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ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p><a href="https://www.ecozensolutions.com/" target="_blank" rel="noopener">Ecozen</a>, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like <a href="https://www.nuveen.com/en-us" target="_blank" rel="noopener">Nuveen</a> as well as new debt financing from the <a href="https://www.incredassetmanagement.com/incred-credit-opportunities-fund/" target="_blank" rel="noopener">InCred Credit Fund</a> and the U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>).</p>
<p>The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release. It also plans to expand on its current solar pump controller systems and cold storage solutions offerings.</p>
<p>&#8220;Ecozen is on an accelerated growth path driven by increased demand for our pioneering climate-smart solutions,&#8221; said CEO and co-founder Devendra Gupta. &#8220;The funding will enable us to expand operations and deepen our market presence in India as well as enter new international markets in Africa and Southeast Asia.&#8221;</p>
<p>The company plans to leverage its technology stack, spanning advanced motors, controls, thermal energy storage, AI, and IoT, to develop decarbonization solutions for other sectors, such as milling, mobility, retail, and industry. It claims that the company has grown five-fold over the last two years, with profits tripling, and anticipates doubling revenue again this fiscal year.</p>
<p>The company also claims that its products have boosted incomes for over 180,000 farmers in India while reducing greenhouse gas emissions by 2 million tonnes and preventing 50,000 metric tons of food loss.</p>
<p>“We like Ecozen’s proven product and execution track record and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate-friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.</p>
<p>Last year, Ecozen <a href="https://www.mercomindia.com/solar-cold-storage-ecozen-25-million-for-energy-transition" target="_blank" rel="noopener">raised</a> $25 million in equity and debt capital in its series C round as it looked beyond agriculture to expand into new climate deep-technology fields.</p>
<p>In 2022, it <a href="https://www.mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding" target="_blank" rel="noopener">raised</a> $6.93 million as part of a planned $25 million Series C funding round. The funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors.</p>


Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion


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					</table><p>The U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) has approved $425 million in financing for Tata Power Renewable Energy’s (<a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">TPREL</a>) upcoming 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu.</p>
<p>The facility, located in the Tirunelveli district, is expected to begin module production by the end of 2023 and cell production by the first quarter of the financial year 2024.</p>
<p>TPREL, a <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a> subsidiary, will implement industry 4.0 standards for smart manufacturing in the facility, integrating advanced technologies to enable the production of high-wattage solar modules and cells with higher efficiencies.</p>
<p>The facility is projected to create over 2,000 employment opportunities directly or indirectly, with a majority of the jobs given to women and locals.</p>
<p>Praveer Sinha, CEO and MD of Tata Power, said, &#8220;We appreciate DFC&#8217;s assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power’s ability to set up a state-of-the-art manufacturing supply line in the country. This will go a long way in supporting the renewable and clean energy transition in the country.”</p>
<p>The financing approved by the Board of Directors at DFC is pending U.S. congressional notification.</p>
<p>DFC, America’s development finance institution, partners with private sector players across the globe to finance development and sustainability solutions.</p>
<p>In December 2021, it <a href="https://www.mercomindia.com/dfc-approves-debt-finance-first-solar" target="_blank" rel="noopener">approved</a> $500 million of debt financing to First Solar to set up a 3.3 GW vertically integrated solar module manufacturing facility in Tamil Nadu.</p>
<p>With the funding, DFC aims to support India’s ambitious program to establish a robust domestic manufacturing capability to support the increasing solar capacity additions in the country.</p>
<p>Tata Power aims to increase its clean energy capacity from 38% to 70% by 2030, focusing on expanding renewable energy capacity and transitioning into a consumer-oriented business.</p>
<p>The company’s renewable energy portfolio is ~7.8 GW, comprising a 4.1 GW operational and 3.6 GW pipeline capacity. It also has a solar cell and module manufacturing facility with 500 MW capacity each in Bengaluru.</p>
<p>In March this year, TP Solar, another Tata Power subsidiary, was <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">allotted</a> ₹3.8 billion (~$46 million) for manufacturing 4 GW of modules under Tranche II of the Solar Modules Manufacturing Performance-Linked Incentive program.</p>
<p>Tata Power <a href="https://www.mercomindia.com/tata-powers-residential-rooftop-grew-87-yoy-q1-fy-2024" target="_blank" rel="noopener">reported</a> a net profit of ₹11.41 billion (~$137.71 million) in the first quarter of the financial year 2024, marking a growth of 29% year-over-year.</p>


