Rajendra Kumar Parakh, chief financial officer (CFO), Vikram Solar, brings to the table 27 years of experience in audit and risk assurance across industries such as energy, manufacturing, mining, engineering, and iron and steel. He has extensive experience in financial reporting and structuring, strategic planning, long- and short-term debt financing management, credit rating, cost and internal controls, acquisitions, strategic forex hedging, and project finance. As CFO at Vikram Solar, he is involved in the financing of large engineering, procurement and construction projects and the achievement of 100 per cent capacity utilisation in module manufacturing.
Parakh expresses concern on the state of solar power financing in recent times. “There has been a decline in investment in 2018 due to the slowdown in project execution. Government agencies stalling tenders with the expectation of lower tariffs, the goods and services tax (GST), and safeguard duty-related issues have made investors and financiers hesitant to get involved in solar projects,” he says.
Some of the challenges facing the solar segment are PPA renegotiations, failure to comply with RPOs, differential GST rates for input materials, imposition of safeguard duty, and lack of flexible financing terms. “The government needs to implement policies that support solar growth so as to maintain investor interest and make projects viable,” he says.
Prior to joining Vikram Solar, Parakh was director, finance, and CFO at Balasore Alloys, where he handled various complex assignments. Previously, he worked with companies such as Gontermann-Peipers India and Kalpana Industries.
Parakh is upbeat about his present stint with Vikram Solar. “Vikram Solar is a growing company. Its excellence in renewable energy is the result of its focus on innovation, commitment to quality and strong performance. Within 12 years, Vikram Solar has created a track record in manufacturing, engineering and installing solar plants in India and abroad.”
Parakh is a commerce graduate from Lucknow University and a chartered accountant from The Institute of Chartered Accountants of India, where he secured an all-India rank of 17 in 1990. He also has a postgraduate diploma in management from the Indian Institute of Management, Calcutta. In his spare time, he likes reading books and watching Bollywood movies. His favourite read is Wisdom of Ages by Wayne W. Dyer and his favourite movies are Nayak and Sagar.