Maharashtra-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy has secured ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance.

The funding will be used to develop 92.66 MWp of rooftop and group captive solar projects across multiple locations in India.

This funding round follows Roofsol Energy’s earlier funding in October last year when the company raised ₹255 million (~$3.03 million) through its inaugural equity funding round. This investment, led by fund manager Equity4life IH Analytics and backed by high net-worth individuals, was aimed at accelerating the company’s operational expenditure business strategy for deploying solar assets through its subsidiary companies.

According to Mercom India’s India Solar Market Leaderboard 2025, Roofsol Energy emerged as one of the top rooftop solar installers in the country in 2024. It claimed the second spot with a 4% market share and recorded a year-over-year capacity growth of 82.3%. The company mainly caters to industrial clients across sectors such as auto components, textiles, pharmaceuticals, and food and beverages.

Explaining the current market drivers, Anurag Chivilkar, Director and Vice President of Business Development at Roofsol Energy, noted that while cost savings continue to be an important factor, growing pressure from investors to meet sustainability mandates is playing a key role in the increased adoption of rooftop solar in the commercial and industrial segments.

Aseem Infrastructure also provided ₹4.16 billion (~$48.07 million) in long-term debt financing to Sunsure Energy for a 150 MW open access solar park in Solapur, Maharashtra. Additionally, Aseem provided ₹3.15 billion (~$37.8 million) to Avaada Energy for its solar project, which is being developed under a long-term captive power purchase agreement with the Karnataka Cooperative Milk Producers’ Federation.

These developments reflect the growing momentum in India’s solar sector. India added 3.2 GW of rooftop solar capacity in 2024, marking an 86% increase from 1.7 GW in 2023, per Mercom India’s 2024 Q4 & Annual Mercom India Rooftop Solar Market Report. Much of the growth was driven by the residential segment, supported by the PM – Surya Ghar program. However, the momentum was partially offset in the last quarter due to delays caused by mandatory domestic content requirement (DCR) module policies and technical issues in the DCR verification portal.

India also added 6.9 GW of solar open access capacity in 2024, a 77% year-over-year increase from 3.9 GW, according to the newly-released Mercom India Q4 & Annual 2024 India Solar Open Access Market Report. The increase was primarily driven by the availability of low-cost Chinese modules, which were imported before the reimposition of the Approved List of Models and Manufacturers from April 2024.