Tata Power Secures $425 Million for Solar Manufacturing Facility in Tamil Nadu


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					</table><p>Electric Vehicle (EV) financing platform for individuals, <a href="https://www.revfin.in/" target="_blank" rel="noopener">Revfin</a><u>,</u> has raised $5 million in funding from the United States International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) with an aim to promote inclusive financing for EV adoption across India.</p>
<p>The strategic investment, made under DFC&#8217;s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.</p>
<p>With the support of funds from DFC, Revfin, which has invested significantly in over 21,800 electric three-wheelers, aims to solidify its position as a leader in India&#8217;s EV financing landscape.</p>
<p>Additionally, the company intends to diversify its offerings by venturing into financing two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.</p>
<p>Sameer Aggarwal, Founder and CEO of Revfin, emphasized the immense potential of the EV industry in India and the employment opportunities it offers.</p>
<p>He noted that limited financing options hinder the industry&#8217;s growth. Aggarwal expressed gratitude for DFC&#8217;s forward-thinking investment in Revfin, believing it will significantly scale up EV adoption and enhance financial inclusion.</p>
<p>&#8220;The investment will enable Revfin to expand access to attractive financing solutions, playing a crucial role in driving EV demand and aiding India in achieving carbon neutrality,” Aggarwal said.</p>
<p>Jim Polan, Vice President of DFC&#8217;s Office of Development Credit, highlighted the partnership with Revfin as a means to support inclusive EV financing and promote EV adoption in India. Polan stated that this investment showcases DFC&#8217;s ability to mobilize capital to support Indian innovation while creating financial opportunities for underserved communities.</p>
<p>Revfin offers financing products for different types of EVs through original equipment manufacturers (OEMs) and fleets.</p>
<p>The company said it has facilitated more than 456 million kilometers of emission-free travel, reducing CO2 emissions by 43,650 tons, generating 21,800 employment opportunities, and directly or indirectly improving the lives of 7.6 million people.</p>
<p>In October last year, Revfin <a href="Revfin%20closed%20a%20Series%20A%20funding%20round%20of%20$10%20million%20in%20a%20combination%20of%20equity%20and%20debt.%20The%20funding%20round%20was%20led%20by%20Green%20Frontier%20Capital%20(GFC),%20a%20venture%20capital%20fund%20focusing%20specifically%20on%20climate%20investments,%20with%20participation%20from%20existing%20investors." target="_blank" rel="noopener">closed</a> a Series A funding round of $10 million in a combination of equity and debt. The funding round was led by Green Frontier Capital, a venture capital fund focusing specifically on climate investments, with participation from existing investors.</p>
<p>In September 2022, Revfin and a group of financiers, including Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp, and Grip Invest, <a href="https://mercomindia.com/daily-news-wrap-up-amplus-solar/" target="_blank" rel="noopener">launched</a> the Electric Mobility Financiers Association of India. The association’s mission is to enable the fast adoption of electric mobility, shape policies, and guidelines, and mitigate risks associated with electric mobility.</p>


