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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Base Power, a distributed energy storage solutions provider, </strong><a href="https://mercomcapital.com/base-power-raises-200-million-in-series-b-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $200 million in a Series B funding round.</strong> Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain. The company plans to use the funding in its R&amp;D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.</p>
<p><strong>RayGen Resources, a developer of utility-scale solar and long-duration energy storage, </strong><a href="https://mercomcapital.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> A$127 million (~$76 million) in a Series D funding round.</strong> The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.</p>
<p><strong>Electrical equipment manufacturer Havells has <a href="https://www.mercomindia.com/havells-invests-%E2%82%B96-billion-in-module-manufacturer-goldi-solar#:~:text=Electrical%20equipment%20manufacturer%20Havells%20has,said%20in%20a%20BSE%20filing." target="_blank" rel="noopener">announced</a> it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar.</strong> The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.</p>
<p><strong>Solar cell manufacturer and solar solutions provider Jupiter International has <a href="https://www.mercomindia.com/jupiter-secures-%E2%82%B95-billion-for-solar-cell-and-module-manufacturing-expansion#:~:text=Kolkata%2Dbased%20solar%20cell%20manufacturer,to%20expand%20its%20manufacturing%20capacity." target="_blank" rel="noopener">secured</a> a ₹5 billion (~$58.07 million)</strong> investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.</p>
<p><strong>ILOS New Energy, an Independent Power Producer, and Omnes Capital, a private equity firm, together have <a href="https://mercomcapital.com/axa-im-alts-to-acquire-majority-stake-in-ilos/" target="_blank" rel="noopener">agreed</a> to sell a 60% stake</strong> in ILOS Projects (ILOS) to AXA IM Alts, an alternative investment company. The transaction is subject to customary approvals and is likely to be completed towards the end of H1 2025.  As part of this agreement, Omnes will now fully exit the business.</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-zero-industrial-raises-10-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Base Power Raises $200 Million


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					</table><p>Electrical equipment manufacturer <a href="https://havells.com/" target="_blank" rel="noopener">Havells</a> has announced  it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer <a href="https://havells.com/" target="_blank" rel="noopener">Goldi Solar</a>.</p>
<p>The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing.</p>
<p>The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.</p>
<p>As part of the conditions precedent to the transaction, Havells plans to enter a master supply and service agreement with Goldi Solar.</p>
<p>Goldi has a module manufacturing capacity of 10.7 GW as of March 31, 2025.</p>
<p>Given the increasing requirement of India-made solar modules, Havells considered establishing its own manufacturing facility or strategically partnering with a module manufacturer. After evaluating the options, Havells said it favored a relatively de-risked approach of partnering with a large module manufacturer with planned backward integration in domestic cells.</p>
<p>Havells already has a presence in the solar ecosystem by selling modules, inverters, solar cables, and DC switchgear. As per its environment, social, and governance report 2023-2024, Havells plans to invest ₹1.77 billion (~$20.6 million) in solar power generation by 2025.</p>
<p>It is also targeting 100% implementation of solar energy at all of its new warehouses by 2025.</p>
<p>Havells has an installed solar power capacity of 11.26 MW. It is also planning to scale its solar power capacity to approximately 16 MW by installing a 4.6 MW solar power project at its Alwar facility.</p>
<p>The company sold 591.88 GJ of solar energy back to the grid using net metering. Havells sourced 6.17% of its energy needs from renewable sources.</p>
<p>Havells was <a href="https://www.mercomindia.com/leading-rooftop-solar-installers-1h-2024" target="_blank" rel="noopener">among</a> India&#8217;s top rooftop solar installers during the first half of the calendar year 2024, according to Mercom’s India Solar Market Leaderboard 1H 2024.</p>
<p>Havells India was the third leading rooftop solar installer, accounting for 5.2% of rooftop solar capacity additions in 1H 2024. As of June 2024, its cumulative installed rooftop solar capacity was 203 MW.</p>


