Engineering, procurement, and construction firm Soleos Solar Energy has raised ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.

Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals.

The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans, including the development of renewable energy projects worldwide and the establishment of new manufacturing facilities.

Founded in 2012, Soleos delivers turnkey solutions for commercial & industrial rooftop solar, ground-mounted solar farms, and solar parks. It also has a presence across Spain, the UK, the U.S., Germany, and Portugal.

“This funding will enable us to achieve our expansion goals and bolster our capabilities in delivering cutting-edge solar solutions,” said Bhavesh Rathod, Founder and Director of Soleos Solar Energy. “With an established global footprint, this investment will further strengthen our market position both domestically and internationally.”

Soleos has an order book of ₹4.5 billion (~$60 million) to set up around 140 MW of solar projects.

Recently, Enfinity Global, a renewable energy project developer, announced financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India.

The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals.

The numbers were revealed in Mercom Capital Group’s newly released Q1 2024 Solar Funding and M&A Report.