Engineering, procurement, and construction (EPC) firm Soleos Solar Energy has raised ₹200 million (~$2.26 million) from Gujarat Venture Finance to accelerate its next phase of business expansion.

The company will utilize this funding to scale its solar EPC and independent power producer (IPP) portfolio, deepen commercial and industrial partnerships, and invest in engineering excellence, operations and maintenance, and digital performance monitoring systems.

Founded in 2012, Soleos Energy delivers turnkey solar power solutions across commercial and industrial rooftop installations, ground-mounted solar farms, and solar parks. It provides comprehensive end-to-end solar services, including project development to deliver shovel-ready capacity, EPC execution, and asset management services.

The company also supplies battery energy storage systems (BESS), integrating solar plus storage solutions for industrial clients and government projects. The company has completed over 160 projects, achieving a total commissioned capacity exceeding 450 MW. Its rooftop solar portfolio includes more than 60 MW of capacity, with individual projects ranging from 3 kW to over 1.2 MW.

Soleos holds an order book worth ₹4.5 billion (~$50.76 million) to develop approximately 140 MW of solar projects.

As part of its ongoing expansion plan, Soleos Energy is setting up a BESS manufacturing unit, to be developed in two phases in 2025 and 2026. Phase 1 will have a capacity of 100 MW. The capacity will be expanded to 1 GW at the end of Phase 2.

Last March, Soleos Solar Energy raised ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.

In an interview with Mercom India, Bhavesh Kumar Rathod, Founder and Director at Soleos Solar Energy, emphasized the criticality of policy stability for businesses to grow faster. Frequent changes in banking rules, transmission terms, and distribution charges make it difficult for EPC companies to plan strategically, he said.