Soleos Energy Private Limited

1Company Overview Soleos Energy Private Limited, commercially known as Soleos Solar Energy Private Limited, is one of India's fastest-growing integrated renewable energy companies. Founded in 2012 and headquartered in Ahmedabad, Gujarat, the company has positioned itself as a one-stop platform for large-scale solar project execution — spanning development, financing, engineering, procurement, construction (EPC), and long-term asset management.

2Promoters, Founders & Leadership i) Bhavesh Rathod (Bhaveshkumar Chunilal Rathod): Founder & Director — The primary promoter and driving force behind Soleos. Rathod founded the company in 2012 with a vision to transform India's renewable energy landscape by integrating the entire project lifecycle under one platform. He holds the largest promoter stake. ii) Dhavalkumar Ghanshyambhai Jiyani (Dhaval Jiyani): Co-CEO & Director — Also serves as CEO in international operations and public-facing leadership

3Business & Revenue Model Soleos operates an integrated, full-lifecycle solar energy business model that eliminates reliance on multiple vendors. Its revenue streams span four core pillars: i) Engineering, Procurement & Construction (EPC) EPC is the company's primary and largest revenue engine. Soleos delivers turnkey solar power plants — from initial design and engineering, through equipment procurement, civil work, and commissioning. It serves commercial & industrial (C&I) clients, large industrial consumers, government bodies, and solar park developers. ii) Independent Power Production (IPP) & Project Development Soleos develops and owns solar power assets as an Independent Power Producer. Revenue is earned through long-term Power Purchase Agreements (PPAs) with utilities, corporations, and government bodies — providing recurring, annuity-like income. iii) Operations & Maintenance (O&M) and Asset Management Post-commissioning, Soleos offers long-term O&M services including real-time SCADA monitoring, predictive maintenance, IoT-based performance analytics, and on-site servicing. This creates stable, recurring service revenues over project lifetimes of 25+ years. iv) Solar Finance, Insurance & Advisory Soleos provides financial structuring assistance, solar finance advisory, and insurance services to clients, helping de-risk solar investments. It has relationships with major Indian banks and NBFCs including HDFC Bank, YES Bank, SBI, Axis Financial, and Aseem Infra.

4Funding History & Investors Soleos Solar Energy has raised a cumulative total of approximately $24.8 million (₹~200+ crore) across 5 funding rounds and 35+ investors since 2018. The company has attracted a strong mix of institutional asset managers, family offices, and high-net-worth individuals (HNIs). Round Date Amount Lead Investors Seed Mar 2018 Undisclosed Early investors Early Stage Mar 2024 ~₹48.5 Cr (partial) Abakkus Asset Mgr, NG Family Trust Series A May 2024 ₹48.5 Cr (~$5.8M) Abakkus Asset Mgr (lead), Sunil Singhania family office, Madhuri Madhu Kela, InCred Capital, KP Group, Nabs Vriddhi Bridge Oct 2025 ₹20 Cr (~$2.26M) Gujarat Venture Finance (GVFL) Series A Ext. Dec 2025 ~$12M Gujarat Venture Finance, Tipsons Group, Select Family Offices Notable Investors Abakkus Asset Manager (Mumbai) — Lead institutional investor Sunil Singhania's Family Office — Eminent market veteran and ex-Reliance Mutual Fund CIO Madhuri Madhu Kela — Prominent HNI investor Nabs Vriddhi LLP — Family office InCred Capital (PCG desk, led by Pawan Agarwal) Faruk G. Patel — CMD, KP Group (solar conglomerate) Gujarat Venture Finance Limited (GVFL) — State-backed VC fund Tipsons Group — Corporate investor India Ahead Venture Fund Swastika Investmart & Beeline Capital Advisors (transaction advisors) The diversity of investors — spanning state-backed VCs, prominent family offices, and solar-sector corporate groups — reflects strong confidence in Soleos' business model and growth trajectory.

7Key Partnerships & Strategic Alliances i) Banking & Financial Partners Soleos has established working relationships with leading Indian financial institutions that provide project finance, working capital, and debt for solar projects: HDFC Bank YES Bank State Bank of India (SBI) Axis Financial Aseem Infrastructure Finance CaixaBank (international) BPI (international) CRDB Bank (Africa) ii) International Project Partners a) MELCI Engineers / Melci Holdings (DRC): Joint venture partner for the 200 MW solar park in Haut-Katanga, Democratic Republic of Congo — one of Africa's largest solar projects by an Indian company b) Octane Investment Limited (Zambia): Local partner for proposed 1 GW solar investment in Zambia's Central Province, with long-term 5 GW ambitions by 2030 c) Suntech Power: Historic technology partnership (expanded in 2009); reflects early international technology collaboration iii) Module & Technology Suppliers Waaree Energies — Domestic Tier-1 module supplier Adani Solar — Module procurement partner Vikram Solar — Module procurement partner Longi Solar — Module supply (cited in client testimonials) iv) Epic Energy Partnership (India) In November 2025, Epic Energy's board approved preferential warrants that would give Soleos an 18.16% stake (post-conversion) in Epic Energy Limited, a listed Indian company. This strategic investment aims to enhance Epic's operational scale in solar parks, EV charging infrastructure, and end-of-life battery materials recovery — while giving Soleos a publicly-listed associate and deeper downstream presence. 8) IPO & Listing Status As of April 2026, Soleos Energy Private Limited remains a privately held, unlisted company. There is no public filing or SEBI registration for an IPO. However, several factors suggest a potential public listing could be on the horizon: 9) Global Presence & Geographic Footprint i) India Headquarters: Ahmedabad, Gujarat Pan-India operations across rooftop, ground-mount, and solar park segments MNRE Certified Channel Partner for solar projects i