Soleos Solar Energy is an existing Engineering, Procurement, and Construction (EPC) company that has been able to raise ₹200 million (approximately $2.26 million) in capital through Gujarat Venture Finance. This is a strategic investment designed to boost the next stage of the business growth of the company in the solar energy industry. The strategy of the company to use these funds is broad, with the following major spheres of development and improvement of operations.

Efficiency and project portfolio

The capital will be raised and invested in scaling its solar EPC and Independent Power Producer (IPP) portfolio significantly. Soleos Energy aims to expand its commercial and industrial relationships that are essential in expanding its markets. Part of the funds will also be used in operations enhancement, such as investment in engineering excellence, improvement of operations and maintenance (O&M) services, and creation of digital performance monitoring systems. Such investments will increase the capacity and efficiency of the company as it moves toward achieving its expansion objectives.

Soleos Energy, which was established in 2012, is a company with an excellent reputation in providing turnkey solar power solutions in a wide variety of projects. The knowledge and experience of the company cut across a wide range of applications, such as commercial and industrial rooftop installations, ground-mounted solar farms, and large-scale solar parks. The company provides end-to-end solar services, which include the whole project lifecycle from first project development to deliver a shovel-ready capacity, to the EPC execution process, and the after-sales services.

The company has been recording great performance in the industry and has already achieved more than 160 projects. This project has added to a cumulative commissioned capacity of over 450 MW. Soleos has built over 60 MW of solar on its rooftop, and individual projects have a range of 3 kW to over 1.2 MW. By the time of the announcement, Soleos had an impressive order book worth ₹4.5 billion (approximately $50.76 million), to be utilized in developing about 140 MW of solar.

Expansion and strategic diversification

Soleos Energy is also engaged in the battery energy storage systems (BESS) market, besides its main operations of solar EPC and IPP. The company provides BESS solutions and is working towards integrating solar-plus-storage solutions with both industrial customers and government projects, and it is a strategic diversification into an adjacent, high-growth area of the energy transition.

Soleos Energy is proceeding to install a BESS manufacturing unit, a major milestone in its quest to become capable of manufacturing. The implementation of this development will be carried out in two stages in the years 2025 and 2026. The initial phase of this project should have a capacity of 100 MW.

The company intends to expand fully with the capacity to grow to 1 GW when Phase 2 is completed. This most recent $200 million funding round comes after its first successful equity funding round in March of the preceding year. When Soleos Solar Energy had raised ₹485 million (approximately $6.5 million). Swastika Investmart led that investment round as co-led by Beeline Capital Advisors.

Conclusion

The ₹200 million funding provided to Soleos Solar Energy by Gujarat Venture Finance is a milestone in the journey of the company since it offers the necessary funds to implement its ambitious expansion plan which is ambitious. The capital is aimed at the expansion of its EPC and IPP business, enhancement of the commercial relationships, and investment in sophisticated digital monitoring and engineering. It has a robust project portfolio and a diversification strategy of manufacturing BESS, which puts Soleos in a new stage of growth in the Indian solar market.