Rooftop solar solutions company MYSUN has raised Rs 15 crore ($2 million) in debt funding from TATA Cleantech Capital Ltd (TCCL), a joint venture between Tata Capital Ltd and World Bank’s International Finance Corporation.
The company recently launched its solar asset vehicle MYSUN+ to develop solar projects under the distributed and open access models with an investment of Rs 600 crore in the first phase.
A statement said that the proceeds from the capital-raise will be used to fund the existing and pipeline projects of MYSUN+.
MYSUN is growing its presence across different markets and is already present in nine regions including Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh, Andhra Pradesh and the National Capital Region.
“We have got a very promising traction in our newly launched asset vehicle MYSUN+ and this funding from TCCL will help us de-leverage our equity capital and develop a larger pipeline of projects. Over the next few quarters, we are looking to develop about 200 megawatt (MW) of projects which are currently at various stages of development,” said Gagan Vermani, founder and chief executive officer of MYSUN.
“Despite the global pandemic, we are witnessing robust demand for clean and affordable solar power,” he added.
TCCL is the first private sector company globally to partner with Green Climate Fund (GCF) to develop the solar rooftop market through a $100 million credit line and this term loan and credit line raised by MYSUN forms a part of this GCF facility.
“TCCL has an active solar rooftop funding programme which aims to mainstream financing in this segment. We are already assisting multiple entities in adoption of rooftop solar systems. Rooftop solar represents only 11% of total solar installation in India which is significantly lower than the targeted 40% share and TCCL aims to bridge the gap to decarbonise energy consumption. TCCL is the first private climate finance institution in emerging economies,” said Manish Chourasia, managing director, TCCL.
