NEW DELHI: SunSure Energy has reached yet another milestone in its evolution from a bootstrapped company into a prominent name in the medium-scale Solar PV Solutions (100 kW – 20 MW). Towards the last quarter of FY18, it has raised zero-collateral based debt capital from marquee institutions in the clean energy sector including TATA Cleantech Capital, L&T Finance & cKers Finance. Currently financing limits available are for a total of Rs 15 Cr (USD $2.2 Million) and the proceed of funds would be towards working capital needed for constructing Solar PV projects upto 100 MW in FY19. These limits can be raised higher to accommodate more projects once the lenders have comfort created by quality projects that Sunsure executes.
(Logo: https://mma.prnewswire.com/media/684947/Sunsure_Logo.jpg )
Anand Srivastava, Director – Corporate Development for Sunsure Energy, said, “We are delighted to have highly respected institutions like TATA Cleantech, L&T finance and cKers as partners in our growth story. The current financing structure is more of a Purchase Order financing which is exactly the kind of capital a project execution company needs. This was not available for companies in the Solar construction space without collateral securities. So we are fortunate to have a first of its kind facility from these institutions which have trusted our execution capabilities.”
He also added, “The security creation will happen on the project assets and equipment that will be bought from the funds and personal guarantees from the promoters. The interest rates are much better than any other non-collateral lending options available in the market for young companies. Being a professionally run company and not a family business, collateral property is generally missing for first generation promoters like us. So traditional banks have very restrictive options for exponentially growing companies like us. They are also turning more reluctant to lend due to high amounts of NPA turnouts with their largest clients.”
About Sunsure Energy Pvt. Ltd.
Started as a bootstrapped company in 2014, Sunsure Energy has now become a prominent name in the execution of medium-scale Solar PV Solutions (100 kW – 20 MW). The founding team consists of IIT alumni with a vision to build solar assets to bridge the energy gap in India. Sunsure has commissioned over 40 MW solar plants across 9 Indian states. Sunsure is headquartered in New Delhi and is the preferred solar partner for companies like Merino Industries, Hindware, Mazagaon Dock, Cochin Shipyard, Enrich Agro (Coca Cola Bottlers), Minda Group, Cleantech Solar, Machino Plastics (A Maruti JV Company), Surya Roshni and many others.
Source: Sunsure Energy Pvt. Ltd.
