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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>As the price of polysilicon materials dropped by almost 50% during the first half (1H) of 2023, solar manufacturers in China have scaled up expansion plans with silicon wafers/rods/slices reaching 442 GW, silicon materials reaching 760,000 tons and solar modules and batteries together approaching 1,100 GW during the period.</p>
<p>The total expansion would amount to a total of ¥100 billion (~$13.89 billion), as reported by China’s Solar Photovoltaic Portal &#8211; <a href="https://guangfu.bjx.com.cn/" target="_blank" rel="noopener">Polaris Solar Photovoltaic Network</a>.</p>
<p><strong>Polysilicon</strong></p>
<p>Investments in polysilicon witnessed a dip during 1H. Polysilicon production amounted to 760,000 tons compared to the 1.37 million tons achieved during the same period last year. The investment also saw a 55.47% YoY drop.</p>
<p>The drop in polysilicon prices is due to the over-expansion of production capacity over the last two years following a severe polysilicon supply crunch.</p>
<p>According to Polaris Solar Photovoltaic Network, only six companies across the country &#8211; Hoshine Silicon, Lihao Semiconductor, Tongwei, Runyang Yueda, Shangji CNC, and Runxiang Quartz Mining &#8212; announced expansion plans with a total investment of more than ¥10 billion (~$1.39 billion).</p>
<p><strong><img decoding="async" class="aligncenter size-full wp-image-56452" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23.png" alt="China Polysilicon capacity expansion 1H23" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23.png 780w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23-300x138.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23-768x353.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23-650x299.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23-624x287.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Polysilicon-capacity-expansion-1H23-600x276.png 600w" sizes="(max-width: 780px) 100vw, 780px" /></strong></p>
<p><strong>Wafers</strong></p>
<p>According to the Polaris Solar Photovoltaic Network’s statistics, silicon wafer production reached 442 GW from January to June and was worth ¥41 billion (~$5.7 billion).</p>
<p>Some of the major announcements during 1H 2023 include LONGi Green Energy’s announcement to expand its production capacity to 100 GW in Xixian New District, Shaanxi, and TCL Zhonghuan augmentation of its silicon wafer production capacity to 35 GW in Yinchuan, Ningxia, and Guangzhou.</p>
<p>In January, JA Solar unveiled plans to expand its vertically integrated production capacity to 20 GW of silicon wafers and 20 GW of crystal pulling capacity with a total investment of ¥40 billion (~$5.56 billion). In June, the company expanded its Inner Mongolia Ordos facility to manufacture 30 GW of crystal pulling and 10 GW of silicon wafers.</p>
<p>Jinko raised ¥10 billion (~$1.39 billion) for its expansion plan for a 10 GW engineering project in the first phase of the 20 GW rod-cutting project.</p>
<p>Canadian Solar also revealed its plan to expand the silicon wafer and cell production capacity by 14 GW in Yangzhou.</p>
<p>Several new players also announced investments to expand production capacities across the country.</p>
<p>The report notes two noticeable trends across all expansion plans – first, the expansion of N-type silicon wafers, and second, the new requirements for thinning of silicon wafers and the layout of ultra-thin silicon wafers with the increased demand for N-type cell technology.</p>
<p>For the N-type layout, companies like Huamin and Daheng Energy have announced a total of 41 GW of silicon wafer expansions.</p>
<p>TCL Zhonghuan has reduced the thickness of its N-type silicon wafers to 110 μm from 130 μm. Similarly, Gaoce has started the mass production of 210 mm and 110 μm silicon wafers. The company is said to have achieved 60 μm flakes during its research and development breakthroughs.</p>
<p>The Polaris Solar Photovoltaic Network foresees a collision between the old and the new silicon wafer manufacturers in the Chinese solar market as the prices continue to drop.</p>
<p>The price for LONGi silicon wafers continued to drop for two consecutive months, and the latest price of a monocrystalline P-type M10 silicon wafer is ¥2.93 (~$0.41) per piece, which is 53.12% lower than what it was at the start of the year.</p>
<p>The price for the latest P-type 150um 218.2mm silicon wafer from Zhonghuan has dropped by 34.69%, and the price for N-type 130um 210mm silicon wafers has dropped by 34.73% since January 2023.</p>
<p><strong>Cells &amp; Other Components</strong></p>
<p>With the transition of technology from P-type to N-type, cell and module companies now have three new technologies to choose from – Tunnel Oxide Passivated Contact (TOPCon), Heterojunction technology (HJT), and Interdigitated Back Contact (IBC).</p>
<p>According to the Polaris Solar Photovoltaic Network statistics, the total scale of cell and module production expansion has reached 1,100.6 GW in 1H 2023, compared to 475.1 GW last year.</p>
<p>The cell sector expansion alone accounts for 65.3% of the total capacity.</p>
<p>The TOPCon technology has witnessed the fastest growth rate, accounting for 21.84% of the total expansion. While HJT, after being dropped by multiple manufacturers as a unviable technology, accounted for only 10.23%, and Hybrid Passivated Back contact Cell (HPBC), a product of IBC technology, accounted for 1.99%.</p>
<p>LONGi’s cell production expansion scale reached 100 GW during 1H 2023, and the module production scale expanded to 10 GW. JA Solar expanded the production capacity to 70 GW cells and 25 GW components, while Jinko expanded the production capacity to 11 GW of cells and 15 GW components, which included a high-efficiency cell project with a 10 GW capacity.</p>
<p>The Polaris Solar Photovoltaic Network also highlights several new players in China who have announced ambitious expansion plans.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-56453" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23.png" alt="China Solar Cell and Component Capacity expansion 1H23" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23.png 780w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23-300x195.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23-768x499.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23-650x423.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23-624x406.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/China-Solar-Cell-and-Component-Capacity-expansion-1H23-600x390.png 600w" sizes="(max-width: 780px) 100vw, 780px" /></p>
<p>While the expansion plans are seen as progress in the solar photovoltaic industry in China, Polaris notes that the excess production will inevitably lead to over half of the companies shutting shop over time.</p>
<p>According to China Photovoltaic Industry Association, the country’s annual export of polysilicon wafers, cells, and modules, <a href="https://www.mercomindia.com/chinas-solar-exports-jump-80-2022" target="_blank" rel="noopener">surpassed</a> $51 billion in 2022, a year-over-year increase of 80.3% despite the import barriers erected by several countries to restrict the entry of Chinese products last year.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/recent-module-price-drop-outlier-or-developing-trend" target="_blank" rel="noopener">reported</a> on the price drop of Chinese modules during the first quarter and its impact on the Indian solar manufacturing sector.</p>


