Clean energy for a green nation: PRESPL’s journey with Neev

India has experienced considerable industrialisation and progress in recent years, resulting in several environmental consequences. As a result, it is crucial for our country to consider the need for a recovery route that strikes a balance between economic growth and environmental sustainability.

India's 1.3 billion-strong population puts a huge strain on the country's energy sector. It is only anticipated to increase, with a burgeoning middle class and constant urban expansion. With the private sector dominating, and coal being the fossil fuel used the most, renewables have a long way to go.?

Every year, India produces approximately 230 million tonnes of surplus biomass, which is typically burned in the fields, causing significant air pollution. Every year, several mounds of agricultural residue are burnt in the farmlands of Northern India bringing the national capital region under the grey autumnal haze, causing disruption to traffic and polluting the air.

Despite the energy generation capabilities, the continuous availability of biomass remains a challenge. Due to the acute shortage of domestic natural gas in India, gas-based plants are operating at only 24% of their capacity, indicating that the Biomass-based Supply Chain is unbankable and has yet to be recognised as an industry in India.

Established in 2011, Punjab Renewable Energy Systems Private Limited (PRESPL), aimed to tackle this issue head-on. The ‘Leading Indigenous’ Indian entrepreneur-cum-contributor in Biomass Supply Chain Management, PRESPL has continued to contribute towards the alleviation of the farming economy, and self-reliance of the country through groundbreaking policies, technological advancements, and much more. PRESPL has led the biomass sector through a combination of strategic planning, innovation and performance improvements, while supplying farmers and industry alike with solutions that are well-grounded in sustainability.

PRESPL and its leadership by Monish Ahuja have been recognised time and again for its contribution, winning prestigious recognitions at the Economic Times Biomass Supply Chain Award (2021), “The Business Leadership Awards” (2021) and UN SDGCC - Sustainable Development Goal Action Awards (2020), amongst others.

To prepare for the future and improve efficiency, PRESPL has actively pursued research undertakings of complex and point to point biomass evaluation both across India and overseas.

Partnering with Japan’s Mitsui in 2021, PRESPL looks forward to engaging with synergies participating towards cutting emissions by improving the utilization of biomass agri-waste for sustainable energy of the future.

At home, PRESPL works with the farming community and incentivizes Village Level Entrepreneurs (VLEs) with higher revenue to ensure a robust supply of biomass for energy generation throughout the year. The organization also contributes towards raising awareness about carbon neutrality, biomass fuels, projects, and industrial benefits within the framework of government policies and international institutions and treaties to which India is a signatory, reserving it as intrinsic to its objectives.

The partnership with PRESPL is Neev Funds’ first investment in the biomass space, adding to its strategy of fostering sustainable development and focusing on ESG (environmental and social governance) aspects of business.

?The collaboration between PRESPL and Neev Fund creates an ecosystem for biomass producers and biofuel consumers. This innovation-driven end-to-end endeavour supports India's renewable energy venture in the bio-energy sector and allows for an influx of more projects that include the local communities in consulting and development, all through supporting and empowering the local communities through proper monetary compensations, including them in the decision-making process, and integrating them with the formal banking system.

Demonstrating the major benefits of low-cost financing in the rural sector and bio-energy sector, thereby improving the nation’s sustainability and accelerating toward Net Zero achievement, PRESPL is poised to remain a maverick by developing newer applications for biomass. Supporting a herculean vision and with a laser-sharp focus, Neev remains a committed partner envisioning a carbon alternative solution to the country’s energy needs.

To enable the market environment for fostering green businesses, the Fund and PRESPL are also providing policy recommendations to benefit and proliferate the sector in regard to renewable energy finance considerations, incentives for large scale off-takers, balancing local and international energy demands.