MYSUN Partners with TATA Cleantech Capital to raise Rs. 15 Crore

India’s rooftop solutions company, MYSUN, has partnered with TATA Cleantech Capital Ltd (TCCL), a joint venture between Tata Capital Limited and a US company International Finance Corporation, to raise Rs 15 crore in debt funding for its solar portfolio expansion.

The company had recently launched its solar asset vehicle MYSUN+ to develop solar projects under the distributed and open access models with an investment of Rs 600 Crores in the first phase. This term loan will be used to fund the existing projects of MYSUN+ and the credit line will be used to develop its pipeline projects.

Speaking of this partnership, the Founder & CEO of MYSUN, Mr. Gagan Vermani stated, “We have got a very promising traction in our newly launched asset vehicle, MYSUN+, and this funding from TCCL will help us de-leverage our equity capital and develop a larger pipeline of projects.”

Over the next few quarters, we are looking to develop about 200MW of projects which are currently at various stages of development. As the demand is expected to grow exponentially, we are actively looking at EV charging and some newer product lines too.” he added.

While TCCL is the first private sector company globally to partner with Green Climate Fund (GCF) to develop a solar rooftop market through a USD 100 million credit line and this term loan and credit line raised by MYSUN forms a part of this GCF Facility.

Being a part of the Paris Agreement, GCF is the world’s largest climate fund mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.

“TCCL has an active solar rooftop funding program which aims to mainstream financing in this segment. Our partnership with MYSUN gives us the opportunity to further accelerate India’s energy transition. Rooftop solar represents only 11% of total solar installation in India which is significantly lower than the targeted 40% share and TCCL aims to bridge the gap to decarbonize energy consumption.” said Mr. Manish Chourasia, MD of TCCL.