China’s Solar Manufacturing Capacity Expands by 1,500 GW


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					</table><p>The <a href="http://www.csrc.gov.cn/" target="_blank" rel="noopener">China Securities Regulatory Commission</a> has approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>, to issue an initial public offering (IPO).</p>
<p>The company’s CEO Shawn Qu, said CSI expects the completion of the IPO by the second quarter of the current financial year.</p>
<p>Canadian Solar plans to use the proceeds from the IPO to further accelerate vertical integration and capacity expansion, particularly in the U.S. market. “We have already prepared $1.5 billion capital expenditure for the current year,” Senior Vice President and CFO of Canadian Solar Huifeng Chang said.</p>
<p>“We have been working on the IPO registration for two and a half years. So obviously, we want to get that deal done as soon as possible. And then there&#8217;s a process such as further updating our financial information and then roadshow, among others, which we expect to complete quickly,” Chang added.</p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-IPO.png"><img loading="lazy" decoding="async" class="alignnone wp-image-51790 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-IPO.png" alt="Canadian Solar IPO" width="602" height="364" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-IPO.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-IPO-300x181.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-IPO-600x363.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p>Early in 2020, Canadian Solar <a href="https://www.mercomindia.com/weekly-wrap-up-canadian-solar-freyr-energy" target="_blank" rel="noopener">announced</a> that it has decided to list its business on Chinese capital markets and hinted that it would pursue a listing of its Module and System Solutions business either on the Shanghai Stock Exchange’s Science and Technology Innovation Board or the Shenzhen Stock Exchange’s ChiNext market.</p>
<p>Based on the precedents in the China IPO market, the listing process was estimated to take place in 18-24 months.</p>
<p>In January, Canadian Solar <a href="https://www.mercomindia.com/canadian-solar-expand-solar-battery-capacity-china" target="_blank" rel="noopener">entered</a> a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province of China for capacity additions across the company’s solar and battery storage supply chain.</p>
<p>The capacity expansion will be executed in three phases. In the first phase, the company will set up 14 GW of wafer and cell capacity. Production is scheduled to commence during the second half of the financial year 2023.</p>
<p>CSI Solar <a href="https://www.mercomindia.com/canadian-solars-q4-income-surges-200-higher-shipments" target="_blank" rel="noopener">shipped</a> 21.1 GW of solar modules in 2022, up by 45% YoY, while the utility-scale battery storage shipments doubled to 1.79 GWh from last year.</p>
<p>Last year, Canadian Solar <a href="https://www.mercomindia.com/project-finance-brief-canadian-solar-stake-solar-projects" target="_blank" rel="noopener">signed</a> an agreement with SPIC Brasil, a power generation company in Brazil, to sell a 70% stake in 738 MW of solar projects in Brazil.</p>


