Oakridge Rooftops Pvt Ltd, one of the leading distributed solar power companies in India, has raised funding from a Germany-based crowd-funding platform Bettervest Gmbh.
The Noida-based company, which obtained necessary regulatory approvals from the financial regulator BAFIN, raised the funding for its portfolio of urban solar projects in New Delhi. However, the financial details of the deal was not disclosed.
Shravan Sampath, CEO at Oakridge, said the company is glad to be solarizing a part of its Delhi solar portfolio through crowdfunding in Germany. “The timing is particularly important given that India is seen as an important catalyst in the upcoming COP 26 summit, and there is global awareness about India’s role in reducing the impact of climate change,” he said.
This is the first time an Indian solar rooftop company has tapped into the large European crowd financing market to raise capital for projects in India. Moreover, it opens the doors for Indian firms to explore newer and more innovative sources of international financing to develop renewable energy projects in India.
Marilyn Heib, CEO, Bettervest Gmbh said, “Oakridge is one of our premium partners in the solar space, and the Oakridge rooftops’ portfolio is also the single largest project we have ever financed until date.”
“Based on this experience, we can say that market interest remains strong for green projects that are backed by a strong professional management team with a proven track record. It was particularly good to see that Oakridge managed to fulfill its commitment to developing all projects within the committed timeframe even during a challenging COVID environment,” he said.
Oakridge Rooftops is a subsidiary of Oakridge Energy, which is a leading rooftop solar company with over 1000 customers in North India including over 400 projects in New Delhi itself. Among its leading clients are government buildings, schools, colleges, corporates, industrial and commercial establishments. Oakridge operates in six north Indian states and has an established sales, distribution and after-sales network to offer superior service to customers.