MYSUN Launches its Asset Vehicle, MYSUN+
With an aim to consolidate and service its large and rapidly growing customer base, MYSUN‘s new venture will provide bespoke solar energy solutions to large corporate, industrial and commercial establishments on a built, own, operate and transfer (BOOT) or RESCO model. MYSUN+ will develop and own these solar projects either at the client’s building or at remote locations under the group captive mode selling solar energy under the open-access regime.
Gagan Vermani, CEO and Founder MYSUN
With this new venture, MYSUN becomes a complete 360-degree solar company meeting vastly different financing needs of its diversified client base of the large, medium and small industry as well as homes, all under one roof. MYSUN+ enables consumers to buy solar power without the hassles of setting up and operating a solar plant on their buildings and without making any upfront investments. This initiative will immensely benefit the companies by making their energy consumption more cost-effective and in reducing their carbon footprints.
MYSUN+ has already gained initial traction with some of the large and renowned Indian as well as multinational (MNC) clients and has signed up and executed/executing projects in Rajasthan, Madhya Pradesh, Andhra Pradesh and Puducherry. The company has aimed to invest INR 600 crore ($85 mn) to develop a 200 MW portfolio in the first phase. “With the COVID related impact on businesses driving corporates to accelerate their cost-reduction initiatives through solar, we found an opportunity to leverage our digital platform, large client base and execution capabilities through the launch of MYSUN+. It allows us to cater to the client segment which wants to opt for a cheaper source of power without any kind of upfront capital investment. MYSUN+ will open new opportunities and scale for our group,” said Gagan Vermani, CEO and Founder, MYSUN.
The company is funding MYSUN+ with the capital it raised recently and is in the process of closing debt for its first set of projects. The next round of capital for the larger portfolio is already under discussions and is expected to be closed over the next quarter.
MYSUN+ will use premium solar equipment to ensure high performance and long lifespan through world-class engineering, highest safety and service standards. It will offer flexible power sale contracts to its customers and therefore help make their 25 years solar journey easy, reliable and cost-effective.
MYSUN+ will be an independent subsidiary of MYSUN, which is India’s largest online rooftop solar company with operations in more than 10 Indian states. The company provides advanced technology and high-quality solar solutions and services in residential, industrial and commercial categories. It also provides the widest spectrum of financing solutions for solar systems.