Solar engineering, procurement and construction company Soleos Solar Energy Pvt Ltd has raised around Rs 48.5 crore in equity funding from a bunch of high net-worth individuals (HNIs) and family offices.
The latest funding round comes less than a month after Soleos Solar raised Rs 26.5 crore from the same set of investors that included stock market investor Sunil Singhania’s India Ahead Venture Fund and Madhuri Madhu Kela.
Salarpuria Sattva Group’s Nabs Vriddhii; Pawan Agarwal, who heads the private capital group at InCred Capital; Faruk G. Patel, chairman and managing director at KP Group; and several other HNIs also took part in the round.
The company said in a press release that it will use the latest funding to meet working capital needs, to help build a global renewable energy portfolio, and to set up manufacturing facilities across the world.
“The funding will enhance our capabilities in project execution, foster stronger international collaborations, and support the development of independent power projects,” the company said.
Soleos Solar was set up in 2012 and specialises in delivering turnkey solutions in commercial and industrial rooftops, ground-mount solar projects, and solar parks.
Apart from India, the company has a footprint across Spain, the UK, the US, Germany, and Portugal.
“This funding will enable us to achieve our expansion goals and bolster our capabilities in delivering cutting-edge solar solutions. With an already established global footprint, this investment will further strengthen our foothold in domestic and international markets,” Bhavesh Rathod, the company’s founder and director, said.
At present, the company has a pipeline of Rs 450 crore and is setting up projects of the order of 140MW.