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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
SWTCH Energy, an electric vehicle (EV) charging and energy management solution provider, has <a href="https://mercomcapital.com/swtch-energy-raises-series-c-funding/" target="_blank" rel="noopener">closed</a> $27.2 Million in Series B Funding 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.
Ecozen, a startup focused on clean technology solutions for agriculture, has <a href="https://www.mercomindia.com/ecozen-raises-30-million" target="_blank" rel="noopener">raised</a> $30 million in a new funding round 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.
Solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India to <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener">raise</a> over ₹15 billion (~$179.91 million) 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.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/mga-thermal-raises-additional-funding/" target="_blank" rel="noopener">secured</a> $5.7 million in additional funding. 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.
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) 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.
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>.
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>.

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

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					</table><a href="https://www.mercomindia.com/solar-sector-81-drop-vc-funding-q1-corporate-funding-down/" target="_blank" rel="noopener">The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024, marking a 4% decrease from the $8.4 billion</a> raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals. The numbers were revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/">Q1 2024 Solar Funding and M&amp;A Report.</a>
<a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo/" target="_blank" rel="noopener">Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India</a> to raise over ₹15 billion (~$179.91 million) 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.
<a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules/" target="_blank" rel="noopener">Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s auction</a> to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules. Swelect was awarded 100 MW capacity, Grew Energy won 200 MW, and ReNew won 100 MW at an evaluated bid value of ₹ 22.66 (~$0.272)/Wp. The per MWp evaluated value for all the bidders was ₹22.66 million (~$271,597).
<a href="https://www.mercomindia.com/iredas-profits-surge-2024-as-npas-drop/" target="_blank" rel="noopener">Government-owned lender Indian Renewable Energy Development Agency has reported a 45.9 % year-over-year (YoY) increase in profit after tax for the fourth quarter (Q4) of the financial year (FY) 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million). </a>The profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets.IREDA’s total income in Q4 was recorded at ₹13.92 billion (~$166.9 million), a 34.3% YoY increase from ₹10.36 billion (~$124.2 million).
<a href="https://www.mercomindia.com/bluwheelz-raises-1-million/" target="_blank" rel="noopener">BluWheelz, a tech-enabled logistics firm with an electric vehicle (EV) fleet, received $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator.</a> The other participants in the investment round included FAAD, LetsVenture, and Chakra Growth Fund. The company expects to utilize the funds to expand its EV-fleet offerings for logistics across India. Operating in 18 cities and providing logistic companies with fleet management services, including 2-wheelers, 3-wheelers, and 4-wheelers, BluWheelz plans to integrate 6-wheelers, pioneering EV fleet as a service in India.
<a href="https://www.mercomindia.com/amara-raja-bos-contract-greenko/" target="_blank" rel="noopener">Amara Raja Infra (ARIPL) has secured the balance of system (BoS) supply contract for a 500 MW solar power project in Andhra Pradesh’s Kurnool district</a> from renewable energy company Greenko. The project, spanning over 2,200 acres near Uyyalavada town, would be ARIPL’s largest contracted solar capacity project to date. The scope of work involves engineering, procurement, and construction of the entire BoS for the 500 MW solar project, which comes under Greenko’s integrated solar, wind, and pumped storage project.
<a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit/" target="_blank" rel="noopener">The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000)</a> in the fourth quarter (Q4) of the financial year (FY) 2024. The company turned positive after nearly 12 quarters, boosted by strong performance in domestic EPC operations. It had reported a net loss of ₹4.21 billion ($54.9 million) in Q4 of FY 2023. The company’s revenue from operations surged more than 12-fold to ₹11.78 billion (~$154 million) in the quarter, from ₹880 million (~$11.5 million) last year.
<a href="https://www.mercomindia.com/high-interest-rates-affect-renewables/" target="_blank" rel="noopener">The pace of global transition to low-carbon technologies could be adversely impacted with the ‘zero era’ for interest rates ending, a Wood Mackenzie report has said.</a> Higher interest-rate scenarios have increased the cost of capital and raised the cost and pace of the transition to net zero, which will likely require $75 trillion in investments by 2050. The report recommends that policymakers should focus on efficient subsidies (targeted and non-discriminatory) that can minimize nationalistic subsidy battles that are counterproductive to global emissions targets.
<a href="https://www.mercomindia.com/us-anti-dumping-duties-indian-solar-module-exports/" target="_blank" rel="noopener">India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD)</a> and countervailing duties (CVD) on module imports. While the four Southeast Asian countries of Malaysia, Vietnam, Thailand, and Cambodia are more likely the focus for the AD/CVD petitions from U.S. manufacturers, there is a possibility that Indian exports could also be covered, according to investment banking firm ROTH Capital Partners.

