InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has raised ₹660 million (~$7.96 million) in a growth funding round.

The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink.

The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.

InSolare Energy’s portfolio comprises over 300 MW of EPC orders and 500 MW of solar parks under execution.

Last year, the company announced the completion of multiple projects, including a 70 MW solar park in Jalna, a 90 MW solar park in Karnataka, and a 40 MW captive project for a large cement company in Chhattisgarh.

Navashil Sharma, Founder & CEO of InSolare Energy, said, “InSolare Energy is a customer-centric renewable energy solution provider with 14+ Years of experience in delivering solutions to Commercial & Industrial clients in Pan India, which is built around values of Integrity, Innovation, Quality, Results, Respect and Discipline.”

Insolare Energy was ranked in the top 10 large-scale solar EPC companies during the first half of 2023 in Mercom’s India Solar Market Leaderboard 1H 2023. The first six months of the year witnessed some notable shifts in market shares from the previous year.

According to Mercom Capital Group’s newly released Annual and Q4 2023 Solar Funding and M&A Report, global corporate funding in the solar sector in 2023, including venture capital investments, public market funding, and debt financing, reached $34.3 billion, a 42% year-over-year increase from $24.1 billion. This was the largest amount raised in over a decade.

Another India-based solar EPC and consulting firm, Gensol Engineering, recently raised ₹9 billion (~$108.60 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.