US-based DFC Invests $5 Million in EV Financing Platform Revfin


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					</table><p><a href="https://www.mercomindia.com/government-finance-green-shipping-project-cost" target="_blank" rel="noopener"><strong>The Ministry of Ports, Shipping, and Waterways will bear 30% of the cost for green shipping initiatives to accelerate the green transition in the Indian shipping sector and bring efficiency via the digitization of port operations.</strong></a> The ministry also announced that four state-owned ports, namely Jawaharlal Nehru Port, VO Chidambaranar Port, Paradip Port, and Deendayal Port, will procure two green tugboats each to expedite the Green Tug Transition Program.</p>
<p><a href="https://www.mercomindia.com/battery-emo-raises-%e2%82%b9100-million-seed-funding" target="_blank" rel="noopener"><strong>Bengaluru-based energy startup EMO Energy, which builds battery packs for high-power applications, has raised ₹100 million (~$1.2 million) in a seed round led by Transition Venture Capital.</strong></a> The round was co-led by Gruhas. EMO Energy offers battery packs for light electric vehicles. The company said these battery packs are powered by ZEN, a proprietary cell-agnostic tech platform that allows 100% fire safety, 20-minute fast charging, and 120% improvement in battery life.</p>
<p><strong> </strong><a href="https://www.mercomindia.com/uttar-pradesh-bids-solarization-1000-agricultural-pumps" target="_blank" rel="noopener"><strong>Uttar Pradesh New and Renewable Energy Development Agency has invited bids to install and commission grid-connected solar power systems for 1,000 agricultural pumps</strong></a> under Component C1 of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program. The successful bidder will have to operate and maintain the project for five years from the date of commissioning. The last date to submit the bids is June 15, 2023. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/sjvn-green-140-mwp-modules-punjab" target="_blank" rel="noopener"><strong>SJVN Green Energy, a wholly-owned subsidiary of SJVN, has invited bids to manufacture and supply 140.4 MWp of solar modules for the Pojewal and Rurki Chandpur solar power projects in Nawashahar, Punjab.</strong></a> The modules must be supplied within four months of receiving the work order. The last date to submit the bids is June 13, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/hpcl-invites-bids-for-solar-in-karnataka" target="_blank" rel="noopener"><strong>Hindustan Petroleum Corporation has invited bids from contractors to develop two solar projects with a cumulative capacity of 3.6 MW in the towns of Yediyur and Hiriyur in Karnataka.</strong></a> The company has floated two tenders for a capacity of 1.7 MW and 1.9 MW. The deadline for submitting bids for the Yediyur project is June 2, 2023, and the proposals will be opened on the same day. For the Hiriyur project, the deadline for bid submission is June 5, 2023, and the bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/eastern-railway-bids-1-mw-rooftop-solar-systems" target="_blank" rel="noopener"><strong>The Sealdah Division of Eastern Railway has invited bids for the design, supply, installation, and commissioning of 1 MW of rooftop solar systems.</strong></a> The project must be completed within 12 months of the letter of award. The minimum installed capacity of the solar system in any location will be 10 kW. The last date to submit the bids is June 12, 2023.</p>
<p><a href="https://www.mercomindia.com/iti-553500-polycrystalline-solar-cells" target="_blank" rel="noopener"><strong>ITI Limited, a public sector undertaking under the Department of Telecommunications, has floated a tender to supply 553,500 polycrystalline solar cells.</strong></a> The total tender value is ₹36.5 million (~$440,754). The entire quantity must be supplied in three lots against each purchase order. The last date to submit bids is June 7, 2023. Bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/optimal-tariffs-and-efficient-financing-risks-interview" target="_blank" rel="noopener"><strong>Better forecasting and optimal and buffered project tariffs reduce the risks and make it easy for lenders to finance renewable projects over a longer term, P K Sinha, ED Projects at Power Finance Corporation,</strong></a> said in an exclusive interview on the sidelines of the Mercom India Renewables Summit 2023. He also added that stricter regulations around financing had been one of the driving factors behind the considerable improvement in the otherwise sluggish performance of state distribution companies.</p>
<p><a href="https://www.mercomindia.com/indigenous-technology-key-solar-manufacturing" target="_blank" rel="noopener"><strong>Gradually indigenizing the technology used in solar module manufacturing and creating products that cater specifically to the unique market conditions in India could help India advance towards becoming a manufacturing hub</strong></a><strong>,</strong> Shubra Mohanka, Director at Gautam Solar, commented in an exclusive interview on the sidelines of Mercom India renewables Summit 2023.</p>
<p><a href="https://www.mercomindia.com/iit-jodhpur-proposes-offshore-wind-farms-to-cool-nuclear-plants" target="_blank" rel="noopener"><strong>Researchers from the Indian Institute of Technology (IIT Jodhpur) have proposed employing offshore wind farms as reliable power sources for meeting the cooling requirements of nuclear power plants.</strong></a> The study, conducted at the Madras Atomic Power Station in Chennai, showcases the applicability of this strategy to enhance the seismic resilience of nuclear power plants. The findings of this research have been published in the <em>Nuclear Engineering and Design Journal</em>.</p>
<p><a href="https://www.mercomindia.com/dfc-commits-49-5-million-expand-smart-meter-program" target="_blank" rel="noopener"><strong>The U.S. International Development Finance Corporation (DFC) has agreed to extend a loan of $49.5 million to Genus Power Infrastructures for the expansion of electric smart meters implementation across India.</strong></a> DFC is the development finance institution of the United States. Genus has manufacturing plants across Jaipur, Haridwar, and Guwahati, with an installed capacity of over 10 million smart meters.</p>
<p><a href="https://www.mercomindia.com/solar-manufacturing-2022-meet-2030-iea" target="_blank" rel="noopener"><strong>The current global project pipeline for solar energy is capable of accommodating the deployment needs by 2030 if the utilization rates increase to 85% on average, under the Net Zero Emissions scenario</strong></a><strong>,</strong> according to a recent analysis by the International Energy Agency (IEA). In the report, IEA dissected the manufacturing capacities around clean technology with a focus on solar photovoltaic modules, wind turbines, batteries, electrolyzers, and heat pumps.</p>
<p><a href="https://www.mercomindia.com/chinese-low-cost-solar-exports-challenge-us-eu-india-reshoring-policies" target="_blank" rel="noopener"><strong>China’s solar exports surged by 64% to $52 billion in 2022, on the back of low-cost supply and technological expertise, despite global trade tensions, according to a recent analysis published by Wood Mackenzie.</strong></a> The solar exports from China during the year were mainly dominated by modules, with Europe being the country’s top solar module export destination with a 56% share. Solar cell exports grew by over 100%, with Southeast Asia taking a 31% share of the total exports.</p>