Daily News Wrap-Up: Solar Sector Records 81% Drop in VC Funding in Q1

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					</table>Telangana-based solar cell and module manufacturer <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> has filed the draft red herring prospectus (DRHP) with the <a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">Securities and Exchange Board of India</a> to raise over ₹15 billion (~$179.91 million) 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.
Premier Energies proposes to utilize the net proceeds of the fresh issue to invest ₹11.68 billion (~$140.09 million) in its subsidiary, Premier Energies Global Environment, for part-financing the establishment of a 4 GW Solar TOPCon cell and 4 GW solar TOPCon module manufacturing facility in Hyderabad, Telangana, and the rest towards general corporate purposes.
Under the offer-for-sale component,  South Asia Growth Fund II Holdings is offering up to 23,846,400 equity shares of face value ₹1 (~$0.012) each. The weighted average acquisition cost per equity share for this entity is ₹15.81 (~$0.19).
South Asia EBT Trust is offering up to 153,600 equity shares of face value ₹1 (~$0.012) each, with a weighted average cost of acquisition per equity share of ₹15.81 (~$0.19).
Chiranjeev Singh Saluja, Executive Director at Premier Energies, intends to sell up to 4.2 million equity shares of face value ₹1 each. The weighted average acquisition cost per equity share is ₹0.25 (~$0.003).
In consultation with the booking running lead managers, Premier Energies may consider issuing specified securities with an aggregate value of up to ₹3 billion (~$35.98 million) before filing the Red Herring Prospectus. If the pre-IPO placement is completed, the amount raised will be deducted from the fresh issue.
The booking running lead managers for the transactions are Kotak Mahindra Capital Company, J.P. Morgan India, and ICICI Securities.
Premier Energies was India&#8217;s fifth largest solar module supplier, with a 4.3% market share in the first half (1H) of the calendar year 2023, according to Mercom&#8217;s <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>
Recently, Mumbai-based solar module manufacturer Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%E2%82%B930-billion-ipo/" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO.

Solar Module Manufacturer Premier Energies Files DRHP for ₹15 Billion IPO

Solar photovoltaic (PV) cell and module manufacturer Premier Energies has raised ₹2 billion (~$27.11 million) from climate investment-focused private equity manager <a href="https://gefcapital.com/capital-partners/" target="_blank" rel="noopener">GEF Capital Partners</a>. Premier Energies will infuse the funds to expand its solar PV cell and module manufacturing capacity.
Centrum Capital Limited acted as the exclusive advisor to Premier Energies on this transaction.
The company will invest the equity capital for adding 2 GW each of cell and module manufacturing. An investment of over ₹12 billion (~$162 million) over the next two years is planned for production using monocrystalline PERC technology.
&#8220;We are excited to have a credible partner like GEF Capital on board, and the timing of investment is critical for us to capitalize on the huge growth potential presented by the industry,&#8221; said Surender Pal Singh, Chairman, Premier Energies.
Based in Hyderabad, Premier Energies is one of India&#8217;s largest integrated solar photovoltaic cell and module manufacturers and has completed 25 years of operations in 2020. In July 2021, Premier Energies unveiled their new state-of-the-art facility at E-City Hyderabad with 750 MW solar cell and module production capacity. The facility produces MCCE textured multi-crystalline, mono PERC, and polycrystalline cells and modules.
&#8220;We are extremely upbeat about the progressive policy changes brought about by the Government of India in this sector. I am confident about meeting the growth expectations of our stakeholders. At the same time, we will continue to strive to improvise on sustainable sources of Clean Energy,&#8221; said Chiranjeev Saluja, Founder and Managing Director, Premier Energies.
The solar cell and module manufacturing sector have lately witnessed unprecedented interest from strategic investors.
Recently, Mercom spoke with Chiranjeev Saluja, Managing Director of Premier Energies, to discuss the company&#8217;s plans and his thoughts on the existing policies related to the solar sector. Saluja shared that along with supplying to the domestic market, the company also plans to export to North America and European markets.
Government initiatives like the imposition of <a href="https://mercomindia.com/mnre-proposes-customs-duty-imported-solar-cells-modules/" target="_blank" rel="noopener">Basic Customs Duty</a> on imported cells and modules and the <a href="https://mercomindia.com/production-linked-incentive-solar-modules-approved/" target="_blank" rel="noopener">Production Linked Incentive</a> program to encourage domestic production under the Aatmanirbhar program have welcomed the industry.
According to Mercom India Research&#8217;s latest <a href="https://mercomindia.com/product/q2-2021-india-solar-market-update/" target="_blank" rel="noopener">Q2 2021 India Solar Market Update</a>, investments in the Indian solar sector increased by 119% quarter-over-quarter, with over $2 billion in the calendar year&#8217;s second quarter of 2021.
&nbsp;