Havells Invests ₹6 Billion in Module Manufacturer Goldi Solar


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					</table><p>The top rooftop solar installers in India during the first half (1H) of the calendar year (CY) 2023 were <u><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a></u>, <u><a href="https://www.havells.com/" target="_blank" rel="noopener">Havells India</a></u>, <u><a href="https://enerparc.in/" target="_blank" rel="noopener">Enerparc Energy</a></u>, <u><a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a></u>, and <u><a href="https://www.hartek.com/" target="_blank" rel="noopener">Hartek Solar</a></u>, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023.</a></p>
<p>Enerparc Energy was the newest entry in the top 10.</p>
<p>The Market Leaderboard provides information on the competitive landscape and market share of the major players in India&#8217;s solar supply chain.</p>
<p>India added 872 MW of rooftop solar capacity, a 3.2% increase compared to 845 MW in 1H 2022, according to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2023" target="_blank" rel="noopener">Mercom India Rooftop Solar Market Report Q2 2023</a>. The top 10 companies in the Market Leaderboard accounted for around 45% of these capacity additions.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-60302 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png" alt="Leading Rooftop Solar Installers in India 1H 2023" width="632" height="507" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png 701w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-300x241.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-650x521.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-624x500.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-600x481.png 600w" sizes="(max-width: 632px) 100vw, 632px" /></a>As of June 2023, Tata Power was the top among rooftop solar installers, accounting for 24% of all rooftop solar installations; Havells India and Enerparc Energy held the second and third spots with 4% and 3% solar installations, respectively. Amplus Solar and Hartek Solar had a market share of 3% and 2%, respectively.</p>
<p>Tata Power Solar has a portfolio of more than 1.3 GW of rooftop and distributed ground-mounted systems.</p>
<p>Havells India climbed three places compared to 1H 2022. It stood second among India&#8217;s installers. The industrial and residential segments were the main focus of their installations.</p>
<p>Enerparc Energy was the third leading rooftop solar installer on the list. The company specializes in investment and EPC services for rooftop, ground-mounted solar photovoltaic (PV) systems, and solar carports, primarily focusing on India&#8217;s commercial and industrial segments. Enerparc has commissioned over 120 solar PV projects nationwide, with a capacity of more than 200 MW cumulatively.</p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>A complete list of the solar rooftop installers and their market share is available through <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Share Tracker</a>.</p>


Tata Power, Havells, Enerparc Top Rooftop Solar Installers List in 1H 2023


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					</table><p><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a>, <a href="http://www.fourthpartner.co/" target="_blank" rel="noopener">Fourth Partner Energy</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, and <a href="https://www.havells.com/en/industrial/solar.html" target="_blank" rel="noopener">Havells India</a> were the top solar rooftop companies in India in the first half (1H) of the calendar year (CY) 2022, according to Mercom&#8217;s recently released <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2022-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2022</a>.</p>
<p>The report provides insight into the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain.</p>
<p>The top three companies accounted for 40% of the market share in 1H 2022.</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2022/11/Top-Rooftop-Installers.png"><img loading="lazy" decoding="async" class="alignnone wp-image-45141 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Top-Rooftop-Installers.png" alt="Top Rooftop Installers" width="523" height="343" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Top-Rooftop-Installers.png 523w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Top-Rooftop-Installers-300x197.png 300w" sizes="(max-width: 523px) 100vw, 523px" /></a></p>
<p>Tata Power Solar has a portfolio of 1.2 GW rooftop and distributed generation projects across the country. It operates a manufacturing unit in Bangalore, with a production capacity of 635 MW of modules and 500 MW of cells. Tata Power Solar tied up with several banks to offer loan facilities to residential consumers and Micro, Small, and Medium Enterprises (MSMEs) to switch to solar solutions</p>
<p>Amplus owns and manages a portfolio of over 1 GW of operational and under-construction distributed solar assets.</p>
<p>Amplus Solar <a href="https://mercomindia.com/mercom-india-solar-awards-2022/" target="_blank" rel="noopener">won</a> the award for the best residential project in Mercom India Awards 2022. The award was accorded to Atrium, a designer edition solar pergola from HomeScape by Amplus Solar.</p>
<p>Fourth Partner Energy has installed over 500 MW of rooftop solar projects for India&#8217;s top businesses and institutions. It has <a href="https://mercomindia.com/british-international-investment-89-million-solar-projects/" target="_blank" rel="noopener">received</a> $47 million as a follow-on investment from British International Investment (BII). Fourth partner, in total, has received $80 million in investments from BII.</p>
<p>Roofsol Energy commissioned a 5 MW rooftop solar system for textile manufacturer ST COTTEX in Ludhiana, Punjab. The system installed under the RESCO model is expected to generate 6.7 million units of electricity in the first year and replace 7,000 tons of greenhouse gases annually.</p>
<p>Tata Power Solar, Fourth Partner Energy, and Amplus Solar were also the <a href="https://mercomindia.com/tata-power-solar-fourth-partner-sunsure-leading-rooftop-solar-2021/" target="_blank" rel="noopener">top</a> solar rooftop companies in India in 2021. Havells India was a top solar engineering, procurement, and construction (EPC) company in 2021.</p>
<p>A complete list of the solar rooftop installers and their market share is available through Mercom&#8217;s <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">India Solar Market Share Tracker</a>.</p>


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