U-Solar is present in the entire solar photovoltaic (PV) renewable energy value chain: planning, design, construction, operation, and maintenance of rooftop and ground-mounted solar PV power plants. Founded as a one-man start-up company in 2010, U-Solar has grown rapidly and to date has completed over 100 solar projects with a capacity of more than 130 MWp. Recently, U-Solar has been awarded its first large-scale project and has been appointed as the concessionaire to design, build, and operate a 20 MW floating solar plant in Karnataka, India.
“U-Solar contributes to a cleaner energy mix at the level of India’s power grid, to affordable electricity supply and CO2 emission savings, and creates green jobs. U-Solar thus fits perfectly into our strategy of building infrastructure in a sustainable way in the markets that need it most. We are confident that with its strong management team, consisting of industry experts with extensive experience in implementing solar power projects in India, the company will achieve its growth objectives and we look forward to supporting them on their path”, said Prabaljit Sarkar, Investment Director Infrastructure, at BlueOrchard.
India is the country with the third largest energy consumption in the world.[1] The Indian government is committed to global climate goals and aims to ensure energy access for all. To achieve these goals, the government has established an energy policy framework to promote the growth of the renewable energy market across India.[2] In addition, India has a growing number of private companies that are voluntarily choosing to achieve net zero energy consumption by 2050.[3] In recent years, a growing consensus has emerged among them that one of the most promising ways to achieve this goal is to switch to renewable energy. U-Solar is looking to take advantage of this opportunity.
“The funding provided by BlueOrchard will finance the implementation of U-Solar’s commercial and industrial rooftop solar portfolio and contribute to the transition towards clean energy in India. We are working with marquee clients in the C&I space with whom our strategy is to grow their solar energy consumption towards the net-zero or RE100 goals. It is our strongly held belief that distributed energy is the first step every corporate should take in their clean energy journey. With the team’s proven track record and capabilities, we at U-Solar are confident of achieving 100 MWp of installations by 2027,” said K.R Harinarayan, Managing Director at U-Solar.
Archis Management Advisors LLP acted as lead financial advisor to U-Solar.
-ends-
[1] International Energy Agency, India Energy Outlook 2021, February 2021.
[2] International Institute for Sustainable Development, Mapping India’s Energy Policy 2022, December 2022.
[3] The Economic Times, Many India Inc Majors May be Net-Zero By 2050, October 2022.
About U-Solar Clean Energy Solutions Pvt. Ltd.
U-Solar Clean Energy Solutions is a pioneering solar energy company in India, delivering comprehensive solar energy solutions for industrial, commercial and institutional customers. Established in 2010, U-Solar is committed to reducing dependence on fossil fuels and advocating the use of renewable energy sources. U-Solar has employed over a decade of expertise to install solar power plants for customers both domestically and abroad, using a combination of Capex and Opex models. U-Solar’s extensive services span from the conception and engineering stage to financing, project management and post-sales support, making the switch to solar energy effortless. U-Solar is able to provide their 50+ clients with solar rooftop and other energy services solutions through integrated strategic partnerships. Till date, U-Solar has successfully installed 170 MWp across 250+ projects in India and Nepal, and is committed to increasing installed solar capacity to 500 MWp by 2027. For additional information, please visit www.usolar.in
About BlueOrchard Finance Ltd
BlueOrchard is a leading global impact investment manager and member of the Schroders Group. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide. Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital. Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 10bn across more than 105 countries. Over 260 million poor and vulnerable people in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of December 2022. For additional information, please visit www.blueorchard.com.
For further information, please contact:
BlueOrchard
Tahmina Theis
tahmina.theis@blueorchard.com, +41 22 596 47 69
U-Solar
Dhwani Sunku
Dhwani.sunku@usolar.in
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