China Securities Regulatory Commission Approves Canadian Solar’s IPO


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					</table><p>U.S.-based <a href="https://www.hecateenergy.com/" target="_blank" rel="noopener">Hecate Energy</a>, 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 and $300 million Letter of Credit facility.</p>
<p>The credit facility will support Hecate’s plans to expand its solar and energy storage project pipeline.</p>
<p>The new facilities will be collateralized with the company’s approximately 35 GW development pipeline comprising over 125 projects across ten power markets in North America, along with its minority ownership interests in Hecate Grid.</p>
<p>Hecate Grid is a developer, owner, and operator of standalone storage projects in the U.S. The platform is jointly owned by Hecate Energy and InfraRed Capital, a $10-plus billion infrastructure fund.</p>
<p>The proceeds from the term loan helped refinance an existing loan facility at a lower cost to Hecate, and the letter of credit enables it to issue numerous grid interconnection and power purchase agreements that will support its target of achieving sales of over 5 GW annually.</p>
<p>CEO of Hecate Energy, Chris Bullinger, said, “Support from these leading international financial institutions validates Hecate’s approach to renewables development and will accelerate our drive to deploy significantly more efficient and cost-effective renewable energy and storage solutions across the United States.”</p>
<p>Fred Petit, Co-Head of Investec’s North American Power &amp; Infrastructure Coverage, said, “We worked with the company to identify a syndicate of lenders that could deliver on a well-structured transaction to support one of the largest pipelines of solar and energy storage assets in the U.S. This financing demonstrates Investec’s continued commitment to the energy transition sector, our strong distribution capabilities, and ability to meet our clients’ objectives.”</p>
<p>Over the last eight years, the company has executed over 36 power project transactions, totaling more than 6,500 MW of capacity.</p>
<p>In May 2021, Spanish energy company Repsol agreed to <a href="https://mercomindia.com/funding-and-ma-roundup-solar-cell-manufacturer-exeger/" target="_blank" rel="noopener">purchase</a> a 40% stake in Hecate energy. The acquisition was aimed at helping Repsol expand its presence in America’s renewable energy market.</p>
<p>In August 2021, Greenbacker Renewable Energy, through a wholly-owned subsidiary, <a href="https://mercomindia.com/project-finance-brief-opdenergy-spanish-portfolio/" target="_blank" rel="noopener">purchased</a> two utility-scale solar projects – Hecate Energy Albany 1 (20 MW) and Hecate Energy Albany 2 (20 MW) – totaling 40 MW from Hecate Energy.</p>


Hecate Energy Secures $550 Million to Support Renewables Expansion


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					</table><p>The German Federal Maritime and Hydrographic Agency (<a href="https://www.bsh.de/DE/Home/home_node.html" target="_blank" rel="noopener">BSH</a>) has published the area development plan 2023 aimed at helping Germany achieve its target of expanding offshore wind energy to 30 GW by 2030.</p>
<p>The plan includes mappings for deploying wind turbines in the North and Baltic Seas, where the country sees immense potential for offshore wind.</p>
<p>BSH has defined specific areas in the exclusive economic zone of the North Sea and Baltic Sea where the upcoming wind farms will be erected.</p>
<p>The agency said it is also implementing the tasks from the offshore implementation agreement signed between the federal government, the states, and the transmission system operators last November.</p>
<p>The plan determines how and when these areas will be tendered while listing guidelines for the connection of the future wind farms to the onshore power grid. The plan also regulates the technical principles for these connection lines.</p>
<p>“With the early implementation of the increased offshore expansion targets in the area development plan, the BSH is making an important contribution to the accelerated energy transition. At the same time, the update of the technical plan ensures the upcoming ambitious expansion of offshore wind energy and the necessary coordination with the grid connection,&#8221; said Nico Nolte, the head of the Order of the Sea Department at the BSH.</p>
<p>The BSH plan will further support the European Commission’s <a href="https://mercomindia.com/european-commission-plans-offshore-wind/" target="_blank" rel="noopener">target</a> to increase Europe&#8217;s total offshore wind capacity up to 60 GW by the end of the decade and 300 GW by 2050. To help achieve the European Union’s climate neutrality goals, the Commission proposes the additional capacity enhancement of ocean energy among other emerging technologies, particularly floating wind and solar.</p>
<p>In December 2022, the European Commission also <a href="https://mercomindia.com/european-commission-approves-germanys-plan-renewables/" target="_blank" rel="noopener">approved</a> the amendment to a German government’s program called Renewable Energy Act 2023, which aims to extend and modify the nation’s support of clean energy. Under the program, Germany has introduced an effective volume control mechanism to encourage innovation in tenders that will be invited to develop rooftop and ground-mounted solar projects along with onshore wind and biomethane projects.</p>


