Maharashtra-based Roofsol Energy has secured ?255 million (~$3.03 million) in its first equity funding round, primarily from high-net-worth individuals (HNIs) and led by fund manager Equity4life IH Analytics.

The company plans to use these funds to expand its OPEX business and strengthen its presence in the commercial and industrial (C&I) solar portfolio. Recently, Roofsol signed power purchase agreements with several large C&I clients to initiate solar power projects.

“This equity round reinforces our commitment to growth. We aim to develop 75 MW of solar assets in FY 2024, with a target of 500 MW in the C&I sector,” stated Priyank Jain, CFO of Roofsol Energy.

Roofsol has been recognized in Mercom’s India Solar Market Leaderboard 2024 as one of the leading rooftop solar companies. In 2023, India added 1.7 GW of rooftop solar capacity, reaching a cumulative total of 10.5 GW by December. Residential installations constituted 50.5% of this capacity, with Tata Power Solar leading the way, followed closely by Roofsol, which accounted for 7.9% of the year’s additions.

According to Anurag Chivilkar, Director & VP—Business Development, demand for rooftop solar in the C&I sector is driven not only by cost savings but also by investor pressure to meet green energy standards.

Currently, Roofsol Energy has over 300 solar projects and 280 MW of rooftop installations in India. The company aims to implement over 1000 MW of solar EPC projects globally by 2025.