Gurgaon-based SunTerrace Energy Pvt Ltd has raised an undisclosed amount of seed funding from US-based Sunergy Investors LLC, according to a press release.
The company will use the funding for rooftop solar projects as it aims to set up 100MW rooftop projects across India by 2018.
Founded in 2014 by Vinay Rustagi and Sanjay Bhasin, SunTerrace specialises in development, financing, installation and operation of rooftop solar energy plants for large scale commercial and industrial clients.
Rustagi, an IIM Ahmedabad alumnus, has over one-and-a-half decades of experience in financing energy and infrastructure projects at multinational banks across India and Europe. He is also a joint MD at Bridge To India Energy Pvt Ltd, a solar consulting firm.
Bhasin, who has over two decades of experience of senior management and operational experience primarily in the telecom sector, was working with Samsung before co-founding this venture. He is a graduate of Electronics and Communications Engineering from IIT Roorkee and holds an MBA from Santa Clara University, US.
"Rooftop solar is a great choice for industrial and commercial consumers in India to help reduce their energy costs and improve operational reliability. We offer our clients attractive financial savings over grid costs in addition to the environmental benefits of green energy," said Rustagi.
“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," said Ankil Lalu, CEO of Sunergy Investors.
Sunergy Investors is a newly set up family fund by Lalu and his family who have been investing in US companies and seeking to invest in Indian solar companies now. This is the first investment in an Indian company by the family office. Its parent company H&A Holdings has other funds also through which it has invested in US energy firms and real estate assets.
