LPG representative obtains majority risk in Indian C&I solar company SunSource Energy
- SHV Energy, a Netherlands-based liquified oil gas (LPG) distributor, has actually obtained a bulk risk in Indian solar developer SunSource Energy.
The offer is expected to ramp up SunSource's dispersed solar generation capacity to greater than 550MWp by 2023, aiding it enhance its industrial as well as industrial (C&I) PV portfolio. Founders Kushagra Nandan as well as Adarsh Das will continue to run the firm and continue to be shareholders.
Founded in 2010, SunSource is an EPC specialist and also solar project designer, as well as since 2018 has expanded to invest in C&I plants to sell energy to clients with an independent power producer version. It has solar projects in 24 Indian states and additionally has an existence in Southeast Asia.
SunSource head of state Kushagra Nandan stated the firm will be able to attract strength from SHV's "deep global experience" in energy markets, adding. "We look forward to adding additional in the direction of India's tidy energy objectives, as well as offer even more products that continue to address energy shift challenges encountered by industrial as well as commercial consumers."
SunSource's original investor Neev Fund, which is promoted by the UK federal government and also India's largest industrial lender SBI, has excited the company with the deal.
While SHV Energy currently operates in India via its SUPERGAS LPG brand, the SunSource bargain represents its very first investment in the nation's renewable resource market.
The purchase comes a month after Indian IPP Azure Power sold its non-core roof solar portfolio in a relocation concentrate on more lucrative locations such as utility-scale PV implementation. And also previously this year, ReNew Power, an India-based solar player that possesses and also runs distributed solar energy projects for over 150 C&I clients, disclosed strategies to go public via a merging with an unique function purchase company (SPAC).
India's roof solar market gets on track for substantial growth in 2021, according to current research study from consultancy JMK Research & Analytics, which anticipates 2GW of implementations, up from last year's 1,172 MW number.
