This term loan will be used to fund the existing projects of MYSUN+ and credit line will be used to develop its pipeline projects, the company said
MYSUN, a Noida-based rooftop solar company, has tied up with Tata Cleantech Capital (TCCL) to raise Rs 15 crore in debt funding to expand its existing and new pipeline of projects.
The company 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 Crores in the first phase. This term loan will be used to fund the existing projects of MYSUN+ and credit line will be used to develop its pipeline projects, the company said.
“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, the Founder & CEO of MYSUN.
The company said that it is growing its presence across different markets and is already present in 9 states including Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh and Andhra Pradesh along with the National Capital Region.
Vermani said, “Despite the global pandemic, we are witnessing robust demand for clean and affordable solar power. We took this period as an opportunity to expand our business across different verticals to become a complete 360-degree platform for large C&I, SMEs and even homes in some regions.”
“The demand is expected to exponentially grow, and we are actively looking at EV charging and some newer product lines too. Our unique online customer awareness and acquisition platform coupled with highly digitized demand aggregation tools provide us access to hundreds of thousands of new clients every month,” added Vermani.
According to the company statement, Tata Cleantech is the first private sector company globally to partner with Green Climate Fund and this term loan and credit line raised is a part of this facility. Tata Cleantech is a joint venture between Tata Capital and International Finance Corporation.
“This partnership gives us the opportunity to accelerate India’s energy transition. Rooftop solar represents only 11 per cent of total solar installation in India which is lower than the targeted 40 per cent share and we aim to bridge this gap,” said Manish Chourasia, managing director, Tata Cleantech.