Daily News Wrap-Up: Government to Bear 30% of Green Shipping Cost

<p>The U.S. International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) has approved $500 million of debt financing to First Solar to set up a 3.3 GW vertically integrated solar module manufacturing facility in Tamil Nadu, India.</p>
<p>With this investment, DFC aims to diversify solar supply chains. It said its investment promotes the commitment of the U.S. to tackle climate change at home and abroad. The investment also supports India’s ambitious energy targets.</p>
<p>In June, First Solar <a href="https://mercomindia.com/first-solar-module-manufacturing-india/" target="_blank" rel="noopener">announced</a> investing $684 million to set up a vertically integrated photovoltaic (PV) thin-film solar module manufacturing facility in India.</p>
<p>First Solar produces thin-film solar panel modules that do not use polysilicon. The company also joins the Responsible Business Alliance and will replicate transparency and traceability protocols in India to amplify supply chain transparency throughout the renewable energy sector. The company’s new facility will cater to the growing Indian solar market, a Quadrilateral Security Dialogue (Quad) ally, and a critical partner to the U.S. in the Indo-Pacific region.</p>
<p>The Quad comprises Australia, Japan, India, and the United States. Their primary objective is to work for a free, prosperous, and inclusive Indo-Pacific region.</p>
<p>Last month, at the COP26 Summit in Glasgow, Scotland, Prime Minister Narendra Modi <a href="https://mercomindia.com/india-become-carbon-neutral-2070/" target="_blank" rel="noopener">said</a> that India aims to become a net-zero economy by 2070 and has set a target of installing a non-fossil energy capacity of 500 GW by 2030.</p>
<p>Dev Jagadesan, Acting Chief Executive Officer of DFC, said, “DFC is thrilled to be in a position to support First Solar’s new venture in India, which will boost solar panel manufacturing capacity for a key ally and help mobilize the industry to take up better standards that align with the U.S. values. This transaction represents another milestone in the United States effort to drive alternative supply chains – and to articulate a vision for climate finance that drives our development mission.”</p>
<p>According to DFC, First Solar is the only U.S.-based company among the world’s ten largest solar manufacturers. The company also <a href="https://mercomindia.com/first-solar-begins-construction-module-facility/" target="_blank" rel="noopener">unveils</a> its plans to develop a 3.3 GW module manufacturing facility in Ohio, United States. The company expects to have 16 GW of global module manufacturing capacity by 2024.</p>


DFC Approves $500 Million Debt Finance for First Solar’s 3.3 GW Module Plant in India

<p>The United States Agency for International Development (<a href="https://www.usaid.gov/" target="_blank" rel="noopener">USAID</a>) and the US International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) announced a $41 million loan guarantee program to finance investment in renewable energy solutions, including rooftop solar installations by Indian small and medium enterprises (SMEs). These loans are expected to enable SMEs to access reliable power and cut costs.</p>
<p>USAID/India&#8217;s Acting Mission Director Karen Klimowski said, &#8220;Investments in solar solutions, secured by these credit guarantees, will improve access to clean, steady, and affordable energy as well as further progress towards India&#8217;s clean energy transition and climate change mitigation.</p>
<p>As per the statement carried by PTI, India&#8217;s commercial and industrial (C&amp;I) sectors pay high fees for their electricity, making rooftop solar a sustainable, cost-saving investment. SMEs and residential consumers continue to face obstacles in securing the financing needed to install and use rooftop panels. SMEs account for 48% of the total energy consumed in India&#8217;s industrial sector.</p>
<p>The joint statement further added that rooftop solar power generation offers a win-win situation, adding that lower monthly energy costs drive important social benefits, including job creation and economic growth while reducing carbon emissions and improving air quality.</p>
<p>USAID and DFC partnered with the New York-based Encourage Capital, an environment-focused investment firm, two Indian non-banking financial companies, cKers Financial and woman-owned Electronica Finance Limited (EFL), to address this challenge.</p>
<p>Encourage Capital has invested $15 million in EFL, which will use the USAID-DFC loan portfolio guarantee to stimulate the rooftop solar market &#8211; representing a $9 billion market opportunity &#8211; for SMEs.</p>
<p>In June 2019, Encourage Solar Finance had <a href="https://mercomindia.com/encourage-capital-rooftop-solar-equity-fund/" target="_blank" rel="noopener">announced</a> the first closing of a private equity fund, Encourage Solar Finance, at $40 million. The equity fund catered to the Micro, Small, and Medium Enterprises (MSME) sector in India. In India, specialized financial institutes were to receive investments from the fund to develop and scale commercial rooftop solar finance solutions for MSMEs.</p>
<p>In June last year, the DFC had <a href="https://mercomindia.com/us-dfc-solar-projects-india/" target="_blank" rel="noopener">approved</a> $1 billion (₹75 billion) to enhance sustainable development processes in Africa, Latin America, the Indo-Pacific, and other emerging markets, including India.</p>


