Hindustan Petroleum Floats EPC Tender for 300 MW of Solar Projects

SolarEdge’s Q1 2024 Net Loss Narrows to $108.6 Million

US May Impose Duties on Indian Aluminum Extrusions Used in Solar Mounting and Trackers

Relux Secures ₹2.5 Billion to Expand Hyper EV Charging Stations in South India

Waaree’s Q4 FY 2024 Profit Up 341% as EPC Segment Revenue Soars

Delhi Regulator Greenlights BSES Rajdhani’s Battery Energy Storage Project

Daily News Wrap-Up: Leading Solar EPC Companies in 2023

Adani Green, UPC and Tata Power: Top Utility-Scale Solar Developers in 2023

Solar’s Share in India’s Power Capacity Rose to 19% YoY in Q1 from 15.2%

Grew Energy to Build 3.2 GW Solar Module Facility in Jammu & Kashmir


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has </strong><a href="https://mercomcapital.com/swtch-energy-raises-series-c-funding/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $27.2 Million in Series B Funding</strong> led by Blue Earth Capital with participation from Alantra’s Energy Transition Fund, Klima. Additional Series B investors include Active Impact Investments and GIGA Investments Corp. The funding will help the company accelerate the expansion of EV charging solutions in multi-tenant buildings and energy management solutions for real estate customers.</p>
<p><strong>Ecozen, a startup focused on clean technology solutions for agriculture, has </strong><a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $30 million in a new funding round</strong> to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation. 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.</p>
<p><strong>Solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to </strong><a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener"><strong>raise</strong></a><strong> over ₹15 billion (~$179.91 million)</strong> 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><strong>MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, </strong><a href="https://mercomcapital.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $5.7 million in additional funding.</strong> The round included existing investors Main Sequence and Melt Ventures, along with new investor JEKARA. The round is an extension of the $8.25 million in funding secured by the company last year to expand its commercial division and accelerate operations into 2024, bringing its total funding round to $14 million.</p>
<p><strong>AQUABATTERY, a Netherlands-based startup specializing in long-duration energy storage solutions, <a href="https://mercomcapital.com/flow-battery-startup-aquabattery-secures-million/" target="_blank" rel="noopener">secured</a> a €6 million (~$6.4 million)</strong> seed investment led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels. The funding will help the company develop its first standardized battery module and boost hiring. The company plans to launch its fourth pilot battery in Delft, Netherlands, later this year.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-nexamp-secures-520-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EV Charging Firm SWTCH Raises $27 Million


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					</table><p><a href="https://www.bloomberg.com/news/articles/2024-04-19/iran-acknowledges-drone-attack-by-israel-and-says-it-failed?srnd=homepage-asia" target="_blank" rel="noopener"><strong>REC Power Development and Consultancy has floated a tender to set up 223 MW Inter-State Transmission System-connected solar power projects anywhere in India</strong></a>. The projects will be developed under the program for flexibility in generating and scheduling thermal or hydropower stations through bundling with renewable energy and storage. The last date for the submission of bids is May 13, 2024. Bids will be opened on May 16. Bidders can set up the cumulative project capacity at a single location or sub-divided into several blocks of 5 MW or higher.</p>
<p><a href="https://www.mercomindia.com/sjvn-green-energy-invites-bids-solar-projects-in-assam" target="_blank" rel="noopener"><strong>SJVN Green Energy, a wholly owned subsidiary of </strong><strong>SJVN</strong><strong>, has invited bids for the outright purchase or lease of up to 800 acres of land for 28 years</strong></a> with all statutory clearances to set up solar power projects of 200 MW capacity in Assam. The last date for the submission of bids is May 10, 2024. Bids will be opened on the same day. Bidders have to pay ₹5,000 (~$59.86) + 18% GST as cost of the tender document. They can propose multiple land parcels, totaling a maximum of 1,200 acres, with each connected parcel being either 200 acres or multiples thereof, up to 800 acres.</p>
<p><a href="https://www.mercomindia.com/avaada-refinancing-deal-solar-rajasthan" target="_blank" rel="noopener"><strong>Avaada Energy</strong><strong> has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (</strong><strong>NaBFID</strong><strong>)</strong></a> for four inter-state transmission system-connected solar projects with a combined capacity of 1.7 GW in Rajasthan. The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.</p>
<p><a href="https://www.mercomindia.com/australia-adds-capacity-to-the-grid-in-2023" target="_blank" rel="noopener"><strong>According to the Clean Energy Council, Australia added 5.9 GW of renewable capacity to the grid in 2023, up from 5 GW in 2022. Rooftop solar contributed</strong></a> 3.1 GW, while utility-scale projects added 2.8 GW. This marked an increase from 2022, when rooftop solar provided 2.7 GW, and utility-scale projects contributed 2.3 GW. The share of renewable energy in Australia’s total electricity generation also grew, reaching 39.4% in 2023, up from 35.9% in 2022. As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022.</p>
<p><a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener"><strong>Ecozen</strong><strong>, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth</strong></a> and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation (DFC). 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.</p>


