Sunsure Energy, a solar turnkey solutions provider, has raised zero-collateral based debt capital worth $2.2 million from TATA Cleantech Capital, L&T Finance, and cKers Finance to be used as working capital to construct solar photovoltaic (PV) projects up to 100 MW in FY 2019.
Sunsure Energy has commissioned over 40 MW of solar projects spread across nine Indian states, according to the company.
According to the Mercom India Rooftop Solar Project Tracker, Sunsure recently commissioned 20 MW of utility solar projects in the state of Karnataka and has installed over 9 MW of rooftop solar PV projects across the country, as of March 31, 2018. The company also has a rooftop project development pipeline of around 3 MW.
“We are delighted to have highly respected institutions like TATA Cleantech, L&T finance and cKers as partners in our growth story. The current financing structure is more of a purchase order financing which is exactly the kind of capital a project execution company needs. This was not available for companies in the solar construction space without collateral securities. So, we are fortunate to have a first-of-its-kind facility from these institutions which have trusted our execution capabilities”, Anand Srivastava, the director of corporate development at Sunsure Energy, was quoted as saying in a media statement.
Total corporate funding (including venture capital funding, public market, and debt financing) into the solar sector in Q1 2018 fell by 65 percent quarter-over-quarter (QoQ) to $2.0 billion from the $5.7 billion raised during Q4 2017, according to Mercom Capital Group’s Q1 2018 Solar Funding and M&A Report.
In a year-over-year (YoY) comparison, it was revealed that Q1 2018 funding was 38 percent below the $3.2 billion raised in Q1 2017.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer