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Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


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					</table><p>Telangana-based solar cell and module manufacturer and EPC solutions provider <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>&#8216; ₹28.30 billion (~$337.4 million) initial public offering (IPO) of shares received an overwhelming response from various investor categories, with the issue subscribed over 74 times.</p>
<p>The Qualified Institutional Buyers quota was subscribed over 216 times, while the quota for non-institutional investors was subscribed nearly 50 times. The retail individual investors category was subscribed 7.25 times.</p>
<p>The price band of the IPO was fixed between ₹427 (~$5.09) and ₹450 (~$5.37) per share.</p>
<p>The IPO comprised an offer for sale of 34.2 million equity shares and a fresh issue of equity shares, aggregating to ₹12.91 billion (~$153.9 million).</p>
<p>The company had said in its draft red herring prospectus that the net proceeds from the IPO would be <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo">used</a> to part-finance up to ₹11.68 billion (~$140.09 million)  a 4 GW solar TopCon cell and 4 GW TopCon module manufacturing facility in Hyderabad. The remaining funds would be used for general corporate purposes.</p>
<p>In the run-up to the IPO, Premier Energies had raised ₹8.46 billion (~$108 million) from 60 domestic and global investors, including HDFC Mutual Fund, ICICI Prudential MF, Nomura Funds Ireland, Abu Dhabi Investment, Nippon Life India Trustee, Kotak Mahindra, and Axis Mutual.</p>
<p>Premier Energies has an annual installed capacity of 2 GW for solar cells and 4.13 GW for modules as of June 30, 2024.</p>
<p>Of the total annual installed capacity, about 1.25 GW of solar cell and 1.6 GW of solar module manufacturing is housed in PEL, a 74% subsidiary. The balance is with two other 100% subsidiaries.</p>
<p>In August, North America-based solar PV module manufacturer Heliene <a href="https://www.mercomindia.com/heliene-premier-energies-to-manufacture-solar-cells-in-the-u-s" target="_blank" rel="noopener">announced</a> a joint venture with Premier Energies to set up a solar cell manufacturing facility in the U.S.</p>
<p>Premier Energies was among the top five Indian module suppliers in 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>


