InSolare Energy, a prominent player in the renewable energy sector headquartered in Bengaluru, has successfully secured ?660 million (~$7.96 million) in a recent growth funding round. The financing was spearheaded by Negen Capital, with notable participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal ? Khazana Tradelink.

The infusion of funds comes at a pivotal time for InSolare Energy as it aims to bolster its portfolio and engineering, procurement, and construction (EPC) execution capabilities. With a portfolio already boasting over 300 MW of EPC orders and 500 MW of solar parks under execution, the company is poised for further expansion and market dominance.

Notably, InSolare Energy marked significant milestones in the past year, completing multiple noteworthy projects including a 70 MW solar park in Jalna, a 90 MW solar park in Karnataka, and a 40 MW captive project for a leading cement company in Chhattisgarh.

Navashil Sharma, Founder & CEO of InSolare Energy, highlighted the company's commitment to delivering customer-centric renewable energy solutions, leveraging over 14 years of industry experience. He emphasized InSolare Energy's core values of Integrity, Innovation, Quality, Results, Respect, and Discipline that have underpinned its success.

The company's achievements were further underscored by its inclusion in the top 10 large-scale solar EPC companies during the first half of 2023, as per Mercom?s India Solar Market Leaderboard 1H 2023. This recognition attests to InSolare Energy's stature and contribution to the burgeoning solar energy landscape in India.

In a broader context, the solar sector has been experiencing robust growth globally, as evidenced by Mercom Capital Group's latest report. In 2023, global corporate funding in the solar sector, encompassing venture capital investments, public market funding, and debt financing, surged to $34.3 billion, marking a remarkable 42% year-over-year increase. This surge in funding represents the largest amount raised in over a decade, signaling the growing investor confidence in renewable energy ventures.

In parallel developments within the Indian solar industry, Gensol Engineering, another leading solar EPC and consulting firm, recently secured ?9 billion (~$108.60 million) in equity capital. The substantial equity funding, facilitated through warrants convertible into equity shares on a preferential basis, attracted participation from both international and domestic investors, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.

With InSolare Energy's latest funding round and the broader surge in investments in the solar sector, the stage is set for further innovation, expansion, and sustainability in India's renewable energy landscape, driving the nation closer to its ambitious clean energy targets.