Here is a recap of important headlines from July 2023:

Solar power accounted for 15.9% of India’s total installed power capacity and 38.3% of the total installed renewable capacity in the second quarter of 2023, up from 14% and 35.4% year-over-year. India’s installed renewable energy capacity, including large hydro projects, stood at 173.5 GW, accounting for a 41.4% share of the overall power capacity mix at the end of the quarter, according to data from the Central Electricity Authority, Ministry of New and Renewable Energy, and Mercom’s India Solar Project Tracker. The renewable energy share in the cumulative power mix increased marginally from 170.3 GW quarter-over-quarter, representing 37.9 % of the overall power capacity mix.

The total global corporate funding in the solar sector during the first half (1H) of 2023, including venture capital investments, public market funding, and debt financing, reached $18.5 billion, a 54% YoY increase from $12 billion. The numbers were revealed in Mercom Capital Group’s newly released 1H and Q2 2023 Solar Funding and M&A Report. Despite the surge in funding amounts, there was a 12% YoY decline in the number of deals executed. During 1H 2023, 80 deals took place in contrast to the 91 deals recorded during the corresponding period in 2022.

In 1H 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals, according to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report. Although this represented a 55% YoY decrease compared to the unprecedented $15.8 billion raised in 60 deals in 1H 2022, it’s crucial to note that LG Energy Solutions’ massive $10.7 billion IPO in January 2022 significantly skewed the YoY comparison.

India added 1,139.5 MW of wind power capacity in the second quarter (Q2) of the calendar year 2023, representing a 165% YoY increase, according to Mercom India Research. Installations grew 54% quarter-over-quarter from 737.85 MW in Q1 2023. The increase in installations was spurred by enabling policies by the government, such as implementing the Renewable Purchase Obligation trajectory until 2029-2030.

Electric vehicle (EV) sales in India reached 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year. Sales increased by 6% compared to 349,676 units sold in the previous quarter. EVs accounted for 7.2% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India has over 2.4 million registered EVs as of June 2023.

Solar tenders floated by various agencies in India rose 5% quarter-over-quarter (QoQ) to over 14 GW in the second quarter of 2023, according to Mercom India Research. Tender announcements were up 59% year-over-year. The quarter saw a 722% QoQ increase in solar auctions, with almost 7 GW of solar projects auctioned. The capacity auctioned increased by 63% compared to the same period last year.

Punjab-based electric-two-wheeler manufacturing startup Vegh has secured $5 million in a strategic pre-series investment round from an undisclosed investor. The funds will be used to support Vegh’s working capital needs, including creating a robust sales and distribution network and expanding its manufacturing capabilities for electric vehicle parts. In the first phase of its expansion strategy, the company aims to penetrate 12 states, expand the production capacity of its e-scooter series, the Vegh S60, and introduce two highly anticipated high-speed scooter models.

The Ministry of Commerce of India has announced an anti-dumping investigation by the Directorate General of Trade Remedies into the imported aluminum solar module frames from China. The investigation aims to recommend an appropriate anti-dumping duty that would adequately address the injury to the domestic industry. The decision comes after Vishakha Metals, an Ahmedabad-based solar equipment manufacturer, filed a petition alleging that the aluminum solar module frames are being imported into India from China at dumped prices in significant quantities, resulting in material harm to the domestic industries.

The World Bank Group’s Board of Executive Directors approved $1.5 billion in financing to accelerate the development of low-carbon energy in India by scaling-up green hydrogen projects and promoting climate finance for clean energy investments. The funding operation titled First Low-Carbon Energy Programmatic Development Policy Operation is the first in the series of investments by the World Bank to support India’s energy transition through 2070.

Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has raised $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally. Battery Smart has to date, set up over 600 swap stations and worked with over 25,000 vehicles across 25 cities in India. The funding round saw participation from Battery Smart’s existing investors, Tiger Global, Blume Ventures, and new investors, the Ecosystem Integrity Fund and British International Investment.

Neuron Energy, a Mumbai-based lithium-ion battery manufacturer, has raised ₹200 million (~$2.4 million) in its pre-series A round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group. It also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures. The funds will be used to secure ICAT certifications, invest in mold development, and strengthen the workforce by expanding the research and development team and hiring CXOs and senior management.

The Indian Government has to date, approved 50 solar parks across 12 states with a combined capacity of 37,990 MW. Of the approved parks, 11, with a total 8,521 MW project capacity, are fully commissioned, and seven solar parks of 3,985 MW are partially commissioned. The Union Minister of New Renewable Energy & Power, R.K. Singh, gave the information in a written response in the Lok Sabha. Under the Development of Solar Parks and Ultra Mega Power Projects program, the government has installed 10,237 MW capacity.

The government introduced a Bill in the Lok Sabha to amend the Mines and Minerals (Development and Regulation) Act to allow the private sector to explore and mine critical minerals used in the energy sector. The proposed legislation seeks to introduce an exploration license for critical and deep-seated minerals. It plans to remove six atomic minerals, such as lithium, titanium, and zirconium-bearing minerals, from the list of reserved minerals. These minerals play vital roles in space industries, electronics, communications, energy sectors, and electric batteries, making them crucial for India’s net-zero emission commitment.