Daily News Wrap-Up: RECPDCL’s Tender for 223 MW Solar Projects


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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>Investments in the Indian solar sector in the first quarter (Q1) of the calendar year 2023 totaled $1.03 billion (~₹85 billion), a 171% year-over-year (YoY) decrease from $2.8 billion (~₹211 billion).</p>
<p>Investments were down 37% quarter-over-quarter from $1.63 billion (~₹134 billion).</p>
<p>The figures were revealed in Mercom India Research&#8217;s latest report, <a href="https://www.mercomindia.com/product/q1-2023-india-solar-market-update" target="_blank" rel="noopener">Q1 2023 India Solar Market Quarterly Update</a>.</p>
<p>During the last quarter, there was a 30% decline in solar installations compared to the previous quarter. The fall was primarily due to the postponement of several large projects, which resulted in reduced investments.</p>
<p>The overall investments were affected by decreased capital inflows into manufacturing during the same period, given the suspension of the Approved List of Models and Manufacturers regulations, the consequent demand uncertainty, and deferred capacity expansion plans.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-54886 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png" alt="Investments In Indian Solar Sector" width="752" height="396" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-624x329.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Investments-In-Indian-Solar-Sector-600x316.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></a></p>
<p>Here are a few important investment deals during the quarter:</p>
<p>The Competition Commission of India <a href="https://www.mercomindia.com/competition-watchdog-450-million-hero-futures-energies" target="_blank" rel="noopener">approved</a> a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group&#8217;s renewable arm, Hero Future Energies, by Ardor Holding II Pte, a special purpose vehicle indirectly owned by global investment firm Kohlberg Kravis Roberts.</p>
<p>Tata Power Renewable Energy (TPREL) <a href="https://www.mercomindia.com/tata-power-renewable-sale-shares-greenforest" target="_blank" rel="noopener">received</a> a capital infusion of ₹20 billion (~$260 million) in the second and final round from UK-based GreenForest New Energies. TPREL has now raised $40 billion (~₹525 million) of equity from GreenForest New Energies. In the latest round, TPREL issued 200 million compulsorily convertible preference shares to GreenForest New Energies for ₹20 billion (~₹260 million).</p>
<p>Government-owned SJVN <a href="https://www.mercomindia.com/sjvn-%e2%82%b99-2-billion-loan-japan-cooperation" target="_blank" rel="noopener">secured</a> a green financing loan of ₹9.15 billion (~$111 million) from the Japan Bank for International Cooperation to construct two solar power projects in India. The first project is the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh, and the second project is the 100 MW Raghanesda Solar Power Project in Gujarat. The combined estimated cost of these projects is ₹12.9 billion (~$156.5 million).</p>
<p>The Indore Municipal Corporation <a href="https://www.mercomindia.com/indore-municipal-corporation-%e2%82%b93-billion-green-bonds" target="_blank" rel="noopener">raised</a> ₹3.03 billion (~$37 million) in green bonds, with its ₹2.44 billion (~$30 million ) issue being oversubscribed by 1.24 times. The proceeds from the green bonds issue will fund a 60 MW ground-mounted captive solar project in the Khargone district in Madhya Pradesh.</p>
<p>Pune-based solar cold storage solutions provider 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 looks beyond agriculture to expand into new climate deep-technology fields. Nuveen and Dare Ventures led the Series C equity portion, with participation from the Export-Import Bank of India and existing investors Caspian and Hivos-Triodos Funds.</p>
<p><strong>Mercom&#8217;s India Solar Q1 2023 report is 78 pages and covers all facets of India&#8217;s solar market. For the complete report, visit:</strong> <a href="https://www.mercomindia.com/product/q1-2023-india-solar-market-update" target="_blank" rel="noopener">https://mercomindia.com/product/q1-2023-india-solar-market-update</a></p>


