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					</table><p>It’s been a busy year for IPOs in the clean energy sector in India. Two leading renewable energy companies—<a href="https://www.premierenergies.com/">Premier Energies</a> and <a href="https://waaree.com/">Waaree Energies</a>—raised about $850 million in their initial public offerings this year.</p>
<p>Electric vehicle manufacturers <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a> and <a href="https://www.olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> raised $337 million and $734 million earlier this year.</p>
<p>Several other clean energy companies are in the queue, having filed their draft IPO papers with the regulators.</p>
<p>Independent power producer <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar</a>’s IPO is the next big public issue to hit the market. It seeks to raise $345 million in a three-day subscription window starting November 6, 2024. Another IPO expected to make a splash is from public sector company <a href="https://ngel.in/ngel-home" target="_blank" rel="noopener">NTPC Green Energy</a>’s $1.18 billion equity raise. The company has received regulator approval for the IPO but has not disclosed when it will make it to the bourses.</p>
<p>Reports say two other public sector companies, SJVN Green and NLC India’s green energy arm, are also considering raising money from the market in 2025.</p>
<p>This year, about half a dozen big and small renewable energy players offering services, including renewable energy engineering, procurement and construction, and solar module manufacturing, have filed their draft red herring prospectuses (DRHP) with the market regulators to raise as little as $6 million to over a billion dollars.</p>
<p>In February, solar module manufacturer Alpex Solar’s $8.9 million IPO was oversubscribed 303 times. Other companies that filed DRHPs include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.</p>
<p>A few clean energy companies took the QIP (qualified institutional placement) route to raise money. <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a> <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> equity capital twice this year through QIPs for a total of $1.5 billion. Its second QIP in October <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">received</a> bids 4.2 times the deal size. Earlier in the year, <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a> <a href="https://www.mercomindia.com/jsw-energy-%E2%82%B950-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> $600 million in a QIP.</p>
<p>Going by the response to the clean energy companies’ IPOs this year from both institutional and retail investors, despite the heavy premiums the shares carried, the ones in the queue are also expected to do equally well. Stocks of green energy companies have been performing well on India’s bourses. Waaree’s shares were listed at a nearly 70% premium when it opened on October 28 and have sustained their price rally since.</p>
<p>India has set a target of installing 500 GW of non-fossil fuel-based renewable energy capacity by 2030. By August this year, India’s renewable energy capacity <a href="https://www.mercomindia.com/india-on-track-to-energy-capacity-by-2030-joshi" target="_blank" rel="noopener">crossed</a> 203 GW, but it needs to add 50 GW every year to reach the goal.</p>


India’s Clean Energy Sector Sees IPO Boom, More Set for 2025


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					</table><p>Multi-business conglomerate <a href="https://www.adanienterprises.com/" target="_blank" rel="noopener">Adani Enterprises</a> has completed a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million).</p>
<p>A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP.</p>
<p>The offering generated strong interest, receiving bids of around 4.2 times the deal size from diverse investors, including global long-only investors, Indian mutual funds, and insurance companies.</p>
<p>Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.</p>
<p>SBI Capital Markets, Jefferies India, and ICICI Securities were the book-running lead managers for the issue.</p>
<p>Adani Enterprises&#8217; current portfolio spans several sectors, including airports and roads in transport and logistics, a new energy ecosystem focused on solar and wind manufacturing, and data centers within energy and utilities. Other ventures include copper, PVC, defense, and specialized manufacturing.</p>
<p>Recently, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-redeems-750-million-holdco-notes/" target="_blank" rel="noopener">redeemed</a> $750 million 4.375% Holdco Notes through a fully funded redemption reserve account maintained since January 2024. The Holdco Notes supported the company&#8217;s high-growth objectives. During the period, AGEL&#8217;s capacity energy increased from 3.5 GW to 11.2 GW, registering a compounded annual growth rate of 48%.</p>
<p>In August, Adani Energy Solutions <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route/" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a QIP. The proceeds from the QIP were to be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>
<p>In May, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan from a consortium of five international banks for its under-construction 750 MW solar power projects in Rajasthan and Gujarat. The consortium will provide financing for projects that will come online by November this year.</p>


