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					</table>Investments in the Indian solar sector in the third quarter (Q3) of the calendar year (CY) 2022 totaled $2 billion (~₹161.1 billion), a 30% quarter-over-quarter (QoQ) decrease compared to the $2.9 billion (~₹220.6 billion) in Q2 2022. Investments were down 45% year-over-year (YoY) from $3.7 billion (~₹271.2 billion).
The figures were revealed in Mercom India Research&#8217;s latest report, <a href="https://mercomindia.com/product/q3-2022-india-solar-market-update/" target="_blank" rel="noopener">Q3 2022 India Solar Market Update</a>.
In Q3 2022, solar installations fell by 32.5% QoQ, with several large projects postponed to future quarters, directly resulting in lower investments. In addition, lower manufacturing investments in the quarter also affected the overall totals.
<img loading="lazy" decoding="async" class="aligncenter wp-image-45329" src="https://mercomindia.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart.png" alt="Investments Q3 2022 Chart" width="600" height="414" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart.png 807w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart-768x530.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart-650x449.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart-624x431.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Investments-Q3-2022-Chart-600x414.png 600w" sizes="(max-width: 600px) 100vw, 600px" />
The commissioning delays of ongoing solar projects and the uncertainty over the Great Indian Bustard issue in Rajasthan led to a significant drop in investments in the quarter.
Major large-scale solar developers experienced the highest equity investment influx. Hero Future Energies received the largest chunk of investments totaling $450 million (~₹35.9 billion) during the quarter.
Top deals that grabbed the headlines in Q3 2022
Independent power producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> <a href="https://mercomindia.com/renew-power-1-1-billion-loan-1-3-gw-round-the-clock-renewable/" target="_blank" rel="noopener">announced</a> a partnership with twelve international lenders for what is deemed to be the largest External Commercial Borrowings (ECB) project finance loan totaling $1.1 billion (~₹87.7 billion) in India&#8217;s renewables sector for any single project. The loan has been tied through creating a special purpose vehicle led by Netherlands-based Dutch multinational bank Rabobank. The company aims to expand its total renewable portfolio by availing the loan.
Power Finance Corporation (<a href="https://www.pfcindia.com/Home" target="_blank" rel="noopener">PFC</a>) <a href="https://mercomindia.com/daily-news-wrap-up-jbic-loans-pfc-renewable-energy-projects/" target="_blank" rel="noopener">signed</a> a loan agreement for ¥30 billion (~$220.83 million) with Japan Bank for International Cooperation (JBIC). The long-term facility to PFC is under the JBICs initiative titled &#8216;Global action for Reconciling Economic growth and Environmental preservation,&#8217; under which JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.
Global investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>) and the Hero Group <a href="https://mercomindia.com/kkr-invest-450-million-hero-future-energies/" target="_blank" rel="noopener">signed</a> a definitive agreement to invest $450 million (~₹36.6 billion) in <a href="https://herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>, the renewable arm of the Hero Group.
India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> <a href="https://mercomindia.com/continuum-raises-350-million-debt-for-clean-energy/" target="_blank" rel="noopener">raised</a> $350 million (~₹27.9 billion) from two marquee global institutional investors to finance the expansion of its clean energy projects. The fund-raising round allowed the investors to issue an additional $50 million (~₹3.99 billion) on fulfilling certain conditions.
Solar Ethyl Vinyl Acetate (EVA) manufacturer <a href="http://www.navitasalpha.com/" target="_blank" rel="noopener">Navitas Alpha Renewables</a> <a href="https://mercomindia.com/navitas-alpha-raises-%e2%82%b970-million-seed-round/" target="_blank" rel="noopener">raised</a> ₹70 million (~$866,041) in a seed round led by investment advisory firm Niveshaay with participation from Madhusudan Sarda, IVY Growth Associates, and others. The funding will add around 750 MW of encapsulant capacity and strengthen the company&#8217;s R&amp;D initiatives.
Reliance New Energy, a wholly-owned subsidiary of <a href="https://www.ril.com/" target="_blank" rel="noopener">Reliance Industries</a>, <a href="https://mercomindia.com/reliance-acquires-20-stake-module-technology-caelux-12-million/" target="_blank" rel="noopener">acquired</a> a 20% stake for $12 million (~₹976.07 million) in California-headquartered Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency. The partnership is expected to help Reliance produce higher efficiency and low-cost solar modules at its Jamnagar, Gujarat-based gigafactory, where an integrated photovoltaic plant is being set up.
Solar Energy-focused deep tech startup <a href="https://www.renkube.com/" target="_blank" rel="noopener">Renkube</a> <a href="https://mercomindia.com/renkube-raises-24-million-in-seed-round/" target="_blank" rel="noopener">secured</a> ₹24 million (~$300,000) in a seed round led by CIIE.CO, a startup incubator established by IIM Ahmedabad. JITO Angel Network and K4 Forum Mumbai Network participated in the round. Halliburton Labs, a wholly-owned subsidiary of American hydraulic fracturing operations company Halliburton, also took part in the funding round via Renkube&#8217;s selection to its clean energy accelerator.
Mercom&#8217;s Q3 2022 India Solar Market Update covers all facets of India&#8217;s solar market. For the complete report, visit: <a href="https://mercomindia.com/product/q3-2022-india-solar-market-update/" target="_blank" rel="noopener">https://mercomindia.com/product/q3-2022-india-solar-market-update/</a>

