Freyr Energy raises $180 million in funding for rooftop solar projects

Freyr Energy announced an equity investment of Rs 180 millionfrom Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia (SEEAA), and Capital 4 Development Partners. The Hyderabad-based company specialises in rooftop installations for the residential and micro, small, and medium enterprises (MSMEs) segment in the Indian subcontinent. The company reported that the funds raised in this round will be used to accelerate growth and further enhance customer experience. Further, it reported that it would benefit from the global experience that strategic investors, Total Carbon Neutrality Ventures, and SEEAA bring to the table.

Recently, Freyr Energy announced that it has digitalized customer experience with itsproprietary software environment SunPro+. Theinnovative software is expected to ease the acquisition of rooftop solar customers and facilitate the entire customer journey from acquisition through to financing, execution, and after-sales service. Back in 2018, Fryer Energy raised Rs 270 million through a mix of equity and debt investments, leveraging its digital platform to promote decentralized solar domestically and globally.

In April 2021, The Ministry of Power notified an amendment to the draft Electricity (Rights of Consumers) Rules, 2020. As per the amendment, wherever the regulations do not provide for net metering, gross metering, net billing, or net feed-in, the commission may allow net metering to the prosumer for rooftop solar capacities of  500 kW or up to the sanctioned load, whichever is lower and net-billing or net feed-in for other loads.

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