Adani Enterprises Raises ₹42 Billion via Qualified Institutional Placement


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					</table><p>Adani Energy Solutions (<a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">AESL</a>) has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement (QIP).</p>
<p>The proceeds from the QIP will be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>
<p>The QIP represents AESL&#8217;s first equity raise in the capital market since its demerger and listing from Adani Enterprises (AEL) in July 2015.</p>
<p>The transaction was launched on July 30, 2024, with a base deal size of ₹58.61 billion ($700 million) and included a greenshoe option to size up to ₹83.73 billion ($1 billion).</p>
<p>The QIP saw positive demand, receiving bids approximately 6x the base deal size from diverse investors, including utility-focused U.S. investors entering India for the first time, sovereign wealth funds, major Indian mutual funds, and insurance companies.</p>
<p>The strong interest enabled AESL to fully exercise the green shoe option, raising the total issue size to $1 billion.</p>
<p>Kandarp Patel, Chief Executive Officer of AESL, said, &#8220;India&#8217;s robust investment cycle and rising power demand are positive indicators for the power sector. The strong interest from institutional investors reflects their commitment to and belief in India&#8217;s energy transition, in which AESL plays a pivotal role.</p>
<p>AESL has emerged as a pivotal player in India&#8217;s energy transition solutions, focusing on several key areas:</p>
<ul>
<li>Renewable Power Transmission: Investments in projects like Khavda in Gujarat and in Rajasthan for bulk renewable power evacuation.</li>
<li>Renewable Power Penetration: Distributing 37% renewable power in Mumbai and growing this further.</li>
<li>Energy Efficiency: Leading India&#8217;s smart meter installation program and partnering with industrial and commercial establishments for efficiency improvement programs.</li>
<li>Dispatchable Renewable Energy: Providing reliable renewable energy solutions to commercial and industrial customers.</li>
</ul>
<p>In May, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year.</p>
<p>Adani Green was also the top utility-scale solar project developer in the calendar year 2023, accounting for 28.9% of the yearly capacity additions, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2024</a>.</p>


Adani Energy Solutions Raises $1 Billion via QIP Route


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					</table><p><a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>, a private sector power producer, has completed a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors.</p>
<p>The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector.</p>
<p>The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.</p>
<p>The issue saw participation from global asset managers, including <a href="https://gqg.com/" target="_blank" rel="noopener">GQG Partners</a>, <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener">Blackrock</a>, <a href="https://global.nomura-am.co.jp/" target="_blank" rel="noopener">Nomura</a>, <a href="https://www.wellington.com/en" target="_blank" rel="noopener">Wellington</a>, <a href="https://www.ubs.com/" target="_blank" rel="noopener">UBS</a>, and Abu Dhabi Investment Authority. Domestic mutual funds and insurance companies also participated in the QIP.</p>
<p>Funds managed by <a href="https://www.goldmansachs.com/">Goldman Sachs</a> were allotted 27.12% of the total issue size and 10% to Nomura.</p>
<p>The company&#8217;s board approved the issuance and allotment of 103 million equity shares to 97 qualified institutional buyers at the issue price of ₹485 (~$5.82) per equity share, which includes a discount of ₹25.09 (~$0.30) per share against the floor price.</p>
<p>Post the allotment, the company&#8217;s paid-up equity share capital rose from ₹16.4 billion (~$197 million) to ₹17.5 billion (~$210 million), consisting of 1.7 billion equity shares each.</p>
<p>&#8220;The overwhelming investor interest is a testament to their confidence in our strategy of transforming into a leading diversified energy player, with a focus on renewable energy generation and energy storage,&#8221; said Sharad Mahendra, CEO of JSW Energy.</p>
<p>JSW Energy has a total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under-construction assets across wind, thermal, and hydro, and letters of award and intent for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN and GUVNL. In addition, the company has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and pumped hydro storage projects.</p>
<p>A JSW Energy subsidiary recently <a href="https://www.mercomindia.com/jsws-renewables-project-from-reliance-power" target="_blank" rel="noopener">expanded</a> its renewable energy portfolio with the ₹1.32 billion (~$15.8 million) acquisition of the 45 MW Vashpet wind project from Reliance Power.</p>
<p>The company&#8217;s third-quarter profit <a href="https://www.mercomindia.com/jsw-energys-profit-rises-on-renewables-q3-fy24" target="_blank" rel="noopener">jumped</a> 29% from last year as strong performance in the renewables segment and lower fuel costs helped the bottom line.</p>


