Soleos Solar Energy Secures Rs 48.5 Crore Renewable Energy Funding

US Plans To Invest USD 3.8 Billion In India’s RE Infra

Soleos Solar Energy has announced that it has raised Rs 48.5 crore for portfolio development and working capital for the renewable energy business. According to a release from Soleos Solar Energy, participants in the investment round included Faruk G Patel, CMD of KP Group, Pawan Agarwal, Head of PCG at InCred Capital, Madhuri Madhu Kela, Nabs Vriddhi, India Ahead Venture Fund, and several other HNI investors.

The company stated that the funding infusion will assist it in developing its working capital, expanding its global portfolio of renewable energy, and setting up manufacturing sites throughout the world.

Bhavesh Rathod, founder and Director of Soleos Solar Energy, said, “This funding will enable us to achieve our expansion goals and bolster our capabilities in delivering cutting-edge solar solutions. This investment will further strengthen our foothold in domestic and international markets”.

Last month, Avaada Energy, the renewable energy arm of Avaada Group, announced the successful closure of one of the largest refinancing transactions in India’s renewable energy sector, securing about Rs 4,471 crore from the state-owned lender, the National Bank for Financing Infrastructure and Development (NaBFID). In the Wind Energy sector, US-based Enfinity Global Inc. will be giving $135 million in financing for the development and construction of 1.2 GW of solar and wind projects in India. The financing is being provided by the Canada Pension Plan Investment Board (CPP Investments) through subsidiaries of CPPIB Credit Investments Inc

India, which ranks fifth in solar power capacity and fourth in overall renewable power capacity additions, has become a major participant in the renewable energy space. India’s installed capacity for energy generation increased as well between 2014 and 2024, rising from 3.74 GW in FY 2014–15 to 74.31 GW in FY 2023–24.

According to India Ratings and Research (Ind-Ra) the annual renewable capacity addition to maintain pace and remain at 15-18GW over FY25-FY26, owing to a significant reduction in equipment prices, continued policy support, availability of liquidity and investment plans of some of the large corporate players in the renewable sector for growth. However, the execution timelines of renewable capacity addition would continue to hinge on the regulatory stance toward import duties on cells & modules.