Investments in Indian Solar Sector Totaled $2 Billion in Q3 2022

Gujarat-based power company <a href="https://www.torrentpower.com/index.php/site/indexs" target="_blank" rel="noopener">Torrent Power</a> has announced the financial results for the first nine months (9M) and third quarter (Q3) of the financial year (FY) 2022.
The company&#8217;s total revenue from operations for the first nine months (9M) of FY 2022 stood at ₹105.14 billion (~$1.41 billion), up by 16% from ₹90.89 billion (~$1.21 billion) in 9M FY 2021.
The company&#8217;s EBITDA numbers for the 9M FY 2022 stood at ₹27.38 billion (~$365.88 million), up by 3% compared to ₹26.6 billion (~$355.46 million) in 9M FY 2021.
For 9M FY 2022, the company reported a net profit of ₹9.46 billion (~$126.42 million).   The company posted a total comprehensive income of ₹9.45 billion (~$126.28 million) for the period, a 6% increase from 9M FY 2021.
For Q3, the company recorded a revenue of ₹37.67 billion (~$503.39 million) from operations, up by 28% compared to ₹29.53 billion (~$394.62 million) in the same period last year.
According to the financial statement released by the company, the earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹10 billion (~$133.63 million) in Q3, FY 2022, increasing by 10% compared to ₹9.08 billion (~$121.34 million) in Q3 FY 2021.
The company reported a net profit (after tax and exceptional items) of ₹3.69 billion (~$49.31 million) in Q3 FY 2022, up by 14.6% compared to ₹3.22 billion (~$43.03 million) in Q3 FY 2021.
The Q3 comprehensive income also saw an increase of 15% to ₹3.67 billion (~$49.04 million) compared to the same period in FY 2021.
The increase in total comprehensive income was attributed to the increase in contribution from merchant powers sales offset by lower contribution from long-term power purchase agreements (PPAs) in gas-based power projects. Increase in contribution from distribution franchisee business due to reduction in transmission &amp; distribution losses, and decrease in finance costs also contributed to the income.
<a href="https://mercomindia.com/wp-content/uploads/2022/02/Torrent-Power-1.jpg"><img loading="lazy" decoding="async" class="alignnone wp-image-32222 size-full" src="https://mercomindia.com/wp-content/uploads/2022/02/Torrent-Power-1.jpg" alt="Torrent Power-1" width="2024" height="1529" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1.jpg 2024w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-300x227.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-2000x1511.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-768x580.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-1536x1160.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-650x491.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-624x471.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Torrent-Power-1-600x453.jpg 600w" sizes="(max-width: 2024px) 100vw, 2024px" /></a>
The company has an aggregate installed capacity of 3,789 MW, comprising 2,730 MW of gas-based capacity, 787 MW of renewable capacity, and 362 MW of coal-based capacity. The company has nearly 515 MW of renewable projects under development. With the acquisition of a 156 MW of wind power project and a 50 MW <a href="https://mercomindia.com/torrent-power-acquires-100-50-mw-solar-project-maharashtra/" target="_blank" rel="noopener">solar power project</a>, the company&#8217;s total generation capacity will be 4,600 MW, including 1,508 MW of renewable capacity.
The company distributes nearly 14.5 BU of power to nearly 3.71 million customers in Ahmedabad, Gandhinagar, Surat, Dahej, and Dholera in Gujarat; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra; and Agra in Uttar Pradesh.
Last September, Torrent Power <a href="https://mercomindia.com/torrent-acquires-wind-cesc/" target="_blank" rel="noopener">entered</a> into a share purchase agreement with CESC Limited, Haldia Energy Limited, and other nominal shareholders to acquire 100% of the share capital of Surya Vidyut Limited, a wholly-owned subsidiary of CESC Limited.
Earlier, Torrent power had <a href="https://mercomindia.com/torrent-power-acquire-nagar-daman-discoms/" target="_blank" rel="noopener">emerged</a> as the highest bidder for the acquisition of the power distribution company (DISCOM) in the union territory of Dadra &amp; Nagar Haveli and Daman and Diu.

Torrent Power’s Revenue from Operations Jumps 16% YoY in 9M FY 2022

q3-2022

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