Germany Earmarks Sites to Expand Offshore Wind Capacity to 30 GW by 2030


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					</table><p>Ireland-headquartered renewables producer <a href="https://alternusenergy.com/" target="_blank" rel="noopener">Alternus Energy</a> has signed a deal with <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut" target="_blank" rel="noopener">Deutsche Bank</a> for a project financing facility of up to €500 million (~$532.3 million).</p>
<p>An initial draw of €80 million (~$85.1 million) has also been approved. The company will use the proceeds to acquire solar photovoltaic assets, both operating and under-construction projects, in Europe.</p>
<p>The company said it will also use the capital to finance the construction of up to 600 MW of the development pipeline on a revolving basis, bolstering Alternus’s planned growth strategy through 2025. It will also support the closure of the company’s current contracted acquisitions.</p>
<p>Deutsche Bank will also serve as lead arranger in the syndication of the remaining facility as and when projects are submitted for approval.</p>
<p>The facility will help Alternus expand its current annual recurring revenues to over €200 million (~$212.9 million) by the end of 2025 from approximately €30 million (~$31.9 million) currently.</p>
<p>The company’s operational portfolio of solar assets spread across five European countries currently provides an attractive long-term recurring cash flow generation with ~€400 million (~$425.9 million) lifetime revenues, of which ~€172 million (~$183.1 million) is already contracted.</p>
<p>Alternus Group’s CEO Vincent Browne said, “This facility will support development projects and provide construction finance across multiple European jurisdictions. Securing this facility will allow us to accelerate our growth initiatives over the next few years. Deutsche Bank is an ideal partner as they share our vision of combatting climate change through the delivery of clean energy assets while maximizing stakeholder benefits in the process.”</p>
<p>Earlier this year, Alternus Energy <a href="https://mercomindia.com/daily-news-wrap-up-suzlon-to-develop-48-mw-wind-for-adani/" target="_blank" rel="noopener">established</a> its clean energy development business, Altnua, aiming to extend its operations as a renewable asset developer across Europe and the United States.</p>
<p>In April this year, the company agreed to <a href="https://mercomindia.com/project-finance-brief-alternus-energy-solar-projects-spain/" target="_blank" rel="noopener">acquire</a> up to 228 MW of solar projects in ready-to-build status in Spain.</p>


Alternus Secures €500 Million Facility to Expand Clean Energy Business


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					</table><p><a href="https://mercomindia.com/northvolt-raises-2-75-billion/" target="_blank" rel="noopener">Northvolt</a>, a Sweden-based manufacturer of lithium-ion batteries, has signed a $1.1 billion convertible note to finance the expansion of its battery and cathode material production in Europe.</p>
<p>In the past five years, Northvolt has secured nearly $8 billion in equity and debt to further its plans to establish a sustainable battery supply.</p>
<p>The lithium-ion battery manufacturer has a strong customer base, including global automotive conglomerates like BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group. Northvolt aims to deliver on orders procured from its key customers, amounting to $55 billion, by developing a manufacturing capacity.</p>
<p>Investors participating in the fund-raising round were AMF, AP funds 1-4 via the co-owned company 4 to 1 Investments, ATP, Ava Investors, Baillie Gifford,  Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital, and Volkswagen Group.</p>
<p>Co-founder and CEO of Northvolt Peter Carlsson said, “The combination of political decision making, a firm commitment from customers to the transition to electric vehicles, and a very rapid rise in consumer demand for cleaner products has created a perfect storm for electrification. We will continue to work hard to deliver on the promise we have made to them to build the world’s greenest battery.”</p>
<p>The company made the first commercial deliveries of its battery cell in the spring of 2022. The battery cells were produced at the Northvolt Ett gigafactory in Skellefteå, Sweden.</p>
<p>Northvolt maintains a large-scale recycling program to enable 50% of its raw material requirements to be sourced from recycled batteries by 2030. The company promotes in-house competencies throughout the battery value chain, including cathode material production and recycling.</p>
<p>The company’s key projects include ramping up and <a href="https://mercomindia.com/northvolt-raises-2-75-billion/" target="_blank" rel="noopener">expanding</a> the Northvolt Ett Gigafactory, while it targets the establishment of the Northvolt Volvo Cars joint venture gigafactory in Gothenburg, Sweden. The manufacturer is also planning to set up its third Gigafactoryin Heide, Germany, while it aims to establish Northvolt Fem, a cathode factory, in Borlänge, Sweden.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2022 Funding and M&amp;A Report for Storage, Grid, and Efficiency</a>, the corporate funding for battery storage, smart grid, and energy efficiency companies globally stood at $13.3 billion, which is a 166% year-over-year spike from $5 billion raised in the first quarter of the previous financial year.</p>