JSW Energy Raises ₹50 Billion in Qualified Institutional Placement


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					</table><p><a href="https://www.kpigreenenergy.com/home" target="_blank" rel="noopener">KPI Green Energy</a>, a renewable energy solutions provider, has raised ₹3 billion (~$36.08 million) through Qualified Institutions Placement (QIP).</p>
<p>The company’s board approved the issuance and allotment of 2.54 million equity shares to qualified institutional buyers at the issue price of ₹1,183 (~$14.23) per equity share against the floor price of ₹1,245 (~$14.97).</p>
<p>Post the allotment, the company’s paid-up equity share capital rose from ₹376.52 million (~$4.53 million) to ₹401.88 million (~$4.83 million) consisting of 40.19 million equity shares each.</p>
<p>The list of few notable investors who were allotted more than 5% of the equity shares offered in the issue include funds managed by Quant Mutual Fund, JM Financial Mutual Fund, SBI General Insurance, Societe Generale, Copthall Mauritius Investment, CITI group Global Markets Mauritius, Morgan Stanley Asia (Singapore), East Bridge Capital, Bengal Finance and Investment and Vikasa India.</p>
<p>The company did not disclose how the funds would be utilized.</p>
<p>KPI Green had announced on September 1, 2023, that it would raise funds through QIPs, following its win of the Gujarat Urja Vikas Nigam’s auction to develop solar projects in Khavda Solar Park. KPI had <a href="https://www.mercomindia.com/kpi-sael-nlc-india-guvnls-800-mw-solar-auction" target="_blank" rel="noopener">won</a> 100 MW as the base capacity by quoting ₹2.70 (~$0.0324)/kWh, and later, the company secured an additional 100 MW capacity under the greenshoe option.</p>
<p>The company <a href="https://www.mercomindia.com/kpi-green-net-profit-q1-fy24" target="_blank" rel="noopener">posted</a> a net profit of ₹347.5 million (~$4.19 million) in the second quarter of the financial year 2024, an increase of 64% year-over-year from ₹211.6 million (~$2.54 million).</p>
<p>As of September 30, 2023, KPI Green commissioned more than 346 MW, including 141 MW in independent power producer projects and 205 MW in captive power projects.</p>
<p>At the end of the first nine months of 2023, KPI Green’s order book was for more than 541 MW, of which 279 MW projects were under the Independent Power Producer segment, 77 MW under the captive power producer segment, and 185 MW under hybrid. The company has set a target of installing 1 GW by 2025.</p>
<p>In October 2023, KPI Green <a href="https://www.mercomindia.com/kpi-green-acquire-majority-stake-kpark-sunbeat" target="_blank" rel="noopener">acquired</a> a 99.9% equity stake in solar power developer KPark Sunbeat for a consideration of ₹1.26 billion (~$15.15 million). KPI Green said its board had approved the acquisition of 9,900 equity shares of KPark Sunbeat in a related party transaction. KPI has been consolidating the solar projects of the KP Group into a single entity, KPI Green Energy.</p>


KPI Green Raises ₹3 Billion Through Qualified Institutions Placement


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					</table><p>The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, <a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a>, completed ₹15 billion (~$180.03 million) fundraising through Qualified Institutions placement (QIP).</p>
<p>The company plans to utilize the funds to pare down debt and pursue the fast-growing EPC markets in India and abroad.</p>
<p>The securities issuance committee of the board of directors approved the issue and allotment of 43,227,665 equity shares of face value ₹1 (~$0.012) each to eligible, qualified institutional buyers at the issue price of ₹347 (~$4.16) per equity share, including the premium of ₹346 (~$4.15) per equity share.</p>
<p>The list of investors who were allotted more than 5% of the equity shares offered in the Issue include funds managed by Abakkus, Aryabhata Global Assets, Authum Investment And Infrastructure, Troo Capital, BNP Paribas, East Bridge Capital, Goldman Sachs, Bandhan Bank, Aditya Birla Sun Life Insurance, Cohesion Investments and Singularity Equity.</p>
<p>In September, the company <a href="https://www.mercomindia.com/sterling-and-wilson-%E2%82%B915-billion-equity-sales" target="_blank" rel="noopener">received</a> approval from its board of directors to raise ₹15 billion (~$180.38 million) through issuing various financial instruments.</p>
<p>“Through this QIP, we are more strategically positioned to harness the immense potential of the renewable energy market globally. The company’s unexecuted order book, as of September 30, 2023, remains healthy at ₹68.35 billion (~$820.3 million), aided by strong domestic EPC order inflows with a robust and growing bid pipeline in India and abroad. We remain well positioned to accelerate our growth,” said Amit Jain, Global CEO of Sterling and Wilson Renewable Energy.</p>
<p>The company stated that the QIP witnessed a strong response from both domestic mutual funds and foreign institutional investors.</p>
<p>Sterling and Wilson Renewable’s EPC service portfolio of 15 GW comprises commissioned and under-development utility-scale solar, floating solar, hybrid, and energy storage projects.</p>
<p>The company recently <a href="https://www.mercomindia.com/sterling-and-wilson-epc-contract-300-mw-ntpc/" target="_blank" rel="noopener">received</a> a notification of award from NTPC Renewable Energy for the EPC of a 300 MW solar project at the Khavda Renewable Energy Park in Gujarat, with a total contract value, including operation and maintenance for three years, amounting to ₹15.35 billion ($184.8 million).</p>
<p>In addition, the company <a href="https://www.mercomindia.com/sterling-and-wilson-wins-epc-solar-project-from-gipcl" target="_blank" rel="noopener">obtained</a> a letter of intent from Gujarat Industries Power Company for the engineering, procurement, and construction of a 600 MW solar power project at Khavda Solar Park in September. The total contract value of the project, including taxes and duties, is approximately ₹11.3 billion (~$136.1 million).</p>