Solar Cell & Module Maker Premier Energies Raises ₹2 Billion from GEF Capital

Domestic solar module manufacturers are slowly ramping up capacities to supply India&#8217;s solar project <a href="https://mercomindia.com/product/q1-2021-india-solar-market-update/" target="_blank" rel="noopener">pipeline</a> of over 53 GW and another 24.1 GW of projects tendered and pending auctions as of Q1 2021.
Solar module manufacturer <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> has recently announced a solar photovoltaic (PV) module manufacturing facility at E-city, Hyderabad, to increase its module production capacity.
Mercom spoke with Chiranjeev Saluja, Managing Director of Premier Energies, to discuss the company&#8217;s plans and his thoughts on the existing policies related to the solar sector.
<ol>
<li>What is the new manufacturing capacity that Premier Energies has added, and what is the new total capacity now?</li>
</ol>
 Our manufacturing facility in Hyderabad has 750 MW each of solar modules and solar cells manufacturing capacity. With this, the company has a cumulative module manufacturing capacity of 1.25 GW and 750 MW of solar cell manufacturing capacity. The company also plans to increase its capacity by 2 GW over the next two years.
<ol start="2">
<li>How much capital was invested in this manufacturing facility?</li>
</ol>
The new capacity has been built with an investment of ₹4.83 billion (~$65.14 million). With this new facility, Premier Energies will likely be amongst the top five solar module manufacturers in the country.
<ol start="3">
<li>Is the new manufacturing capacity fully operational?</li>
</ol>
 Yes, the new manufacturing facility is fully operational. The facility can manufacture the latest metal catalyst chemical etching textured multi-crystalline cells, mono passivated emitter, and rear cells (PERC), while the module making facility is capable of producing the latest multi busbar half-cut and bifacial modules.
<ol start="4">
<li>What is the technology used in the new manufacturing capacity?</li>
</ol>
The new facility has a fully automated solar cell manufacturing line with mono PERC and multi-crystalline cell technologies. The line can handle wafer sizes from 156 mm to 210 mm. The module manufacturing line produces half-cut and bifacial modules.
The facility has quality control systems like total quality control and statistical process control, and the facility is certified with ISO 9001/ ISO 14001.
<ol start="5">
<li>What was the driving factor behind this manufacturing capacity expansion?</li>
</ol>
Working towards a greener decade while contributing to India&#8217;s power sector is the motivating force behind Premier Energies. Solar energy has proven to be a viable alternative to traditional energy and a viable solution to India&#8217;s power crisis, particularly in villages, over the last few decades. Solar energy has a crucial function in irrigation and harvesting in an agricultural economy like India.
By increasing our capacity with this new facility, we will be able to contribute to India&#8217;s growth story. Also, this launch will increase the availability of the highest quality of &#8216;Made in India&#8217; solar cells aligned to the government&#8217;s Atmanirbhar Bharat initiatives.
<ol start="6">
<li>What was the reason behind building the facility in Telangana?</li>
</ol>
Telangana government was proactive in giving us the right incentives to set up the facility and provide quality water and power, which are critical for solar cell manufacturing. That said, Premier Energies has a 500 MW operational manufacturing facility in Hyderabad that helps provide access to a trained and qualified workforce, which is critical for a new facility.
<ol start="7">
<li>Are you expecting all the demand to come from domestic markets, or are you also planning to expand export activity?</li>
</ol>
Currently, the domestic demand is quite good due to the domestic content requirement market and impending customs duty on imported modules and cells. However, we would like to have a sales spread and plan to export to North America and European markets. This would also drive us to increase productivity and compete with international players.
<ol start="8">
<li>Do you plan to vertically integrate into cells and wafers?</li>
</ol>
Currently, the facility is integrated for manufacturing both cells and modules. We are evaluating the manufacturing of wafers, which requires the right incentives to make its production in India viable.

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