Investments in the Indian Solar Sector Declined 171% YoY to $1.03 billion in Q1


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					</table><p><a href="https://mercomindia.com/seci-open-access-foray-worries-private-developers/" target="_blank" rel="noopener"><strong>The government-owned renewable energy intermediary procurer Solar Energy Corporation of India (SECI) will soon enter the market for delivering renewable energy solutions</strong></a> through open access to the commercial and industrial (C&amp;I) segment – an area that has been the exclusive domain of private developers, thus far.</p>
<p><a href="https://mercomindia.com/rajesh-exports-agreement-5-gwh-lithium-cell-in-karnataka/" target="_blank" rel="noopener"><strong>Bengaluru-headquartered Rajesh Exports, through its subsidiary ACC Energy Storage, has signed an agreement with the Union Ministry of Heavy Industries (MHI) and the Karnataka</strong></a> government’s Department of Industries and Commerce for a 5 GWh lithium-ion cell factory in Karnataka. The company has been selected by the Indian government as one of the three successful participants in the ₹181 billion (~$2.2 billion) production-linked incentive (PLI) program to produce advanced chemistry lithium-ion cells.</p>
<p><a href="https://mercomindia.com/mnre-updates-almm-with-14-new-manufacturers/" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy (MNRE) has issued an updated list of models and module manufacturers under the Approved List of Models and Manufacturers (ALMM)</strong></a> order to include 83 module manufacturers with 20.98 GW of listed module capacity. The list was updated with 14 new manufacturers.</p>
<p><a href="https://mercomindia.com/consumers-smart-meters-billed-on-actual-load-minister/" target="_blank" rel="noopener"><strong>Union Minister of Power and New &amp; Renewable Energy R.K. Singh has advised states to ensure that no penalty is levied on any consumer for higher load discovered after the installation of prepaid smart</strong></a> meters. At a review planning and monitoring meeting with states and state power utilities this week, Singh asserted that the billing for consumers who have installed prepaid smart meters be done on an actual load basis.</p>
<p><a href="https://mercomindia.com/maharashtra-bids-procure-350-mw-solar-power/" target="_blank" rel="noopener"><strong>The Maharashtra State Electricity Distribution Company (MSEDCL) has invited bids to procure 350 MW of solar power from projects to be developed in the state.</strong></a> MSEDCL has set a ceiling tariff of ₹3.20 (~$0.039)/kWh for the tender. The last date to submit the bids online is February 27, 2023. Bids will be opened on the same day.</p>
<p><a href="https://mercomindia.com/gujarat-urban-development-bids-2-mw-solar-projects/" target="_blank" rel="noopener"><strong>The Gujarat Urban Development Company (GUDC) has invited bids to commission 2027.78 kW solar projects across six urban local bodies in Gujarat.</strong></a> The projects’ estimated cost is ₹154.64 million (~$1.9 million). The projects must be commissioned within three months of issuing notice to proceed. GUDC intends to set up 627.48 kW at Mansa, 300 kW at Idar, 99.9 kW at Prantij, 475 kW at Bhuj, 425.52 kW at Gandhidham, and 99.9 kW at Mandvi Rural.</p>
<p><a href="https://mercomindia.com/rajasthan-mous-%e2%82%b91-23-trillion-renewable-projects/" target="_blank" rel="noopener"><strong>To project Rajasthan as an attractive investment destination, the Rajasthan government has signed memorandums of understanding (MoUs) for nearly ₹1.23 trillion (~$15.77 billion) of renewable energy</strong></a> projects under the Invest Rajasthan program. The agreements were signed for 14 projects proposed by both public sector and private companies in the renewable energy sector.</p>
<p><a href="https://mercomindia.com/acme-partners-with-norfund-to-develop-renewable-energy-projects-in-india/" target="_blank" rel="noopener"><strong>ACME Group and Norwegian investment fund Norfund will co-invest in the development of greenfield renewable power projects in India.</strong></a> Norfund invests in developing countries and manages the Norwegian Climate Investment Fund.</p>
<p><a href="https://mercomindia.com/solar-cold-storage-ecozen-25-million-for-energy-transition/" target="_blank" rel="noopener"><strong>Pune-based solar cold storage solutions provider Ecozen has raised $25 million in equity and debt capital in its series C round as it looks beyond agriculture to expand into new climate deep-technology</strong></a> fields. The company is looking to accelerate the broader energy transition through its deep-tech expertise in energy storage, motor controls, and analytics.</p>
<p><a href="https://mercomindia.com/hecate-energy-secures-550-million-to-support-renewables-expansion/" target="_blank" rel="noopener"><strong>U.S.-based Hecate Energy, a developer of renewable projects and provider of energy storage solutions, closed a five-year $550 million credit facility package, including a $250 million term loan</strong></a> and $300 million Letter of Credit facility. The credit facility will support Hecate’s plans to expand its solar and energy storage project pipeline.</p>


