A solar EPC's shift from projects to recurring O&M revenue.
The client had built 2.4 GW of installed capacity and captured almost none of the twenty-year revenue stream sitting on top of it.
Recurring revenue in 24 months
Services-business EBITDA margin
Win-rate on standalone O&M bids
The Challenge
EPC margins had compressed from 14% to 5% in three years as competition intensified. The board saw the O&M opportunity but had tried and failed twice to build a services business inside a project-delivery culture.
The failure both times was structural: services was reporting into EPC leadership, being priced as a cost centre, and losing every RFP against pure-play O&M competitors.
Our Approach
We separated the P&L, then rebuilt the services offer around three tiers indexed to guaranteed performance ratio rather than site visits — the metric asset owners actually cared about.
A ninety-day pilot on twelve owned sites generated a benchmark performance ratio the client could then contractually commit to. That single data point unlocked seven of the next eleven bids.
The organisational fix was harder: a separate leadership team, a separate incentive plan, and — crucially — a rule that EPC could not price O&M into bundled bids without services sign-off.
The Outcome
The engagement delivered 4× on recurring revenue in 24 months, 22% on services-business ebitda margin, and 63% on win-rate on standalone o&m bids — measurable, defensible, and owned by the client team on day one after handover.
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