BlueOrchard Finance Ltd, an impact investment manager, is investing in U-Solar, a renewable energy platform in India, to support the growth of the company’s commercial and industrial rooftop solar portfolio.
U-Solar is a one-stop-shop for solar photovoltaic energy, from planning to operation and maintenance of rooftop and ground-mounted solar PV power plants.
The company has completed over 250 solar projects with a capacity of more than 170 MWp and has been awarded its first large-scale project to build a 20 MW floating solar plant in Karnataka, India. BlueOrchard’s investment will help finance the implementation of U-Solar’s commercial and industrial rooftop solar portfolio and contribute to India’s transition towards clean energy.
India is the world’s third-largest energy consumer, and the government is committed to global climate goals and aims to ensure energy access for all. U-Solar’s target is to achieve 500 MWp of installations by 2027.
“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.