Rooftop solar solutions company MYSUN has tied up to raise INR 15 crore in debt funding from TATA Cleantech Capital Ltd, a joint venture between Tata Capital Limited and International Finance Corporation, USA.
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 INR 600 crore 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.
MYSUN is rapidly growing its presence across different markets and is already present in nine states, including Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh and Andhra Pradesh, along with the National Capital Region. MYSUN+ has partnered with some of the largest corporates and MNCs in India for their solarization plans in a short span of time.
“We have got 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 MW of projects which are currently at various stages of development,” said Gagan Vermani, the Founder and CEO of MYSUN.
“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 grow exponentially, and we are actively looking at EV charging and some newer product lines. 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.
TCCL is the first private sector company globally to partner with Green Climate Fund (GCF) to develop a solar rooftop market through a US$ 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 program which aims to mainstream financing in this segment. We are already assisting multiple entities in the adoption of rooftop solar systems. Our partnership with MYSUN gives us the opportunity to accelerate India’s energy transition further. 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 decarbonize energy consumption. TCCL is the first private climate finance institution in emerging economies and committed to developing a sustainable ecosystem for the future,” said Manish Chourasia, MD of TCCL.
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