Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has raised ₹255 million (~$3.03 million) in its inaugural round of equity funding.
The funds were raised through private placements from high net-worth individuals (HNIs) led by fund manager Equity4life IH Analytics.
Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies. This will also drive the company’s growth by setting up a strong foothold in its commercial and industrial (C&I) portfolio.
The company has recently signed power purchase agreements with large C&I clients to set up solar power projects.
“This round of equity will solidify the company’s commitment to growing its business. Roofsol Energy is committed to developing 75 MW solar assets in the current financial year of 2024, followed by an ambitious target of developing 500 MW of solar assets in the C&I segment,” said Priyank Jain, CFO of Roofsol Energy.
The company was featured in Mercom’s India Solar Market Leaderboard 2024 as one of the top rooftop solar companies.
India added 1.7 GW of rooftop solar capacity in CY 2023, according to the 2023 Q4 & Annual Mercom India Rooftop Solar Market Report. As of December 2023, the country’s cumulative rooftop solar installations reached 10.5 GW. Residential consumers accounted for 50.5% of the capacity additions in 2023, followed by C&I. Tata Power Solar led the annual capacity additions, accounting for 26.2% of the installations. Roofsol Energy ranked second, accounting for 7.9% of yearly installations.
According to Anurag Chivilkar, Director & VP—Business Development, Roofsol, while cost savings remain a key motivator, pressure from investors to meet green energy mandates is also driving the adoption of rooftop solar in the C&I sector.
Roofsol Energy has over 300 solar projects in India, with 280 MW of rooftop solar installations. The company aims to implement over 1000 MW of solar EPC projects worldwide by 2025.