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					</table><p>According to Mercom’s <a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener">Q3 2024 India Solar Market Update</a> report, the top five funding deals in India’s solar sector in 2024 saw a 42.85% year-over-year increase, securing a cumulative $2 billion <a href="https://www.mercomindia.com/indias-top-five-solar-energy-funding-infographics" target="_blank" rel="noopener">compared</a> to $1.4 billion in 2023.</p>
<p>Project financing constituted most of the top deals, with Avaada Energy taking the prime spot.</p>
<p>Here are the top five funding deals in the solar sector in India during 2024, according to Mercom’s Q3 2024 India Solar Market Update report:</p>
<p>The top deal was a $536 million debt refinancing deal <a href="https://www.mercomindia.com/avaada-refinancing-deal-solar-rajasthan" target="_blank" rel="noopener">secured</a> by the renewable energy arm of the Avaada Group, <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a> from the National Bank for Financing Infrastructure and Development (<a href="https://www.nabfid.org/" target="_blank" rel="noopener">NaBFID</a>). The company allocated the funds to develop 1.7 GW solar projects in Rajasthan. The rupee term loan facility has a tenure of 20 years.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-scaled.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-74260 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>
<p>The second biggest deal was a $425 million project funding loan <a href="https://www.mercomindia.com/serentica-425-million-loan-rtc-renewable-project" target="_blank" rel="noopener">secured</a> by renewable energy developer <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables</a> from <a href="https://www.rabobank.com/" target="_blank" rel="noopener">Rabobank</a>, <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a>, <a href="https://www.societegenerale.com/fr" target="_blank" rel="noopener">Société Générale</a>, <a href="https://www.yesbank.in/" target="_blank" rel="noopener">YES Bank</a>, Export-Import Bank of India (<a href="https://www.eximbankindia.in/" target="_blank" rel="noopener">EXIM bank</a>), and India Infrastructure Finance Company (<a href="https://www.iifcl.in/" target="_blank" rel="noopener">IIFCL</a>) for its round-the-clock 530 MW wind and solar hybrid energy project in Rajasthan and Maharashtra.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-scaled.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-74261 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>
<p>The third biggest deal was a $400 million project funding financing <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> by renewable energy company <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> from <a href="https://www.rabobank.com/" target="_blank" rel="noopener">Cooperative Rabobank</a>, <a href="https://www.dbs.com/" target="_blank" rel="noopener">DBS Bank</a>, <a href="https://group.intesasanpaolo.com/" target="_blank" rel="noopener">Intesa Sanpaolo</a>, <a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG Bank</a>, and Sumitomo Mitsui Banking Corporation (<a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">SMBC</a>). The green loan would be used for its under-construction 750 MW solar power projects in Rajasthan and Gujarat.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-scaled.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-74262 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>
<p>The fourth biggest deal was a $337 million public market financing <a href="https://www.mercomindia.com/solar-module-manufacturer-premier-energies-ipo-oversubscribed" target="_blank" rel="noopener">secured</a> by solar photovoltaic cell and module manufacturer <a href="https://premierenergies.com/" target="_blank" rel="noopener">Premier Energies Group</a> through Initial Public Offering. The IPO proceeds would be used to part-finance up to ₹11.68 billion (~$140.09 million), a 4 GW solar TopCon cell, and a 4 GW TopCon module manufacturing facility in Hyderabad. The remaining funds would be used for general corporate purposes.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-scaled.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-74263 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>
<p>The fifth biggest deal was a $288 million refinancing facility <a href="https://www.mercomindia.com/adani-green-288-million-solar-wind-hybrid-rajasthan" target="_blank" rel="noopener">secured</a> by  independent power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew </a>for its non-convertible debentures (NCDs) issued by its subsidiaries in October 2020. The refinancing of ₹23.91 billion (~$288.3 million) NCDs was achieved through the redemption of USD bonds. Initially issued to India Green Energy Holdings, the NCDs were backed by $325 million raised through senior secured bonds.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-scaled.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-74264 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-600x90.jpg 600w" sizes="(max-width: 2560px) 100vw, 2560px" /></a></p>


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