PYSE builds fractionally-owned solar power plant
PYSE is an investment platform that helps retail investors to invest in sustainable projects
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New Delhi: An investment platform PYSE has launched India's first fractionally-owned solar power plant in Karnataka.
The platform helps retail investors to invest in sustainable projects that create social and environmental impacts from a ticket size as low as Rs 5,000. PYSE has strengthened its leadership position in the renewable energy space by launching India's first and largest fractionally-owned solar power plant in Karnataka, a company statement said.
According to the statement, the solar power plant is a Rs 26 crore project 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 16 crore.
Tranche 1, 2, and 3 had been oversubscribed by 2.5x and the money was raised on an average of 3 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 5,00,000.
The plant is set to be commissioned by the end of July and is designed to offset 65 lakh kgs of carbon footprint every year for the next twenty-five years.
Kaustubh Padakannaya, co-founder, PYSE, said in the statement, "The response from investors for the launch of Tranche 1, 2, and 3 has solidified our faith in the fact that investors recognise 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 investors and is a step towards our partner companies' sustainability goals".
As a Covid-born company, PYSE currently manages 40+ crore AUM (asset under management) with more than 4,000+ investors and the company is looking to build 200 crore worth of green assets by March 2023. Targeting its early investors, 65 per cent of the users are between 25 to 35 years and are in key Indian cities. While 35 per cent are from tier 2 and tier 3 towns. The purpose of the company is to encourage retail investors to adopt a sustainable lifestyle while earning passive income for doing so.
