The company has executed power purchase agreements aggregating more than 1 MW with leading corporate in India.
SunTerrace Energy, a solar developer specialising in development, financing, installation and operation of solar energy plants for commercial and industrial customers, has raised its first round of equity investment from US fund - Sunergy Investors LLC.
The company has executed power purchase agreements aggregating more than 1 MW with leading corporate in India and has an additional 25 MWs in development over the next year.
SunTerrace Energy is co-founded by Vinay Rustagi, MD, BRIDGE TO INDIA, a solar consulting firm and Sanjay Bhasin (who earlier worked Nokia and Samsung). The company designs, develops, finances, installs and operates rooftop solar energy plants for large scale commercial and industrial clients. It is on track to develop rooftop solar plant installations aggregating 100 MW across India by 2018.
Vinay Rustagi, Founder, SunTerrace, said, “Rooftop solar is a great choice for industrial and commercial consumers in India to help reduce their energy costs and improve operational reliability. SunTerrace Energy’s innovative commercial structures and operational service commitment to our customers differentiate us from others. We offer our clients attractive financial savings over grid costs in addition to the environmental benefits of green energy.”
“SunTerrace Energy is quickly emerging as a leader in the rapidly developing solar sector in India,” said Ankil Lalu, of Sunergy Investors LLC. “The company’s management team has already demonstrated its strong ability to build high quality customer relationships and successfully execute projects. The company has a pulse on the solar market in India and is thus able to deliver projects and structures that meet its customers’ needs.”
With grid tariffs rising across the country and notoriously unreliable grid power, the rooftop solar sector is expected to help transform how Indians generate and consume electricity. There is an increasing awareness of the need to reduce carbon emissions and improve electricity reliability, but the investment requirements in the sector are very high. Hence, the outsourced package solution provided by SunTerrace Energy presents customers with a low risk way to manage the electricity bills and improve reliability.
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