Solar Module Manufacturer Premier Energies’ IPO Oversubscribed 74 Times


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					</table><p><a href="https://www.mercomindia.com/seci-solar-storage-tranche-xvii" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has invited bids to set up 2,000 MW inter-state transmission system-connected solar power</strong></a> projects with 1,000 MW/4,000 MWh energy storage systems in India under Tranche XVII. The last day to submit the bids is September 2, 2024. Bids will be opened on September 5. Bidders must submit a bid document fee of ₹50,000 (~$597) and a bid processing fee of ₹20,000 (~$238)/ MW.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies" target="_blank" rel="noopener"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation</strong></a> Technologies Driving the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO of India Sunpure Technology, Manish Narula, Executive Vice President for South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director for India at Nextracker.</p>
<p><a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener"><strong>BrightNight</strong><strong>, a renewable energy provider that delivers clean, dispatchable power solutions to utility, commercial, and industrial clients</strong></a>, has secured a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.</p>
<p><a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million" target="_blank" rel="noopener"><strong>Kolkata-based power utility Calcutta Electric Supply Corporation (CESC) has acquired a 63.91% equity stake in Purvah Green Power at the cost of ₹2.05 billion</strong></a> (~$24.48 million). Purvah was a wholly-owned subsidiary of Crescent Power, which is a subsidiary of CESC. The stake acquisition makes Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year. In a regulatory filing, CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million).</p>
<p><a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener"><strong>Delhi-based solar irrigation services company </strong><strong>Oorja Development Solutions</strong><strong> closed its Pre-Series A funding round, raising $1.5 million from six investors</strong></a>. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.</p>
<p><a href="https://www.mercomindia.com/kerc-issues-guidelines-for-installing-ev-charging-points-in-buildings" target="_blank" rel="noopener"><strong>Electric vehicle (EV) users in Karnataka will have to get sanctions from distribution licensees to install EV chargers in non-designated areas</strong></a>, according to a new Karnataka Electricity Regulatory Commission order. Karnataka has developed standard operating guidelines for all EV users due to the confusion and inconsistency within the residential EV charging space. The rules include tariffs for EV charging and installing the chargers in designated and non-designated areas.</p>
<p><a href="https://www.mercomindia.com/assam-power-corporation-floats-consultancy-tender" target="_blank" rel="noopener"><strong>The Assam Power Generation Corporation has floated a tender to provide project management consultancy services for setting up the 50 MW</strong></a> Lower Kopili Solar PV project. The last date to submit is August 7, 2024. Bids will be opened on August 8. The scope of work covers project management services, design and engineering, project monitoring, site supervision and reporting, and coordinating with the company to complete tasks in a stipulated time.</p>
<p><a href="https://www.mercomindia.com/heliene-premier-energies-to-manufacture-solar-cells-in-the-u-s" target="_blank" rel="noopener"><strong>North America-based solar PV module manufacturer </strong><strong>Heliene</strong><strong> has announced a joint venture with </strong><strong>Premier Energies</strong><strong>, a manufacturer of solar cells</strong></a> and modules in India, to establish a solar cell manufacturing facility in the U.S. The unit is expected to produce an aggregate capacity of 1 GW of N-type cells annually to meet the cell requirements of the two companies. The companies plan to capitalize on incentives and tax credits for domestic clean energy manufacturing introduced under the Inflation Reduction Act (IRA) of 2022.</p>
<p><a href="https://www.mercomindia.com/sunnova-energy-narrows-q2-loss" target="_blank" rel="noopener"><strong>U.S.-based residential solar firm </strong><strong>Sunnova Energy</strong><strong> reported a 21% narrower net loss for the second quarter of 2024 at $79.7 million, an improvement</strong></a> from the $100.8 million loss reported last year, primarily due to higher revenue and investment tax credit sales resulting in an income tax benefit. The Houston, Texas-based company’s quarterly revenue surged 32% to $219.6 million, up from $166.4 million last year, driven by a $55.9 million increase in revenue from core adaptive energy customers.</p>


Daily News Wrap-Up: SECI Tenders 2 GW Solar Projects with Storage


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					</table><p>North America-based solar PV module manufacturer <a href="https://www.bing.com/search?q=Heliene%20&amp;qs=n&amp;form=QBRE&amp;sp=-1&amp;lq=0&amp;pq=heliene%20energies&amp;sc=12-16&amp;sk=&amp;cvid=9BB32AB7FF584F44B5D1EA25AD091338&amp;ghsh=0&amp;ghacc=0&amp;ghpl=" target="_blank" rel="noopener">Heliene</a> has announced a joint venture with <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, a manufacturer of solar cells and modules in India, to establish a solar cell manufacturing facility in the U.S.</p>
<p>The unit is expected to produce an aggregate capacity of 1 GW of N-type cells annually to meet the cell requirements of the two companies.</p>
<p>The companies plan to capitalize on incentives and tax credits for domestic clean energy manufacturing introduced under the Inflation Reduction Act (IRA) of 2022.</p>
<p>Under the joint venture, Heliene will provide construction, project management, human resources, financial resources and management, facility operations, supply chain and logistics, and regulatory expertise.</p>
<p>Premier Energies will contribute cell technology engineering and operational expertise in the manufacturing process of the cells, financial resources, manufacturing equipment selection, supply agreements management, and raw material vendor relationships.</p>
<p>&#8220;Premier Energies has been a valued partner of Heliene&#8217;s for many years now, and we share a commitment to providing the highest-quality, most reliable products to solar customers. With demand for U.S.-made modules and components growing, now is the perfect time to embark on the next phase of our partnership with this joint venture,&#8221; said Martin Pochtaruk, CEO of Heliene.</p>
<p>&#8220;This joint venture will leverage the best of both companies&#8217; resources and knowledge to tap the largely unaddressed demand for U.S. cell manufacturing,&#8221; said Chiranjeev Saluja, Managing Director at Premier Energies.</p>
<p>Premier Energies was among the top five Indian module suppliers in 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>In April this year, Premier Energies <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener">filed</a> a draft red herring prospectus with the Securities Exchange Board of India to raise over ₹15 billion ($179.19 million) through an initial public offering.</p>


Heliene, Premier Energies to Manufacture Solar Cells in the U.S.


