BlueOrchard Invests in U-Solar for Expanding C&I Rooftop Solar Portfolio
U-Solar has completed over 250 solar projects with a total capacity of 170 MW
March 1, 2023
An infrastructure fund managed by BlueOrchard Finance (BlueOrchard) said it would invest in U-Solar, a renewable energy platform in India, to support the growth of the company’s commercial and industrial (C&I) rooftop solar portfolio.
Archis Management Advisors acted as the lead financial advisor to U-Solar.
The parties have not disclosed the size of the investment.
The funding provided by BlueOrchard will be utilized exclusively to expand U-Solar’s C&I rooftop solar portfolio and contribute to the transition towards clean energy in India.
Founded in 2010, U-Solar has completed over 250 solar projects with a cumulative capacity of more than 170 MW.
U-Solar hopes to work with large corporates in their energy transition by providing them with options for rooftop solar projects across India.
In 2023, U-Solar has developed 10 MW of solar assets and plans to triple this by the end of 2024.
“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.
K.R Harinarayan, Managing Director at U-Solar, told Mercom, “We are working with marquee clients in the C&I space with whom our strategy is to grow their solar energy consumption towards the net-zero or RE100 goals. It is our firmly held belief that distributed energy is the first step every corporate should take in its clean energy journey
He said installing on-site solar and becoming a prosumer (producer and consumer) is the most effective way of claiming green power utilization. The source is earmarked for the load that the corporate entity or facility would require, and the power is first consumed and then exported.
U-Solar was declared the winner in the ‘Best Off-Grid Solar Project’ category for Solar Awards 2021 at the Mercom India Solar Summit 2021.