SunShell Power plans to raise $14 million, in talks with impact investors

Renewable energy solutions company SunShell Power is planning to raise a total of $14 million by the financial year 2026-27 to strengthen its solar power business.

The Kolkata-based company is looking to raise $2 million and $12 million in FY26 and FY27, respectively, in order to expand solar power installation capacity under renewable energy service company (Resco) model.

“Under the Resco model, we need to invest upfront for any solar energy solution projects. So, we will be raising around $2 million to reach 10 MW of installation capacity by the next fiscal. Then our target would be to cross 50 MW installed capacity in FY27. And, for that we will be raising $12 million,” SunShell Power Co-Founder and CEO, Sayantan Chatterjee told businessline.

“We are talking to mostly impact investors who fund green energy transition and ESG initiatives. We may raise $2 million by June this year,” Chatterjee said.

The company, which was incorporated in 2014, is very keen on the long-term projects under Resco model because here competitions are relatively less as only quality players participate. Under this model, a power project gives the Resco operator a fixed annual recurring revenue for a long period.

The company expects multi-fold growth for it in terms of installation capacity under Resco model as against around 15 per cent growth every year under the engineering, procurement, and construction (EPC) mode.

70 MW target

“We are targeting 70 MW under Resco by financial year 2026-27, when installation capacity under EPC would be the same. Both EPC and Resco are expected to generate the same amount of revenues for us in the next five years,” Chatterjee said.

SunShell Power has commissioned solar power plants and power solutions for Indian Railways, Central public sector enterprises and different State governments, among others.

The company last month commissioned a 250 KW solar power plant at Prayagraj railway station. The inauguration of the plant coincided with the Maha Kumbh 2025.