Freyr Energy secures ₹18 crore investment from Total, Schneider Electric, C4D

Mumbai: Freyr Energy, a solar rooftop company on Wednesday announced an equity investment of Rs18 crore from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.

Freyr Energy is using technology to change the way homeowners and MSMEs transition to solar.

A few months ago, Freyr Energy launched its customer App- SunPro+, to make the process of owning a solar system simple and seamless. Funds raised in this round will be used to accelerate growth and further enhance customer experience.

“We are convinced that SunPro+ will ease the acquisition of rooftop solar customers and facilitate the​ entire customer journey from acquisition through to financing, execution and after sales service. We see SunPro+ as a key success factor for Freyr’s development," said Florian Temime, Principal, Total Carbon Neutrality Ventures.

Total Carbon Neutrality Ventures is the venture capital arm of French energy major Total.

Rooftop solar is the most underdeveloped segment in renewables, with only 5 GW mark at the end of 2020, making up a small portion of the 40 GW of solar installed in the country.

A total of 719 MW of rooftop solar capacity was added in 2020, a 34% decline year-over-year.

“Through the innovative and scalable SunPro+ solution, Freyr Energy can contribute to mass-market adoption of solar energy, generating significant environmental impact while creating employment opportunities within their network of vendors," said Gilles Vermot Desroches, president of SEEA Asia and SVP at Schneider Electric.

Maharashtra is India’s rooftop solar capital, with 958 MW of generation capacity made up of 872 MW of C&I systems and 86 MW of public sector arrays. With 556 MW of rooftop capacity, Rajasthan ranks next, followed by Tamil Nadu, with 537 MW.

According to a recent report by the Institute for Energy Economics and Financial Analysis (Ieefa) Indian policymakers now need to plan for rooftop solar plus storage, instead of a rooftop solar alone, as the combination increasingly becomes cost-effective for electricity generation vis-à-vis grid supply and diesel generators.

“Through their technology, Freyr Energy has the potential to change how rooftop solar is sold and managed in India and other countries. Freyr Energy could bring much-needed consolidation in the sector," said Arvind, partner, C4D Partners.