Bangalore: Delhi based solar power company Applied Solar Technologies raises Rs.256.36 crores in a new round of funding led by Future Fund, an Australian government’s sovereign wealth fund. Existing investors Bessemer Venture, Capricorn Investment and International Finance Corp. (IFC) also participated in the round. By the end of the fourth funding round, Applied Solar took its overall private equity funding to over $85 million.
This deal was made due to the government’s initiative to raise India’s solar capacity from 3 gigawatts now to 100 gigawatts by the year 2022. According to the government estimates, about $100 billion in needed in investment to achieve this target.
Founded in 2008 by Vinod Agarwal, Kathpalia and Neeraj Saxena, Applied Solar Technlogies provides off-grid solar power to banking and telecom sectors. Off-grid power is electricity which is generated using renewable sources of energy without accessing the main grid. AST offers alternate power sources to telecom operators and banks which often rely on diesel-based power generation for their infrastructure such as mobile towers and ATM’s.