MUMBAI – May 11, 2016 – SolarTown Energy Solutions Pvt. Ltd. (SolarTown), a pioneer in India’s solar industry specializing in the sale, lease and installation of solar rooftop systems for residential, commercial and industrial customers, is pleased to announce that it has raised early stage funding from GREX and is on pace to close its Series A round. SolarTown has experienced tremendous growth largely due to its successful zero-down lease model for residential and small commercial customers in India. The funding comes as SolarTown begins to accelerate expansion into new geographic markets across India.
Installation of rooftop solar, which typically requires a substantial upfront cost, has remained out of reach for much of India’s population. SolarTown Energy Solutions is eliminating this barrier and providing rooftop solar solutions for upto a 20-year fixed monthly lease option at a guaranteed cost that is lower than DISCOM rates. This program is one of the first that offers a zero-down lease option for rooftop installations smaller than 100kW, shielding small residential and commercial customers against rising electricity prices.
“Because the price of electricity is cost prohibitive and continues to rise, the demand for rooftop solar has never been greater than it is today,” commented SolarTown CEO Vikram Dileepan. “SolarTown’s no money down leasing model is unique because it has made solar solutions affordable for a large swath of India’s population. As a result, the addressable market in front of us is massive. GREX has provided us an excellent platform to raise early-stage funds as we continue working to close our Series A funding round.”
GREX is an integrated exchange-like platform for unlisted companies, bringing together private eligible investors and high-growth unlisted companies for information exchange and securities transactions.
About SolarTown Energy Solutions Pvt. Ltd.
SolarTown Energy Solutions Pvt. Ltd. is a pioneer in India’s solar industry specializing in the sale, lease and installation of solar rooftop systems for residential, commercial and industrial customers. SolarTown empowers businesses and homeowners to take control of their electric bills by adopting clean solar power at a fixed cost that is lower than DISCOM rates. To shield its customers against rising energy costs, SolarTown offers two options: direct purchase of a system with accelerated depreciation tax benefits and payback periods as low as five years, or lease of a system with no upfront costs and a fixed rate going forward. Its confidence in its systems is reflected in a unique 15-year performance guarantee and hassle-free O&M service. With over 100 installations and an impressive customer base of some of India’s top corporates, such as Infosys, Renault-Nissan, Plant Engineering and Aachi Group, SolarTown is India’s preferred supplier of solar rooftop systems from 1 kW to 300 kW. For more information about SolarTown Energy Solutions Pvt. Ltd., visit http://solartown.in/.