Neerav Nanavaty is chief executive officer (CEO) at BluPine Energy, an Actis-funded renewable energy platform. He began his career at Enron Corporation, where he spent three years learning about the nascent merchant power and commodities markets. Thereafter, he joined Engie, where he held diverse roles across various business functions within both deregulated and regulated power markets.
Nanavaty is optimistic about the robust growth in the Indian solar industry, attributing it to the Ministry of New and Renewable Energy’s adoption of a sizeable and consistent bidding trajectory. This move has significantly expanded participation opportunities, marking a positive shift in the 2023 landscape. The “Make in India” movement has further resulted in a more predictable supply chain. Additionally, there is a noticeable trend in the commercial and industrial sectors, with private entities showing increased interest in developing green supply portfolios.
He states, “Our primary goal is to build a strong team of individuals and ensure collaboration with partners and vendors who share our values and governance approach. Managing project finances is another top priority for us. Given the significant financial investment in each project, we prioritise securing terms and conditions that align with our strategic objectives, thereby yielding favourable outcomes. We are committed to embracing new technological frontiers, such as integrating battery storage with wind and solar power.”
Reflecting on his career, Nanavaty considers moving back to India to help set up Engie’s renewable business as his most memorable assignment. Upon leaving Engie, he ventured out on a new journey with Actis, building both the team and business at BluPine. “Leaving the familiarity of Engie was daunting, but the excitement and enthusiasm of building a business from the ground up in a hypercompetitive environment has been immensely gratifying”, he adds.
Describing his management style, Nanavaty emphasises a blend of prioritising people and achieving goals. He values inclusivity, actively involving individuals and seeking consensus in decision-making. He notes, “Building a collaborative culture is fundamental to my approach, and I constantly endeavour to break down silos that often form in large organisations”.