TATA Cleantech Capital Ltd (TCCL), a joint venture between Tata Capital Ltd and the World Bank’s International Finance Corporation, has invested Rs 15 crore ($2 million) in rooftop solar systems firm MYSUN.
MYSUN+, the company’s solar asset vehicle, was recently formed with an initial investment of Rs 600 crore to construct solar projects under the distributed and open access models.
MYSUN is expanding its footprint across the country, with locations in Rajasthan, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh, Andhra Pradesh, and the National Capital Region.
“We have got 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 200 megawatts (MW) of projects which are currently at various stages of development,” said Gagan Vermani, Founder and Chief Executive Officer of MYSUN.
“Despite the global pandemic, we are witnessing robust demand for clean and affordable solar power,” he added.