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2/16/2022 Partnerships

SunSource Energy secures financing from SunFunder

SunSource Rajasthan Site _ India
SunSource Rajasthan Site, India

The investment is SunFunder’s first transaction in Southeast Asia and will support SunSource Energy’s growth across the region towards developing and operating solar projects for commercial and industrial clients.

SHV Energy susbsidiary SunSource Energy, a leading provider of solar- based energy solutions to commercial & industrial (C&I) customers, has entered into a Project Financing agreement with SunFunder – an international solar finance company. This investment will enable the company to expand its presence in Southeast Asia. While SunSource Energy is headquartered in India, the investment will be used to provide project financing for an industrial solar installation in Thailand, and is the beginning of a broader partnership as the company expands its footprint in other Asian countries.

SunSource Energy has built a strong business model as a C&I developer and Power Purchase Agreement provider, with in-house capabilities in project development and finance, engineering, procurement and construction (EPC), and asset management across India and Southeast Asia.

“This deal represents a new milestone for SunFunder as we expand into Southeast Asia with SunSource Energy, a well-respected and ambitious developer. South and Southeast Asia are key markets with growing demand for solar within the industrial sector, to not only lower operating costs by switching to renewables, but also to green supply chains. We look forward to building a successful long-term relationship with SunSource Energy in the region.”- Marga Manzo, Investment Director at SunFunder

Speaking on the occasion, Kushagra Nandan, Co-Founder and Managing Director of SunSource Energy said, "This transaction with SunFunder is a strong validation of the continued trust reposed in us by the investor community. We remain focused on our endeavour towards building high quality solar energy assets across the globe."

Adarsh Das, Co-Founder and CEO, SunSource Energy added, “We are delighted to enter into a partnership with SunFunder. Southeast Asia is a key market for SunSource Energy and this investment supports and helps expand our commitment to developing and building quality renewable energy solutions for C&I customers in the SEA region.”

SunFunder has long planned a permanent presence in Asia, following several early loans in India. The partnership with SunSource Energy marks the first step in a larger move in the region, with Marga Manzo leading SunFunder’s new Asia office in Singapore.

The transaction continues SunFunder’s expansion of financing to pioneer and scale clean energy and climate investments in emerging markets. To date, SunFunder has closed over $160m in clean energy investments and was recently awarded a UN Global Climate Action award under Financing for Climate Friendly Investment.

About SunSource Energy
SunSource Energy is a leading provider of solar solutions to commercial and industrial (C&I) customers with over 300 solar power projects across 24 states in India and South-East Asia. SunSource Energy develops, builds, owns, and operates solar power projects for its customers and manages the entire development process of the distributed power plants. The company uses proven renewable technologies and hybrid solutions including energy storage to provide innovative solutions to large C&I establishments in pharma, data centres, cement, and other process industries.

About SunFunder
SunFunder is a finance company that is pioneering and scaling clean energy and climate investments in emerging markets. Its team, based in Nairobi, London and Paris, has closed over $160 million for 60 solar companies since 2012. This has impacted over 10 million people with clean energy access and mitigates more than 750k tons of CO2e annually. SunFunder was a winner of the UN Global Climate Action awards presented at COP26 in Glasgow last year and is working on the new $500m Gigaton Empowerment Fund, driven by demand for scale financing to increase climate action and energy access.