Insolation Energy Limited (INA Solar) Receives Funding Of USD 2.5 Million From EARF Funded By World Bank

Insolation Energy Limited (INA Solar) receives USD 2.5 million subsidized funding from the Energy Access Relief Fund (EARF) funded by the World Bank, IFC, BII, DFC, FMO and others, and managed by Social Investment Managers and Advisors (SIMA), USA.

INA Solar, a reputed solar panel manufacturing company from Jaipur, is the first solar panel manufacturing company from Rajasthan to be listed on the BSE SME. At present, INA Solar is named among the 10 best solar companies in India.

Company’s Chairman Mr. Manish Gupta thanked the SIMA team and said that the funding has been provided at an opportune moment. “As India recently set an ambitious renewable energy target of 500GW by 2030, INA Solar will do its small part in contributing towards
building a greener nation” said Mr. Gupta. INA Solar is planning to expand its solar panel manufacturing capacity to 1.2 GW and solar cell manufacturing to 500 MW in the next 2 – 3 years.

The combined manufacturing capacity of both the units of the company is 700 MW annually. Solar panels, batteries and inverters are manufactured in the company’s Insolation Energy Limited located at Daulatpura Toll Tax Delhi Road and Insolation Green Energy Private
Limited (100% owned subsidiary company) factory located at Jatawali Industrial Area. All the products in the factory are being manufactured with the best quality under the supervision of experienced engineers with fully automated and latest M10 and G 12 technology and also the products are recognized by National and International Standards BIS / ALMM.

Established in 2017, INA Solar sells solar panels, batteries and inverters under the INA brand name. The company manufactures solar panels ranging from 40Wp to 545Wp, solar batteries from 40Ah to 220 Ah and solar PCUs from 440VA to 2500 VA.

Managing Director Mr. Vikas Jain said that INA Solar’s products are present in more than 100 districts, and through 400 distributors and dealers network, our products are being delivered to the customers. Also, INA Solar has installed solar on more than 10,000 homes
and completed more than 500 commercial projects.

USD 90 million EARF is supported by the World Bank, IFC, the Development Finance Institutions of various Governments such as the UK, the USA, and the Netherlands. As of today, EARF has provided loan approvals to 119 companies in 22 countries.

“Founded by two first-generation entrepreneurs, INA Solar has a good track record with focus on quality and excellence. As the AatmaNirbhar Bharat (Self-Reliant India) initiative has geared up domestic manufacturing, we find INA Solar to be in a bright spot to contribute towards energy access goals of not just the company but also of the nation.” said Arivazhagan G D, Partner at SIMA Funds.