Rooftop solar solution provider MYSUN has joined hands with Tata Cleantech Capital Ltd (TCCL) to raise Rs 150 million in debt funding.Recently, MYSUNlaunched its solar asset vehicle MYSUN+ to develop solar projects under the distributed and open access models by infusing Rs 6 billion in the initial phase. The loan will be used to fund the existing projects of MYSUN+, while the credit line will be pumped into building the projects in the pipeline.Moreover, the funding from TCCL will help de-leverage MYSUN’s equity capital and develop a larger pipeline of projects.The company is looking to develop about 200 MW of projects over the next few quarters, which are currently at various stages of development.
Over the last few years, MYSUN+ haspartnered with some large corporates in India to assist them in their plans for solarisation.After the pandemic, the firm has been witnessing a strong demand for clean and affordable solar power. The firm said it has expanded its business to cater to commercial and industrial customers, smaller businesses, and even residential consumers.The firm is mulling foraying into electric vehicle charging and some newer product lines.
TCCL is a joint venture between Tata Capital Limited and International Finance Corporation. Recently, TCCL also partnered with Green Climate Fund (GCF) to develop its rooftop solar portfolio through a $100 million credit line. GCF, the world’s largest dedicated fund for climate action, had approved more than $1 billion funding for new projects and programs to help mitigate climate change in developing countries back in 2018.