The company did not disclose the amount of funding. This is the first time an Indian rooftop solar company has tapped into the large European crowd financing market.
Oakridge Rooftops has raised an undisclosed amount through a German crowdfunding platform for its solar projects in India. “Oakridge Rooftops, a leading rooftop solar power company, has raised crowd financing from Germany for its portfolio of urban solar projects in New Delhi,” a statement said. The company did not disclose the amount of funding. This is the first time an Indian rooftop solar company has tapped into the large European crowd financing market.
According to the statement, this fund-raise opens doors for Indian companies for more innovative sources of international financing to develop renewable energy projects in India.
The company, in collaboration with leading German crowd-funding platform Bettervest Gmbh, obtained necessary regulatory approvals from the financial regulator BAFIN to get listed for investment.
Oakridge has over 1,000 customers in North India, including over 400 projects in Delhi itself. The company has installed rooftop solar plants in government buildings, Delhi government schools, colleges, hospitals, industrial and commercial establishments.
Oakridge CEO Shravan Sampath said, “We are happy to be solarising a part of our Delhi solar portfolio through crowdfunding through retail investors in Germany. We have always focussed on developing niche projects and offering the best possible returns to our partners. It was nice to see the extent of interest there was in the German market for Indian projects”.
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”.