SOLARAQ: a start-up of solar power solutions in Iraq

Alzubaidi, Muhammad Lutfi Ibrahim (2023) SOLARAQ: a start-up of solar power solutions in Iraq. [Dissertation (University of Nottingham only)]

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This business plan will be analyzing setting up a startup for a solar energy solutions provider called SOLARAQ. It is a solar energy solutions company that is situated in Baghdad, Iraq. The company also has two other branches in Mosul and Basra, covering all regions within the country. SOLARAQ is specialized in selling and installing solar PV systems and other solar products like solar heaters and air conditioners. The company offers a free consultation and house inspection for potential buyers to deliver the maximum benefit and smoothest experience to the customers. The company will start with one branch in year 1 and will be expanding in the second year to have an overall three branches, in addition to having external sub-sellers spread across other cities.

SOLARAQ anticipates the starting cost of the initial business to be approximately $200K and will be collected from the founders which consist of three shareholders with the help of a small bank loan. An extra $400K will be required for the 2nd year expansion plan that will require adding more shareholders to invest in the company.

The company outsources all of its products from China and India and will be ISO and TÜV certified to assure the highest quality assurance standards that will allow the company to differentiate itself from other competitors. Part of the competitive advantage will be providing niche solar products like water heaters and ACs that do not exist in the current market, in addition to providing customized solar PV systems according to the client’s needs. Despite the relatively high prices of the solar products, the company will be targeting customers from all income classes thanks to the facilitated instalment plans with low-interest rates in cooperation with the local banks.

SOLARAQ will also be involved in governmental and NGOs projects by creating long-term partnerships with external stakeholders that will strengthen the company’s financials and lessen the dependence on retail sales.

Item Type: Dissertation (University of Nottingham only)
Keywords: Iraq, business plan, business analysis, solar power, solar energy
Depositing User: Alzubaidi, Muhammad
Date Deposited: 22 Feb 2023 08:04
Last Modified: 22 Feb 2023 08:04

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