories with a lot of metallic or cement dust can make panel cleaning difficult and reduce generation. We’ve even worked in cyclone-prone zones with fixed structures. But in some cases, it becomes less viable, so we assess carefully before moving forward.

On average, what kind of savings can a company expect?

Nishant Sood: It depends on the state and the grid tariff. If the tariff is ₹9–₹11 per unit, our PPA might offer ₹4–₹5/unit. That’s a direct 50% saving on the solar portion. Overall, it could mean 20–30% savings on the company’s electricity bill, depending on how much of its load is covered.

Finally, what keeps you motivated in this space?

Nishant Sood: Honestly, it’s the impact. We’re building something tangible, solving real problems, and helping companies reduce their carbon footprint while saving money. It’s not just about the numbers—it’s about creating something meaningful.

Watch the video podcast of Nishant Sood with Saur Energy here-