Daily News Wrap-Up: SECI’s Green Energy Open Access Foray


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					</table><p>Pune-based solar cold storage solutions provider <a href="https://www.ecozensolutions.com/" target="_blank" rel="noopener">Ecozen</a> has raised $25 million in equity and debt capital in its series C round as it looks beyond agriculture to expand into new climate deep-technology fields.</p>
<p>The company is looking to accelerate the broader energy transition through its deep-tech expertise in energy storage, motor controls, and analytics.</p>
<p>The Series C equity portion was led by <a href="https://www.nuveen.com/global" target="_blank" rel="noopener">Nuveen</a> and Dare Ventures, with participation from the Export-Import Bank of India (<a href="https://www.eximbankindia.in/" target="_blank" rel="noopener">India EXIM Bank</a>) and existing investors Caspian and Hivos-Triodos Funds (managed by Triodos Investment Management).</p>
<p>Rekha Unnithan, Managing Director at Nuveen, mentioned Ecozen has built products that replace diesel water pumps and fossil-fuels-dependent coolers, improve drought resiliency for smallholder farms, and simultaneously increase farmer incomes.</p>
<p>“With Ecozen’s proven expertise in delivering climate-smart technology solutions while maintaining profitability, together we will exponentially grow their impact globally and beyond agriculture,” she added.</p>
<p>Ecozen estimates India&#8217;s market size for its innovative technology stacks will grow to $25 billion by 2025.</p>
<p>“As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range,” Devendra Gupta, CEO, and Co-Founder at Ecozen, said.</p>
<p>The company said it aims to capitalize on a slate of successful projects by establishing itself as a trusted agri value chain participant in Africa and Southeast Asia.</p>
<p>Ecozen has applied its technology stacks to the agricultural sector and positively impacted cold chains through its Ecofrost product line and the irrigation industry through its Ecotron product line.</p>
<p>The company claims to have helped generate over 1 billion units of clean energy, potentially saving 20,000 metric tons of food loss and reducing over 1 million tons of greenhouse gas emissions.</p>
<p>The company will leverage Nuveen’s experience in scaling impact-oriented businesses to augment its commercial offering, and the funding from India Exim Bank will support it in its export-related activities.</p>
<p>Early investors in Ecozen, Omnivore, and IFA achieved partial exits in the funding round.</p>
<p>The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.</p>
<p>In June 2022, Ecozen <a href="https://mercomindia.com/ecozen-secures-%e2%82%b9540-million-funding/" target="_blank" rel="noopener">raised</a> ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding round.</p>
<p>The company also <a href="https://mercomindia.com/ecozen-series-a-funding/" target="_blank" rel="noopener">raised</a> $6 million in a Series A fundraise from Sathguru Catalyser’s Innovation in Fund and Agriculture Fund.</p>


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