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Major Events that Impacted the Indian Solar Sector in 2024


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					</table><p>Here are the top five funding deals in the solar sector in India during 2023 according to Mercom’s <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update">Q3 2023 India Solar Market Update</a> report:</p>
<p>Adani New Industries, a wholly owned subsidiary of <a href="https://www.adanienterprises.com/">Adani Enterprises</a>, <a href="https://www.mercomindia.com/adani-394-million-barclays-deutsche-bank-solar-manufacturing">secured</a> a trade finance facility amounting to $394 million (~$32.3 billion) from <a href="https://home.barclays/">Barclays PLC</a> and <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut">Deutsche Bank AG</a>. The financial support is intended to meet the working capital requirements of its integrated solar module manufacturing facility. Adani is establishing a comprehensive 10 GW solar manufacturing ecosystem in Mundra, encompassing polysilicon to module manufacturing, ancillaries, and supporting utilities. The company is also actively engaged in building an integrated green hydrogen business ecosystem, which includes manufacturing solar modules and wind turbines.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61673 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax</a>, a Mumbai-based renewable energy company, <a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">concluded</a> an equity fund raise of approximately $360 million (~₹29.57 billion) from <a href="https://www.brookfield.com/our-businesses/renewable-power-transition" target="_blank" rel="noopener">Brookfield Renewable</a> through the Brookfield Global Transition Fund. The funding, consisting of primary and secondary investments, is aimed at supporting CleanMax’s growth plans of installing 5 GW of renewables within three to four years. The company is focused on expanding its commercial and industrial footprint, both domestically and internationally.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61674 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p>Tata Power Renewable Energy (<a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">TPREL</a>), a subsidiary of <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, <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 final round from UK-based GreenForest New Energies, bringing the total equity raised from GreenForest New Energies to ₹40 billion ($525 million). This funding will support various businesses under Tata Power, including utility-scale solar, wind, and hybrid generation assets, solar cell and module manufacturing, EPC contracting, rooftop solar infrastructure, solar pumps, and electric vehicle charging infrastructure. TPREL aims to achieve a portfolio of over 20 GW of renewable assets in the next five years.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61675 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.amp.energy/renewable-energy/india" target="_blank" rel="noopener">Amp Energy India</a>, an integrated renewable energy power producer, <a href="https://www.mercomindia.com/amp-energy-india-expand-renewable-portfolio" target="_blank" rel="noopener">secured</a> up to $250 million (~₹20.44 billion) in funding from <a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation of Japan</a>, the <a href="https://www.icgam.com/" target="_blank" rel="noopener">Intermediate Capital Group</a>, and the <a href="https://www.aiib.org/en/index.html" target="_blank" rel="noopener">Asian Infrastructure Investment Bank</a>. The funding is to enable Amp Energy India to expand its operations, accelerate its growth strategy, and meet the rising demand for renewable energy solutions in India.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61676 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, an independent renewable energy power producer operating in solar, wind, and hybrid power projects, <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> a $150 million investment from <a href="https://atcapital.com.sg/" target="_blank" rel="noopener">AT Capital Group</a> and <a href="https://www.vitol.com/" target="_blank" rel="noopener">Vitol</a> to support the expansion of its operational capacity. This investment follows a previous infusion of $200 million from the same investors nearly two years ago. Juniper Green Energy aims to triple its operational capacity to 2.5 GW by 2026, with a development pipeline of over 3 GW across solar, wind, and hybrid power projects.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61677 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><strong>: </strong>ReNew Energy, Hero Future, Adani Green, Qatar Investment, Virescent, IndiGrid, Funding Deals, 2023</p>


India’s Top Five Solar Energy Funding Deals in 2023 [Infographics]


