According to Mercom’s Q3 2024 India Solar Market Update report, the top five funding deals in India’s solar sector in 2024 saw a 42.85% year-over-year increase, securing a cumulative $2 billion compared to $1.4 billion in 2023.

Project financing constituted most of the top deals, with Avaada Energy taking the prime spot.

Here are the top five funding deals in the solar sector in India during 2024, according to Mercom’s Q3 2024 India Solar Market Update report:

The top deal was a $536 million debt refinancing deal secured by the renewable energy arm of the Avaada Group, Avaada Energy from the National Bank for Financing Infrastructure and Development (NaBFID). The company allocated the funds to develop 1.7 GW solar projects in Rajasthan. The rupee term loan facility has a tenure of 20 years.

The second biggest deal was a $425 million project funding loan secured by renewable energy developer Serentica Renewables from Rabobank, MUFG Bank, Société Générale, YES Bank, Export-Import Bank of India (EXIM bank), and India Infrastructure Finance Company (IIFCL) for its round-the-clock 530 MW wind and solar hybrid energy project in Rajasthan and Maharashtra.

The third biggest deal was a $400 million project funding financing secured by renewable energy company Adani Green Energy from Cooperative Rabobank, DBS Bank, Intesa Sanpaolo, MUFG Bank, and Sumitomo Mitsui Banking Corporation (SMBC). The green loan would be used for its under-construction 750 MW solar power projects in Rajasthan and Gujarat.

The fourth biggest deal was a $337 million public market financing secured by solar photovoltaic cell and module manufacturer Premier Energies Group through Initial Public Offering. The IPO proceeds would be used to part-finance up to ₹11.68 billion (~$140.09 million), a 4 GW solar TopCon cell, and a 4 GW TopCon module manufacturing facility in Hyderabad. The remaining funds would be used for general corporate purposes.

The fifth biggest deal was a $288 million refinancing facility secured by  independent power producer ReNew for its non-convertible debentures (NCDs) issued by its subsidiaries in October 2020. The refinancing of ₹23.91 billion (~$288.3 million) NCDs was achieved through the redemption of USD bonds. Initially issued to India Green Energy Holdings, the NCDs were backed by $325 million raised through senior secured bonds.