USAID, DFC to Provide $41 Million Loan for Financing Rooftop Solar By SMEs

<p>The <a href="https://www.dfc.gov/" target="_blank" rel="noopener noreferrer">U.S. International Development Finance Corporation</a> (DFC) has approved $1 billion (₹75 billion) to help enhance sustainable development processes in Africa, Latin America, the Indo-Pacific, and other emerging markets, including India.</p>
<p>DFC was established in 2019 through the BUILD (Better Utilization of Investments Leading to Development) Act. The BUILD Act combined the capabilities of the Overseas Private Investment Corporation (OPIC) and the Development Credit Authority (DCA), which had previously been housed in the <a href="https://www.usaid.gov/" target="_blank" rel="noopener noreferrer">U.S. Agency for International Development</a> (USAID).</p>
<p>The board also approved a project that would address resource scarcity in India. To address the issue, DFC announced that up to $30 million (₹2.3 billion) investment in the South Asia Growth Fund II would support businesses in the energy, water, and food sectors across India.</p>
<p>The additional projects which have been already approved by DFC include strengthening energy security in India, enhancing the power supply, and generating solar power.</p>
<p>“These projects will uplift some of the most underserved communities around the world,” said Adam Boehler, the DFC’s chief executive officer.</p>
<p>He said that the impact of these projects would be particularly meaningful as the world continues to fight the health and economic fallout of the coronavirus pandemic.</p>
<p>According to DFC, a $142 million (₹10.7 billion) loan has also been approved, which will help ReNew Power develop a 300 MW solar power project in Rajasthan. In December 2019, Mercom had reported that ReNew Power <a href="https://mercomindia.com/renew-power-gs-ec-solar-project-rajasthan/" target="_blank" rel="noopener noreferrer">announced</a> a joint venture partnership with South Korea’s GS E&amp;C for the construction of a 300 MW solar power project in Rajasthan. The project was a part of the Solar Energy Corporation of India’s (SECI) tranche-IV auctions, which concluded earlier in 2019.</p>
<p>Similarly, to enhance the power supply in the country, DFC approved a $50 million (~₹3.8 billion) loan to Sitara Solar Energy Private Ltd., to build and operate a 100 MW solar power project in the state of Rajasthan. Last year in March, four solar projects developers, Fortum Solar (250 MW), ACME Solar (250 MW), Sitara Solar (100 MW), and Palimarwar Solar (40 MW), had <a href="https://mercomindia.com/solar-auction-results-750-mw-rajasthan/" target="_blank" rel="noopener noreferrer">quoted</a> the lowest tariff of ₹2.48 (~$0.0349)/kWh in the auction held by SECI for 750 MW of solar power projects.</p>
<p>Under the additional projects, a $27.3 million (₹2.1 billion) loan has also been approved to enable Paryapt Solar Energy Private Ltd, to build and operate a 50 MW solar power project in Gujarat.  In February 2019, Paryapt Solar <a href="https://mercomindia.com/upc-solar-l1-tariff-gujarat-solar-auction/" target="_blank" rel="noopener noreferrer">emerged</a> as the lowest bidder to develop a 50 MW solar project. It had quoted a tariff of  ₹2.55 (~$0.035)/kWh. The auction was conducted by the Gujarat Urja Vikas Nigam Limited.</p>
<p>Meanwhile, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/q1-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Q1 2020 Solar Funding and M&amp;A Report</a>, the total corporate funding in the solar sector, which included venture capital funding, public market, and debt financing <a href="https://mercomindia.com/coronavirus-corporate-funding-solar-dropped/"> </a> by 31% at $1.9 billion (~₹143.4 billion) in Q1 2020 as compared $2.8 billion (~₹211.35 billion) raised in Q1 of 2019. The report attributed the downturn in funding activity to lower venture capital and public market financing as the COVID-19 pandemic has affected people and industries across the globe.</p>


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