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					</table><p><a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>, <a href="https://www.longi.com/us/" target="_blank" rel="noopener">LONGi Green Energy Technology</a>, <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, and <a href="https://www.trinasolar.com/us" target="_blank" rel="noopener">Trina Solar</a> were the top solar module suppliers in the calendar year (CY) 2023, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>Jinko Solar was the leading supplier, accounting for 20.4% of the modules shipped to India. LONGi Green Energy Technology and JA Solar ranked second and third, accounting for 18.8% and 8.7% of the module shipments, respectively.</p>
<p>Waaree Energies and Trina Solar rounded off the top five, accounting for nearly 6% and 5.5% of the annual module shipments, respectively.</p>
<p>The top five suppliers contributed to 59.4% of module capacities shipped to domestic solar projects.</p>
<p>Indian manufacturers catered to 35.5% of the domestic solar industry’s module requirements, while 64.5% were imported.</p>
<p>The leading Indian module suppliers in CY 2023 were Waaree Energies, <a href="https://www.adanisolar.com/" target="_blank" rel="noopener">Adani Solar</a>, <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a>, and <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>.</p>
<p>The solar modules imported to India were mainly from China. The top suppliers exporting to India included Jinko Solar, LONGi Green Energy Technology, JA Solar, Trina Solar, and <a href="https://www.znshinesolar.com/" target="_blank" rel="noopener">Znshine Solar</a>.</p>
<p>Monocrystalline modules comprised 82.6% of shipments. Over 44% of the monocrystalline modules shipped during the year were bifacial. TOPCon modules accounted for nearly 10% of the modules shipped to the country, and polycrystalline modules made up 5.8% of the supply.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66158 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4.png" alt="" width="459" height="288" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4.png 459w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4-300x188.png 300w" sizes="(max-width: 459px) 100vw, 459px" /></p>
<p>Jinko Solar has nine production facilities globally. The company expects its annual solar wafer, cell, and module production capacities to reach 120 GW, 110 GW, and 130 GW by the end of CY 2024. It also estimates that its annual module shipments will surpass 100 GW in 2024 from <a href="https://www.mercomindia.com/module-shipments-drive-jinkosolars-revenue-q4" target="_blank" rel="noopener">78.5 GW</a> in CY 2023. The company expects N-type modules to account for around 90% of its shipments in 2024.</p>
<p>LONGi Green Energy Technolgy has solar cell and module manufacturing facilities in China, Vietnam, and Malaysia, as well as solar ingot and wafer production facilities in China and Malaysia. In October 2023, the company announced the commencement of its 2.8 GW solar module manufacturing facility in Serendah, Selangor, Malaysia.</p>
<p>JA Solar has 12 manufacturing bases worldwide. In June 2023, the <a href="https://www.mercomindia.com/ja-solar-expands-china-with-870-million-investment" target="_blank" rel="noopener">company</a> announced plans to establish a manufacturing unit in the Ordos High-Tech Zone in Ordos, Inner Mongolia autonomous region, China. JA Solar has an operating capacity of 56 GW of solar cells and 40 GW of modules. Its production capacities across silicon wafers, cells, and modules are set to surpass 100 GW each in 2024.</p>
<p>LONGi Green Energy Technology, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">Aiko Solar</a>, <a href="https://www.solarspacepower.com/" target="_blank" rel="noopener">Solar Space</a>, <a href="http://www.ts-solar.com.cn/" target="_blank" rel="noopener">TS Solar Energy</a>, and <a href="https://en.tw-solar.com/" target="_blank" rel="noopener">Tongwei Solar</a> were the top solar cell suppliers in 2023.</p>
<p>Mercom’s India Solar Market Leaderboard 2024 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>Also, the <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates quarterly, is now available.</p>