Northvolt Raises $1.1 Billion to Fund Expansion of Battery and Cathode Production

<p>TUV Rheinland India has expanded its footprint in India with the opening of a €2.5 million (~₹192.6 million) facility in Bangalore to test Solar PV and other technologies. The company is a subsidiary of TUV Rheinland Group, a training, inspection, consulting, and certification company based in Germany.</p>
<p>The new, purpose-built facility is spread over 14,000 square meters and makes TUV Rheinland India the first international testing, training, inspection, consulting, and certification organization operating in the country to house all of its laboratories under a single roof.</p>
<p>The facility has numerous laboratories, including a photovoltaic lab, a material testing lab, an electrical safety lab, a medical lab, a battery testing lab, and a soft line testing lab. The facility is also home to a wireless Internet of Things (IoT) testing laboratory, which conducts radiated and conducted signal measurements as well as wireless alliance certification.</p>
<p>TUV Rheinland India can accommodate products ranging from medical to photovoltaic, IT and audio‑video products, home automation, home and kitchen appliances, batteries for IT products, wireless devices, and automotive components.</p>
<p>The facility is designed to be compliant with a variety of national and international accreditations, including the International Electrotechnical Commission for Electrical Equipment’s (IECEE’s) CB Scheme. Key capabilities include X-ray equipment testing, vibration and shock testing, wet testing and energy efficiency testing. There is also a calibration lab to test Electromagnetic Interference and Electromagnetic Compatibility and measuring equipment. Additionally, TUV Rheinland has specialized set-ups to test medical equipment such as electrocardiograms (ECGs), defibrillators, baby warmers, incubators, ultrasound scanners, and photo therapy devices.</p>
<p>TUV Rheinland’s massive 10-meter anechoic electromagnetic compatibility (EMC) testing lab, the first of its kind in India, will remain at its existing location in a strategic proximity to the new facility.</p>
<p>“Since its inception, TUV Rheinland has been on a continuous growth path with a view to providing the latest and best global practices to our customers in India. The setting up of this extensive, brand new facility in Bangalore is more than a milestone for our company; it is yet another initiative designed to meet the growing demands of our customers,” said Dr. Michael Fübi, chief executive officer of TUV Rheinland Group.</p>
<p>Image credit: TUV</p>


TUV Rheinland Expands in India with a €2.5 Million Solar PV Testing Facility

<p>To meet rising demand, Finnish environmental and industrial measurement company <a href="http://www.vaisala.com/en/pages/default.aspx" target="_blank" rel="noopener">Vaisala</a>, through its subsidiary 3TIER India, is adding new personnel to its staff as it responds to steadily growing demand for its renewable energy services and measurement equipment in the Indian wind and solar sectors.</p>
<p>3TIER India has relocated to a new, larger headquarters in Bangalore for the expansion and by the end of 2017, the firm expects to double the capacity of its team in a 12-month period.</p>
<p>This investment will enable Vaisala to increase regional sales and production capabilities, further enhancing its end-to-end resource risk management services for Indian renewable energy developers, operators, and investors.</p>
<p>Vaisala has worked on more than 50 GW of wind and solar projects, to date, in India, and points out that the market is still developing. According to <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener"><em>Mercom Solar Funding and M&amp;A Report</em></a>, Vaisala acquired 3TIER for approximately $15 million in 2013.</p>
<p>&#8220;The Indian solar and wind sectors are growing more competitive day by day, which in turn is underlining the value of the services we bring to the market,&#8221; said Rajni Umakanthan, managing director of 3TIER India.</p>
<p>According to the company, as India transitions to an auction-based system, the need for bidders to have reliable and accurate information is growing more acute. Developers must know the amount of energy their assets will produce to bid with confidence in this competitive market.</p>
<p>The unprecedented growth in capacity and market competition is driving demand for a full range of independent resource analysis services that not only facilitate efficient and reliable site prospecting and development, but also enable the industry to surmount operational and grid integration challenges.</p>
<p>Vaisala’s competitors in the market are <a href="http://solargis.com/" target="_blank" rel="noopener">Solargis</a> and <a href="http://www.meteonorm.com/" target="_blank" rel="noopener">Meteonorm</a>.</p>
<p>Image Credit: Vaisala</p>


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