Sunsure Energy raises $2.2 million in for developing solar projects

Solar turnkey solutions provider, Sunsure Energy has raised zero-collateral based debt capital worth $2.2 million from TATA Cleantech Capital, L&T Finance, and cKers Finance. The fund will be used as working capital to develop solar PV projects having capacities up to 100 MW in the year 2018-19.

Reportedly, the current financing structure is on the lines of a purchase order financing, which is the form of capital needed by a project execution company. However, such an arrangement was unavailable for companies in the solar construction space without collateral securities but Sunsure was able to secure the financing facility from the three institutions.

Sunsure operates in both utility scale and rooftop solar segment providing solutions that range from project bidding to EPC execution and maintenance. According to sources, Sunsure Energy has over 40 MW of commissioned capacity of solar projects across nine states in India. The company has recently commissioned 20 MW of utility-scale solar projects in Karnataka and by March 31, 2018 had installed over 9 MW of rooftop projects across the rest of the country, as per Mercom India Rooftop Solar Project Tracker. In addition, Sunsure has a rooftop project development pipeline of around 3 MW.