SunSource Energy Private Limited, an Engineering Procurement and Construction (EPC) services provider, has announced that it has raised capital from Neev Fund for the development of solar projects across various states of the country.
The investment would be used to develop solar projects in eight states which have low levels of capital investment. These states are: Uttar Pradesh, Rajasthan, Madhya Pradesh, Bihar, Odisha, Jharkhand, West Bengal and Chhattisgarh.
Economic Laws Practice, an Indian law firm, was the key legal advisor while Venturebook Capital Advisors was designated as the financial advisor for the transaction.
Adarsh Das, the CEO SunSource Energy, commented on the development saying, “We are proud to partner with the Neev Fund and come closer to our vision of making clean energy and technology a simple choice for all organizations. Our focus on environmentally sustainable solar energy solutions is fully aligned with Neev’s focus on underinvested states. We look forward to deploying this capital into solar assets in these states, and significantly contribute to the sustainable development of these states.”
Neev fund is the outcome of a partnership between the State Bank of India (SBI) and UK’s Department for International Development (DFID). It is an infrastructure private equity fund focused on creating sustainable development. The aim of the fund is to invest in low income/developing states of the country with a focus on infrastructure sub-sectors such as renewable energy.
According to a media statement released by the company, SunSource is currently involved in over 200 MW of solar projects in India and abroad, and targets to reach 1.5 GW of capacity by the year 2025.
From its base in India, SunSource has expanded to establish an international presence with headquarters in India and offices in the United States, Philippines, and Singapore.