Noida-headquartered SunSource Energy has inaugurated a 6 MW rooftop solar power project for a textile unit located in Bhilwara, Rajasthan. The project—set up for one of the leading textile companies—is developed on five rooftops of the industrial site, spread across 21,00,000 square feet.
The project uses 20,000 solar modules of different types. It is developed on the Resco model (capital expenditure covered by the installer) with a power purchase agreement signed for 25 years.
SunSource Energy is an investee of the Neev Fund—a private equity firm backed by State Bank of India and the UK’s Department for International Development (DFID). The fund was launched by Prime Minister Narendra Modi and former Prime Minister of the UK, David Cameron, to invest in geographies that did not traditionally receive private investments.
“This [Rajasthan] project is in line with Neev Fund’s commitment to provide sustainable development in low-income states of India and is expected to offset over 2,00,000 tonnes of CO2 emission over its lifetime”—stated the commercial and industrial solar developer which claims to be the largest provider of solar energy to the textile industry.
Speaking on occasion, Lord (Tariq) Ahmad of Wimbledon, UK Minister of State for South Asia and the Commonwealth, said, “Supporting the global transition to clean energy is a big part of the relationship between our two countries, particularly as we have only one way to take on this challenge – collectively.
“The United Kingdom is delighted to be a member of India’s International Solar Alliance and be a part of its various other initiatives contributing towards this transition. PM Modi’s ‘One World, One Sun, One Grid initiative’ is another example of the leadership that India is providing on this important agenda.”
Suresh Kozhikote, Managing Director and Chief Executive Officer, SBICAP Ventures Ltd, said, “SunSource is backed by Neev Fund, which is a capital provider and a catalyst to the change. This signifies SBI’s commitment to green initiatives and SBI’s commitment to adopting ‘Sustainability’ as its value, aligning business decisions, and sustainability initiatives to the global SDGs.
“The bank has committed to achieving carbon-neutral status by 2030 and is the only Indian Bank to join the EV-100 group. It has also raised USD 700 million in green bonds using the Green Bond Framework, which allows us to use the proceeds for Green projects.”
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