2023 Solar Module Market Leaders: Jinko, LONGi, JA Solar, Waaree and Trina


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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.mercomindia.com/solar-sector-81-drop-vc-funding-q1-corporate-funding-down/" target="_blank" rel="noopener"><strong>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024,</strong> <strong>marking a 4% decrease from the $8.4 billion</strong></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></p>
<p><a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo/" target="_blank" rel="noopener"><strong>Telangana-based solar cell and module manufacturer Premier Energies has filed the draft red herring prospectus with the Securities and Exchange Board of India</strong></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.</p>
<p><a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules/" target="_blank" rel="noopener"><strong>Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics (ReNew) were declared winners in Solar Energy Corporation of India’s auction</strong></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).</p>
<p><a href="https://www.mercomindia.com/iredas-profits-surge-2024-as-npas-drop/" target="_blank" rel="noopener"><strong>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).</strong> </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).</p>
<p><a href="https://www.mercomindia.com/bluwheelz-raises-1-million/" target="_blank" rel="noopener"><strong>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.</strong></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.</p>
<p><a href="https://www.mercomindia.com/amara-raja-bos-contract-greenko/" target="_blank" rel="noopener"><strong>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</strong></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.</p>
<p><a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit/" target="_blank" rel="noopener"><strong>The engineering, procurement, and construction arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, reported a net profit of ₹10 million (~$120,000)</strong></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.</p>
<p><a href="https://www.mercomindia.com/high-interest-rates-affect-renewables/" target="_blank" rel="noopener"><strong>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.</strong></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.</p>
<p><a href="https://www.mercomindia.com/us-anti-dumping-duties-indian-solar-module-exports/" target="_blank" rel="noopener"><strong>India’s solar exports success story could run into trouble if the U.S. entertains petitions from domestic manufacturers to impose anti-dumping (AD)</strong></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.</p>


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


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					</table><p>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).</p>
<p>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>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.</p>
<p>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).</p>
<p>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).</p>
<p>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).</p>
<p>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.</p>
<p>The booking running lead managers for the transactions are Kotak Mahindra Capital Company, J.P. Morgan India, and ICICI Securities.</p>
<p>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></p>
<p>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.</p>


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

<p>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.</p>
<p>Centrum Capital Limited acted as the exclusive advisor to Premier Energies on this transaction.</p>
<p>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.</p>
<p>&#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.</p>
<p>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.</p>
<p>&#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.</p>
<p>The solar cell and module manufacturing sector have lately witnessed unprecedented interest from strategic investors.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>&nbsp;</p>


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

<p>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.</p>
<p>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.</p>
<p>Mercom spoke with <strong>Chiranjeev Saluja, Managing Director of Premier Energies,</strong> to discuss the company&#8217;s plans and his thoughts on the existing policies related to the solar sector.</p>
<ol>
<li><strong>What is the new manufacturing capacity that Premier Energies has added, and what is the new total capacity now?</strong></li>
</ol>
<p><strong> </strong>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.</p>
<ol start="2">
<li><strong>How much capital was invested in this manufacturing facility?</strong></li>
</ol>
<p>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.</p>
<ol start="3">
<li><strong>Is the new manufacturing capacity fully operational?</strong></li>
</ol>
<p><strong> </strong>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.</p>
<ol start="4">
<li><strong>What is the technology used in the new manufacturing capacity?</strong></li>
</ol>
<p>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.</p>
<p>The facility has quality control systems like total quality control and statistical process control, and the facility is certified with ISO 9001/ ISO 14001.</p>
<ol start="5">
<li><strong>What was the driving factor behind this manufacturing capacity expansion?</strong></li>
</ol>
<p>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.</p>
<p>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.</p>
<ol start="6">
<li><strong>What was the reason behind building the facility in Telangana?</strong></li>
</ol>
<p>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.</p>
<ol start="7">
<li><strong>Are you expecting all the demand to come from domestic markets, or are you also planning to expand export activity?</strong></li>
</ol>
<p>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.</p>
<ol start="8">
<li><strong>Do you plan to vertically integrate into cells and wafers?</strong></li>
</ol>
<p>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.</p>


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