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MYSUN plans Rs 600 cr investment to develop 200MW solar portfolio in next 3 years

·2-min read

New Delhi, Mar 2 (PTI) Rooftop solar firm MYSUN plans to invest Rs 600 crore in the next three years to develop a 200MW solar portfolio of the first phase of its recently launched asset vehicle.

This new venture will provide bespoke solar energy solutions to large corporate, industrial, and commercial establishments on a built, own, operate, and transfer (BOOT) or RESCO (Renewable Energy Service Company) model, Gagan Vermani, CEO and Founder, MYSUN told PTI.

'MYSUN is aiming to invest Rs 600 crore to develop a 200 MW solar portfolio of the first phase (of three years) of its recently launched asset vehicle MYSUN+. The new asset vehicle will provide on-site and off-site solar energy solutions to industrial and commercial clients under the RESCO model,' he said.

MYSUN+ has already gained traction with some of the large and renowned Indian as well as multinational companies becoming clients and has signed up and executed/executing projects in Rajasthan, Madhya Pradesh, Andhra Pradesh and Puducherry, Vermani added.

With this new venture, MYSUN becomes a complete 360-degree solar company meeting vastly different financing needs of its diversified client base of the large, medium and small industry as well as homes, all under one roof.

MYSUN+ enables consumers to buy solar power without the hassles of setting up and operating a solar plant on their buildings and without making any upfront investments. This initiative will immensely benefit the companies by making their energy consumption more cost-effective and in reducing their carbon footprints.

The company is funding MYSUN+ with the capital it raised recently and is in the process of closing debt for its first set of projects. MYSUN+ will use premium solar equipment to ensure high performance and long lifespan through world-class engineering, highest safety and service standards, it said.

It will offer flexible power sale contracts to its customers and therefore help make their 25 years solar journey easy, reliable and cost-effective, the company claimed.

MYSUN+ will be an independent subsidiary of MYSUN.

'With the COVID related impact on businesses driving corporates to accelerate their cost-reduction initiatives through solar, we found an opportunity to leverage our digital platform, large client base and execution capabilities through the launch of MYSUN+.

'It allows us to cater to the client segment which wants to opt for a cheaper source of power without any kind of upfront capital investment. MYSUN+ will open new opportunities and scale for our group.' said Vermani. PTI KKS KKS ANU ANU