Sterling and Wilson Raises ₹15 Billion Through Qualified Institutions Placement

<p><a href="https://convergentfinance.com/" target="_blank" rel="noopener noreferrer">Convergent Finance LLP</a>, a Maharashtra-based investment firm, announced it has invested ₹2 billion ($27.2 million) in solar glassmaker <a href="http://borosilrenewables.com/" target="_blank" rel="noopener noreferrer">Borosil Renewables</a> through a qualified institutions placement (QIP) of equity shares.</p>
<p>In a separate press statement, Borosil had announced that it had received funding through a QIP to expand its solar glass manufacturing operations. It plans to use these funds to meet its capital expenditure requirements for a brownfield expansion to double its solar glass production capacity from 450 tons per day to 950 tons per day, it said.</p>
<p>The glassmaker said it raised the funding by issuing 15,804,030 of its equity shares with a face value of ₹1 (~$0.014) each. The issue price for these shares is ₹126.55 (~$1.72) per equity share. It said this included a premium of ₹125.55 (~$1.71) per equity share and a 4.99% discount per share from the floor price of ₹133.19 (~$1.81) per equity share.</p>
<p>A qualified institution placement is a way for publicly traded companies, primarily in India and Southeast Asia, to raise capital without submitting legal paperwork to market regulators. The rule was created by the Securities and Exchange Board of India (SEBI) to help these companies avoid depending on foreign capital resources.</p>
<p>Qualified institutional buyers (QIBs) are the only entities allowed to purchase QIPs. QIBs can be institutional investors with the expertise and the financial strength to evaluate and invest in capital markets. These QIBs include mutual, provident, or pension funds, insurance companies, public financial institutions, and scheduled commercial banks.</p>
<p>Borosil said its Securities Issue Committee approved the issue and allotment of these shares on December 17, 2020. Following the QIP issue, the holding of the promoter and the promoter group would stand at 61.92%.</p>
<p>The Mumbai-based glass maker also noted that following the allotment of these shares, the issued, subscribed, and paid-up equity share capital of the company rose to ₹129.9 million (~$1.77 million), comprising 129,863,567 equity shares worth ₹1 (~$0.014) each from ₹114.05 million (~$1.55 million) comprising 114,059,537 equity shares, previously.</p>
<p>“We are overwhelmed with the response from the investors and thank them for showing confidence in the business and management team of Borosil Renewables. The funds raised through this QIP will help us undertake our planned expansion, and we are excited to capitalize on the business opportunity that our industry offers,” said Pradeep Kheruka, Executive Chairman of Borosil Renewables Limited.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">9M and Q3 Solar Funding and M&amp;A Report</a>, public market financing into the solar sector globally came to $1.3 billion in four deals in Q3 2020, 75% higher compared to $737 million raised in five deals in Q2 2020.</p>
<p>Last year, Mercom <a href="https://mercomindia.com/india-anti-dumping-import-tempered-solar/" target="_blank" rel="noopener noreferrer">reported</a> that India imposed an anti-dumping duty on the import of textured tempered coated and uncoated glass from Malaysia for five years, according to a notification released by the Ministry of Finance.  A recent report by SolarZoom <a href="https://mercomindia.com/solar-glass-china-module-market/" target="_blank" rel="noopener noreferrer">highlighted</a> the demand-supply gap in the Chinese solar module market due to the ongoing shortage of solar glass used in the manufacturing of solar modules.</p>


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