Oakridge raises funds on German crowdfunding platform
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 crowdfunding from Germany for its portfolio of urban solar projects in New Delhi,” a statement said.
The company did not disclose the amount of the financing.
This is the first time that an Indian rooftop solar company has tapped into the large European crowdfunding market.
According to the press release, this fundraising opens the door for Indian companies to more innovative international sources of financing to develop renewable energy projects in India.
The company, together with the leading German crowdfunding platform Bettervest Gmbh, has obtained the necessary regulatory approvals from the financial regulator BAFIN to be listed for investment.
Oakridge has more than 1,000 customers in North India, including more than 400 projects in Delhi itself. The company has installed rooftop solar power plants in government buildings, Delhi government schools, colleges, hospitals, industrial and commercial establishments.
Oakridge CEO Shravan Sampath said, âWe are pleased to solarize a portion of our Delhi solar portfolio through crowdfunding through retail investors in Germany. We have always focused on developing niche projects and delivering the best possible returns to our partners. It was nice to see the interest there was in the German market for Indian projects â.
Marilyn Heib, CEO of Bettervest Gmbh, said: “Oakridge is one of our premium partners in the solar space, and Oakridge’s rooftop portfolio is also the largest project we have ever funded to date.” .