How SustVest Moved from #8 to #5 in India's Rooftop Solar Developer Ranking
Published Nov 6, 2026
SustVest added 16.4 MW across 29 rooftop plants since January 2025 and rose from #8 to #5 in the CRISIL-Bridge to India developer ranking.
SustVest is a rooftop solar independent power producer (IPP) for Indian businesses. Between January 2025 and June 2026 it added 16.4 MW of rooftop solar across 29 plants, and rose from #8 to #5 among rooftop solar developers in the CRISIL-Bridge to India ranking.
What is SustVest?
SustVest funds, builds, owns and maintains rooftop solar plants for factories, hospitals, hotels, tea estates and institutions. It runs 80+ plants, about 30 MW in total, across 13 states. Built on the trust of its early investors, SustVest operates as a rooftop solar IPP from FY 2025-26.
Key facts
Item | Detail |
|---|---|
Company | SustVest (SolarGridX Ventures Private Limited) |
Headquarters | Gurugram, Haryana, India |
Business model | Rooftop solar IPP (OPEX/RESCO), plus CAPEX projects and in-house EPC |
IPP operations began | FY 2025-26 |
Capacity added, CY2025 | 4.3 MW across 13 plants (about ₹13 crore) |
Capacity added, January to June 2026 | 12.1 MW across 16 plants (about ₹38 crore) |
Upcoming projects | About 3 MW across 7 plants (about ₹9 crore), expected |
Portfolio | 80+ plants, about 30 MW, 13 states |
CRISIL-Bridge to India rank | #5 (June 2026 edition), #8 (CY2025, December 2025 edition) |
Customers | Factories, hospitals, hotels, tea estates, institutions and more |
Battery storage | Pilot projects under way |
What changed when SustVest became an IPP?
An IPP owns the power plant. SustVest pays for the plant, builds it on the customer's roof, runs it and sells the power to the customer per unit, with zero upfront cost. This is called the OPEX or RESCO model (RESCO stands for renewable energy service company). Because SustVest owns the plant, it carries the performance risk, so it has a direct reason to build well and keep every plant running.
SustVest also builds plants on the CAPEX model, where the customer buys the plant outright. Both models run through the in-house EPC (engineering, procurement and construction) and procurement team that SustVest built over the past year, instead of depending on third-party contractors.
How did SustVest add 16.4 MW in 18 months?
SustVest added 4.3 MW across 13 plants in CY2025, roughly ₹13 crore of new solar assets at an approximate average of ₹3.1 crore per MW. In the first half of 2026 it added 12.1 MW across 16 plants, roughly ₹38 crore. That is almost three times the 2025 total in half the time. In all, 16.4 MW across 29 plants, roughly ₹51 crore, which is more than half of the current 30 MW portfolio. A further 3 MW across 7 plants, roughly ₹9 crore, is expected next. Three things supported that pace:
An in-house EPC and procurement team, which gives SustVest direct control over cost, quality and timelines.
A monitoring platform and an O&M (operations and maintenance) team that track every plant daily.
Plants spread across 13 states, so growth does not depend on one region.
How did SustVest rank #8 and then #5 on the CRISIL-Bridge to India list?
CRISIL and Bridge to India publish a ranking of India's rooftop solar developers. In the December 2025 edition, covering CY2025, SustVest ranked #8, after adding 4.3 MW across 13 plants that year. In the June 2026 edition, released in October 2026, SustVest ranked #5, after adding 12.1 MW across 16 plants in the first half of 2026. The ranking is CRISIL-Bridge to India's own. SustVest's reading is that the move up reflects the capacity added.
Source: CRISIL-Bridge to India.
What should a business look for in a rooftop solar developer?
Track record is the easiest thing to check.
Ask any developer how many plants it runs, how much it built in the last year, who builds and who maintains the plants, and whether it owns them.
SustVest's answers: 80+ plants, 29 plants and 16.4 MW added since January 2025, in-house EPC and O&M, and ownership of the plants under the OPEX model.
What is next for SustVest?
SustVest has about 3 MW across 7 plants in the pipeline. It is also piloting battery energy storage (BESS) alongside solar at selected sites and continues to take on both OPEX and CAPEX projects. Plans may change as projects and pilots progress.
Frequently asked questions
What is a rooftop solar IPP? An independent power producer that owns the rooftop solar plant and sells the power to the building owner per unit, so the customer pays nothing upfront.
What is the difference between OPEX/RESCO and CAPEX solar? Under OPEX or RESCO, the developer funds, owns and runs the plant and the customer pays per unit of power. Under CAPEX, the customer buys the plant and owns it.
How much rooftop solar did SustVest add between January 2025 and June 2026? 16.4 MW across 29 plants: 4.3 MW across 13 plants in CY2025 and 12.1 MW across 16 plants in January to June 2026. That is roughly ₹51 crore of assets at an approximate average of ₹3.1 crore per MW.
What is SustVest's CRISIL-Bridge to India ranking? #8 in the December 2025 edition (CY2025) and #5 in the June 2026 edition, among rooftop solar developers.
Where does SustVest operate? SustVest has 80+ plants, about 30 MW, across 13 states in India. It is headquartered in Gurugram, Haryana.
Does SustVest offer battery storage? SustVest is piloting battery energy storage alongside solar at selected sites.