PYSE launches India’s first fractionally-owned solar plant

PYSE, an investment platform for sustainable projects from a ticket size as low as Rs 5,000, has launched India’s first and largest fractionally owned solar power plant in Karnataka. The plant has been built at an investment of Rs 260 million, with an average investor ticket size of Rs 25,000. The project has been strategically divided into four tranches with the first three tranches worth Rs 160 million. Tranche 1, 2, and 3 had been oversubscribed 2.5 times and the money was raised in an average of three days. The project is backed by more than 600 retail investors and is equipped to supply solar power to marquee clients operating manufacturing plants. PYSE will launch the fourth and final tranche with a minimum investment of Rs 50 million. The plant is set to be commissioned by the end of July and is designed to offset 65 lakh kg of carbon footprint every year for the next 25 years. Kaustubh Padakannaya, co-founder, PYSE, said, “The response from investors to the launch … has solidified our faith in the fact that investors recognize solar as an asset class offers potential to earn steady returns while contributing to the environment. This project showcases our commitment to making green assets a lucrative financial product for retail investorsAlso Read:NGSL to build a balance of systems for 325-MW solar projects Rising solar cell and module costs pressure developers