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					</table><p><a href="https://www.mercomindia.com/solar-sector-81-drop-vc-funding-q1-corporate-funding-down/" target="_blank" rel="noopener"><strong>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024,</strong> <strong>marking a 4% decrease from the $8.4 billion</strong></a> raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals. The numbers were revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/">Q1 2024 Solar Funding and M&amp;A Report.</a></p>
<p><a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo/" target="_blank" rel="noopener"><strong>Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India</strong></a> to raise over ₹15 billion (~$179.91 million) through an initial public offering (IPO). The IPO would consist of a fresh issue of equity shares with a face value of ₹1 (~$0.012) aggregating up to ₹15 billion (~$179.91 million) and an offer for sale of up to 28.2 million shares by the selling shareholders.</p>
<p><a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules/" target="_blank" rel="noopener"><strong>Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s auction</strong></a> to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. Swelect was awarded 100 MW capacity, Grew Energy won 200 MW, and ReNew won 100 MW at an evaluated bid value of ₹ 22.66 (~$0.272)/Wp. The per MWp evaluated value for all the bidders was ₹22.66 million (~$271,597).</p>
<p><a href="https://www.mercomindia.com/iredas-profits-surge-2024-as-npas-drop/" target="_blank" rel="noopener"><strong>Government-owned lender Indian Renewable Energy Development Agency has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million).</strong> </a>The profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets.IREDA’s total income in Q4 was recorded at ₹13.92 billion (~$166.9 million), a 34.3% YoY increase from ₹10.36 billion (~$124.2 million).</p>
<p><a href="https://www.mercomindia.com/bluwheelz-raises-1-million/" target="_blank" rel="noopener"><strong>BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator.</strong></a> The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund. The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India. Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.</p>
<p><a href="https://www.mercomindia.com/amara-raja-bos-contract-greenko/" target="_blank" rel="noopener"><strong>Amara Raja Infra (ARIPL) has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district</strong></a> from renewable energy company Greenko. The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to date. The scope of work involves engineering, procurement, and construction of the entire BoS for the 500 MW solar project, which comes under Greenko’s integrated solar, wind, and pumped storage project.</p>
<p><a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit/" target="_blank" rel="noopener"><strong>The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000)</strong></a> in the fourth quarter (Q4) of the financial year (FY) 2024. The company turned positive after nearly 12 quarters, boosted by strong performance in domestic EPC operations. It had reported a net loss of ₹4.21 billion ($54.9 million) in Q4 of FY 2023. The company’s revenue from operations surged more than 12-fold to ₹11.78 billion (~$154 million) in the quarter, from ₹880 million (~$11.5 million) last year.</p>
<p><a href="https://www.mercomindia.com/high-interest-rates-affect-renewables/" target="_blank" rel="noopener"><strong>The pace of global transition to low-carbon technologies could be adversely impacted with the ‘zero era’ for interest rates ending, a Wood Mackenzie report has said.</strong></a> Higher interest-rate scenarios have increased the cost of capital and raised the cost and pace of the transition to net zero, which will likely require $75 trillion in investments by 2050. The report recommends that policymakers should focus on efficient subsidies (targeted and non-discriminatory) that can minimize nationalistic subsidy battles that are counterproductive to global emissions targets.</p>
<p><a href="https://www.mercomindia.com/us-anti-dumping-duties-indian-solar-module-exports/" target="_blank" rel="noopener"><strong>India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD)</strong></a> and countervailing duties (CVD) on module imports. While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a possibility that Indian exports could also be covered, according to investment banking firm ROTH Capital Partners.</p>


Daily News Wrap-Up: Solar Sector Records 81% Drop in VC Funding in Q1

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