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					</table><p><a href="https://www.mercomindia.com/corporate-funding-energy-storage-q1-2023" target="_blank" rel="noopener"><strong>Total corporate funding in energy storage, including from venture capital, public market, and debt financing, amounted to $2.2 billion in 27 deals in the first quarter of 2023,</strong></a> a drop of 83% year-over-year compared to $12.9 billion raised in 27 deals, according to Mercom&#8217;s Q1 2023 Energy Storage &amp; Smart Grid Funding and M&amp;A Report. The report noted that LG Energy Solution&#8217;s $10.7 billion IPO during the quarter contributed 83% of Q1 2022 funding and skewed funding totals.</p>
<p><a href="https://www.mercomindia.com/powergrid-tender-85-mw-solar-project-madhya-pradesh" target="_blank" rel="noopener"><strong>POWERGRID Energy Services has invited bids for installing and commissioning an 85 MW solar power project at Nagda in the Ujjain district of Madhya Pradesh.</strong></a> The successful bidder will also undertake the project&#8217;s operation and maintenance for five years after completing the trial run post-commissioning. The last date to submit the bids online is April 28, 2023. Bids will be opened on May 2.</p>
<p><a href="https://www.mercomindia.com/anert-invites-solar-projects-in-kerala" target="_blank" rel="noopener"><strong>Kerala government&#8217;s Agency for New and Renewable Energy Research and Technology has invited bids for 2 MW solar projects at multiple locations of the Travancore Titanium Products company</strong></a> campus at Kochuveli, Thiruvananthapuram. Out of the cumulative capacity, 1.5 MW will be ground-mounted, and 500 kW of solar systems will be installed on the rooftop of various buildings within the campus. The projects will be installed under the Solar City project funded by Smart City Thiruvananthapuram. The last date for the submission of bids is April 26, 2023. Bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/hero-future-supplier-ci-clients-2" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom, Srivatsan Iyer, Global CEO of Hero Future Energies, discussed the company&#8217;s strategy to become a comprehensive renewable energy provider</strong></a> by expanding its offerings to include battery energy storage and green hydrogen production. Iyer also spoke about the recent policy changes and their impact on the industry while offering solutions to some of the problems hindering renewable growth in the country.</p>
<p><a href="https://www.mercomindia.com/arcelormittal-to-factories-in-india-and-brazil" target="_blank" rel="noopener"><strong>Steelmaker ArcelorMittal has said it has roped in Siemens Gamesa in India and Casa dos Ventos in Brazil to install wind projects for powering its steel factories to reduce carbon emissions</strong></a> in the high-emitting sector by using renewable energy sources. In the first agreement, ArcelorMittal India partnered with Siemens Gamesa to install wind turbines at its steel facilities. The wind project will form part of a 989-MW wind-solar hybrid renewable energy project in the Kurnool District of Andhra Pradesh.</p>
<p><a href="https://www.mercomindia.com/changing-landscape-renewables-india" target="_blank" rel="noopener"><strong>Mercom India will bring together industry experts to discuss the current and future trends in renewable energy will be one of the topics industry experts will discuss at the &#8216;Mercom India Renewables Summit 2023,&#8217; an exclusive event on April 26-27 in New Delhi.</strong></a> At a session titled &#8216;Changing Landscape of Renewable Projects &#8216;scheduled for April 26, 2023, panelists will shed light on the evolution of large-scale projects from vanilla solar to solar with wind and energy storage, catering to the round-the-clock and peak power supply demand from power distribution companies.</p>
<p><a href="https://www.mercomindia.com/uk-sustainability-weightage-renewable-bids" target="_blank" rel="noopener"><strong>The UK government will introduce non-price factors in its Contracts for Difference program for renewable energy projects</strong></a> as a major shift from the cost-only model to ensure the viability of such projects in the long term. The new approach could mean that applicants would have to show how their projects would help improve the supply chain sustainability, address the skills gaps, foster innovation, and enhance the sector&#8217;s system and grid flexibility and operability.</p>
<p><a href="https://www.mercomindia.com/new-1-1-billion-sustainable-aviation-fuels" target="_blank" rel="noopener"><strong>Cepsa and Bio-Oils, a Spain-based biofuels subsidiary of Apical, have partnered to boost the production of second-generation biofuels by procuring most of its feedstock from organic waste</strong></a>, including agricultural residue and used cooking oils. The €1 billion (~$1.1 billion) worth facility will consist of two pre-treatment units and produce up to 500,000 tons of sustainable aviation fuel and renewable diesel yearly for land, sea, and air transportation, with adaptable production capabilities.</p>
<p><a href="https://www.mercomindia.com/efficiency-perovskite-silicon-tandem-solar-cells" target="_blank" rel="noopener"><strong>Scientists at the King Abdullah University of Science and Technology (KAUST) claimed to have developed a perovskite-silicon tandem solar cell with a record energy conversion efficiency of 33.2%.</strong></a> Certified by the European Solar Test Installation, the efficiency achieved at the KAUST Solar Center has been listed on the National Renewable Energy Laboratory&#8217;s Best Research-cell Efficiency Chart. Researchers combined perovskite top cells on industrially compatible, two-sided, textured silicon bottom cells to obtain the tandem solar cell.</p>


Daily News Wrap-Up: Energy Storage Corporate Funding Falls 83% YoY in Q1 2023


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					</table><p>Global investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>) and the <a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero Group</a> signed definitive agreements to invest $450 million in Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), the renewable energy arm of the Hero Group.</p>
<p>The investment in HFE is made from KKR&#8217;s Asia Pacific Infrastructure Fund and builds on KKR&#8217;s experience in India and the renewables sector.</p>
<p>KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021.</p>
<p>This investment is aimed at supporting HFE’s continued growth and expanding its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen and into new markets over time.</p>
<p>Through its range of solutions, HFE will also look to support companies to decarbonize and transition towards sustainable energy sources to achieve their net zero emission goals.</p>
<p>&#8220;HFE&#8217;s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow. We look forward to working closely with HFE&#8217;s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally,&#8221; said Hardik Shah, Partner at KKR.</p>
<p>KKR has also launched Virescent Infrastructure, a platform to acquire renewable energy assets in India. The platform aims to expand its diversified portfolio of renewable energy assets, facilitated by investments made through KKR’s infrastructure fund. Virescent recently <a href="https://mercomindia.com/virescents-invit-6-5-billion-domestic-bond/" target="_blank" rel="noopener">raised</a> ₹6.5 billion (~$87 million) through domestic bond issuance.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, HFE’s portfolio consists of 1.36 GW of operational solar projects.</p>
<p>&#8220;KKR&#8217;s investment will drive Hero Future Energies&#8217; growth domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others. This partnership is also a validation of our core strengths and capabilities in design and engineering, development, and project execution while achieving excellence in health, safety, and environment standards,&#8221; said Srivatsan Iyer, Global CEO of Hero Future Energies.</p>
<p>Hero Future recently <a href="https://mercomindia.com/hero-future-10-mw-20-mwh-battery-storage-kerala/" target="_blank" rel="noopener">won</a> the bid to develop a 10 MW/20 MWh grid-connected battery energy storage system (BESS). The auction was conducted by the Kerala State Electricity Board. The 10 MW project is HFE&#8217;s maiden utility-scale BESS project.</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>, total corporate funding, including venture capital funding, public market, and debt financing in 1H 2022, stood at $12 billion, and according to <a href="https://mercomcapital.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">1H and Q2 2022 Funding and M&amp;A report for storage, grid and efficiency</a>, VC funding in Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals.</p>


KKR and Hero Group to Invest $450 Million in Hero Future Energies

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