Solar companies secured $4.8 billion in corporate funding in 39 deals in the first quarter (Q1) of 2025, a 41% year-over-year (YoY) decrease from $8.2 billion raised in 42 deals. However, funding increased 20% quarter-over-quarter (QoQ) compared to $4 billion raised in 40 deals in Q4 2024. In Q1 2025, the solar sector’s global venture capital funding was $1.4 billion in 14 deals, a 237% YoY increase from $406 million raised in 13 deals. Compared to Q4 2024, the funding rose 40% QoQ from $1 billion raised in 21 deals.

Solarworld Energy Solutions and H.G. Infra Engineering won Gujarat Urja Vikas Nigam’s (GUVNL) auction to set up a 500 MW/1,000 MWh standalone battery energy storage systems (BESS) under tariff-based competitive bidding (Phase VI). Solar World won 200 MW at a tariff of ₹280,000 (~$3,288.31)/MW/month, and H.G. Infra Engineering won 300 MW at a tariff of ₹285,600 (~$3,345.08)/MW/month.

The Ministry of New and Renewable Energy released draft amendments to the procedure for including wind turbine models in the Revised List of Models and Manufacturers. The Ministry has requested all stakeholders to provide comments or suggestions within three weeks. Manufacturers must disclose the turbine’s blade, tower, gearbox, and generator source. They must also share their tower type, rate power, technical collaboration details, type certification, and IS/ISO certification.

The Uttar Pradesh Power Corporation invited bids to procure 2,000 MW of pumped hydro storage capacity to be developed on a build, own, operate, and maintain basis for 40 years from the commercial operation date. The contracted capacity must have a scheduled discharge capability of eight hours per day, with a maximum continuous discharge of six hours.

Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) issued a request for selection to set up 500 MW rooftop solar projects at government, semi-government, and other institutions in Uttar Pradesh. Bids must be submitted by May 16, 2025. Bids will be opened on May 17. The scope of work entails the design, engineering, erection, warranty, testing, and commissioning of the solar projects. It also involves submitting project proposals to UPNEDA and ensuring net metering/net billing per the Uttar Pradesh Electricity Regulatory Commission Regulation, 2019.

A Cornell University-led research team developed a sustainable and low-cost method to produce carbon-free green hydrogen using just sunlight and seawater as inputs. The team devised a prototype by leveraging one of the drawbacks of photovoltaics —relatively low efficiency.