The Indian state of Karnataka will host India’s first fractionally owned, ground-mount solar power plant. Bengaluru-based Pyse is financing the 5 MW open-access solar project through its investment platform, which allows retail investors to own PV assets. The plant will supply electricity to commercial and industrial (C&I) customers in Karnataka.
“By owning the asset, these retail investors can make fixed income out of the plant’s generated revenue while also offsetting their personal carbon footprint,” Pyse co-founder Kaustubh Padakannaya told pv magazine. “The ground-mount project is expected to offset 6.5 million kg of CO2 every year for the next 25 years. And our investors have already offset close to 1.6 million kg of carbon.”
The Pyse platform allows retail investors to own stakes in the INR 26 crore solar project for as little as INR 10,000.
“Our tranche 1, 2, and 3 had a minimum investment of INR 10,000. And for our latest and last tranche in this ground-mount project, an investor has to invest in a minimum of INR 5 lakh,” said Padakannaya.
Pyse has previously done decentralized rooftop projects through its 4,000-plus retail investors, but the latest 5 MW project is its first venture into the ground-mount open-access space.
Padakannaya said Dexler Energy is installing the project as the engineering, procurement and construction contractor. It will also provide operation and maintenance support for the entire plant. The project is under development and will likely be commissioned in July.
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