[Funding alert] Solar startup MYSUN raises Rs 15 Cr in debt from TATA Cleantech Capital
MYSUN, a rooftop solar startup has raised Rs 15 crore in debt funding from TATA Cleantech Capital Ltd (TCCL), a joint venture between Tata Capital and International Finance Corporation (IFC).
The startup had 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. This term loan will be used to fund the existing projects of MYSUN+ and a credit line will be used to develop its pipeline projects.
“We have got very promising traction in our new 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 200MW of projects which are currently at various stages of development,” said Gagan Vermani, Founder and CEO of MYSUN.
Founder and CEO of MYSUN, Gagan Vermani
MYSUN is growing its presence across different markets and is present in nine states including Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh, and Andhra Pradesh, along with the National Capital Region.
According to the founder, despite the global pandemic it is witnessing strong demand for clean and affordable solar power.
“The demand is expected to exponentially grow, and we are actively looking at EV charging and some newer product lines too,” Gagan said.
TCCL has partnered with Green Climate Fund (GCF) to develop the solar rooftop market through $100 million credit line. The funding raised by MYSUN is 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 the adoption of rooftop solar systems,” said Manish Chourasia, MD of TCCL.
He further noted that rooftop solar represents only 11 percent of total solar installation in India, which is significantly lower than the targeted 40 percent share and TCCL aims to bridge the gap to decarbonise energy consumption.