PYSE, an investment platform, has opened India’s first fractionally owned solar power plant in Karnataka.
The platform allows retail investors to invest in sustainable, socially and environmentally responsible projects starting at Rs 5,000. The solar power project is worth Rs 260 million and has an average investor ticket of Rs 25,000. Strategically, the project was divided into four tranches. The first three tranches are worth Rs 160 million. Tranche 1, 2, and 3 had been oversubscribed by 2.5 times and the money was raised on an average of 3 days. The project is backed by over 600 retail investors and is equipped to supply solar power to marquee clients operating manufacturing plants. PYSE will launch the fourth tranche with a minimum investment of Rs 500,000. The plant is expected to be commissioned by the end of July 2022 and is designed to offset 6.5 million kgs of carbon footprint every year for the next 25 years.