Solar solutions company Evolve Green Energies has secured a debt capital commitment of ₹1.05 billion (~$11 million) from Aseem Infrastructure Finance to fund the development of its 30 MW rooftop and group captive solar portfolio across India.

Evolve will use this funding to accelerate the expansion of its distributed solar portfolio across government, industrial, and commercial client segments, focusing on high-credit offtakers and long-tenor power purchase agreements.

The company said that the financing structure has been designed to optimize capital efficiency across its project pipeline, enabling faster deployment to scale its solar portfolio to 1 GW, valued at approximately ₹35 billion (~$364 million) over the next two to three years. It also plans to add battery energy systems to its solar projects.

The transaction was advised by Centrum Capital, which will also advise Evolve on its upcoming equity raise to support its solar and battery storage expansion strategy.

Evolve currently operates and is developing a funded 150 MW solar portfolio, valued at roughly ₹5.25 billion (~$54.6 million), including assets under construction, and operates across more than 15 states.

Evolve also manufactures solar products under the EVVO Solar brand, including inverters, mounting structures, LT panels, and combiner boxes.

Earlier, Evolve was selected as the L1 bidder by Tamil Nadu Green Energy Corporation for a 15 MW solar project integrated with 45 MWh battery energy storage systems in the Karur district.

Corporate funding in the solar sector rose to $11.1 billion across 53 deals in the first quarter of 2026, marking a 131% year-over-year (YoY) increase from the $4.8 billion raised across 39 deals in Q1 2025, according to Mercom Capital Group’s newly released Q1 2026 Solar Funding and M&A Report.

India added 2.7 GW of rooftop solar capacity in the first quarter (Q1) of 2026, a YoY growth of 125.4% from 1.2 GW and a 25.4% quarter-over-quarter jump from 2.2 GW, according to Mercom India Research’s newly released Q1 2026 India Rooftop Solar Market Report.

India’s cumulative rooftop solar installations reached 23.5 GW at the end of March 2026.