Solar power player CaptureSolar gets $125m funding from Cyprus

The funding will be used to set up a plant in Pune

Solar power producer CaptureSolar Energy (CSEL) has raised $125 million from the Cyprus-based photovoltaic solar solutions provider Concept Solutions & Innovation to set up a plant in Pune.

"We plan to set up 90 MW solar park in Pune. Out of this, we have received funding of $125 million from Concept Innovation & Solution for 75 MW," CSEL chief executive officer Raju Bhosale told PTI.

Concept Solutions will not only provide finance but also technology solutions for the project, he added.

"Concept Solutions is a mandate holder of Danish turnkey PV firm DanSolar International, which already has a technology tie-up with CaptureSolar," he said.

Bhosale further said, "a collaborative approach with our technical partners and investors will help us deliver a cost effective PV solution."

The Pune-based company expects the solar park to be operational and ready to supply electricity by next March.