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					</table><p><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, <a href="https://www.havells.com/#gref" target="_blank" rel="noopener">Havells India</a>, <a href="https://kalpapower.com/" target="_blank" rel="noopener">Kalpa Power</a>, and <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a> were the top rooftop solar installers in India during the first half of the calendar year (CY) 2024, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-1h-2024" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a>.</p>
<p>The report provides details on the market share and competitive landscape of leading players in India&#8217;s solar supply chain.</p>
<p>According to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">Q2 2024 Mercom India Rooftop Solar Market Report</a>, India added 1.1 GW of rooftop solar capacity in 1H 2024. The top 5 companies contributed to 46.9% of those installations.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72663 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png" alt="Leading Rooftop Solar Installers in India 1H 2024" width="532" height="452" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png 532w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024-300x255.png 300w" sizes="(max-width: 532px) 100vw, 532px" /></a></p>
<p>Tata Power Solar remained the leading rooftop solar installer, accounting for 29.2% of the capacity additions. As of June 2024, the company had an installed rooftop solar capacity of 2.5 GW across residential, commercial, and industrial segments. It has tied up with 20+ financial institutions, supporting over 2,200 C&amp;I consumers with customized financing solutions. During the first half of the year, Tata Power Solar <a href="https://www.mercomindia.com/tata-power-indian-bank-rooftop-solar-financing" target="_blank" rel="noopener">partnered</a> with the Indian Bank and Union Bank to provide financing solutions to residential consumers.</p>
<p>Roofsol Energy ranked second, accounting for 5.8% of the rooftop solar capacity additions in 1H 2024. The company&#8217;s cumulative installed rooftop solar capacity was 343 MW as of June 2024. It had over 300 projects and more than 200 clients in India until June 2024.</p>
<p>Havells India was the third leading rooftop solar installer. The company accounted for 5.2% of rooftop solar capacity additions in 1H 2024. As of June 2024, its cumulative installed rooftop solar capacity was 203 MW.</p>
<p>Kalpa Power and Mahindra Solarize ranked fourth and fifth, accounting for 3.4% and 3.3% of the total capacity in 1H 2024. The companies&#8217; cumulative installed rooftop solar capacities were 144 MW and 289 MW, respectively, as of June 2024.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>A complete list of the solar rooftop installers and their market share is available through Mercom&#8217;s<a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener"> India Solar Market Share Tracker</a></p>


Tata Power Solar, Roofsol and Havells Leading Rooftop Solar Installers in 1H 2024


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					</table><p>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Green Gravity, a gravity-based energy storage solutions developer, </strong><a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> AU$9 million (~$6 million) in a Series A funding</strong> to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.</p>
<p><strong>BNZ, a solar project developer and an independent power produce, </strong><a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has completed its first Total IPP Financing for over €680 million (~$744 million)</strong> in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.</p>
<p><strong>NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank</strong>. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.</p>
<p><strong>Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has </strong><a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹255 million (~$3.03 million) in its inaugural round of equity funding</strong>. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.</p>
<p><strong>Multi-business conglomerate Adani Enterprises has </strong><a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million</strong>). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.</p>
<p><strong>Karnataka-based solar project developer Ravindra Energy has </strong><a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares</strong>. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.</p>
<p><strong>Azure Power Global has </strong><a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited</strong>. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.</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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding


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					</table><p><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>,<a href="https://amplussolar.com/" target="_blank" rel="noopener"> Amplus Solar</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, <a href="https://www.havells.com/#gref" target="_blank" rel="noopener">Havells India</a>, and <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a> were the top rooftop solar companies in India during 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>India added 1.7 GW of rooftop solar capacity in CY 2023, according to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>. As of December 2023, the country’s cumulative rooftop solar installations reached 10.5 GW.</p>
<p>Tata Power Solar led the annual capacity additions, accounting for 26.2% of the installations. Amplus Solar and Roofsol Energy ranked second and third, accounting for 7.9% and 4% of yearly installations, respectively. Havells India and Mahindra Solarize rounded off the top five with 3.9% and 2.8%, respectively.</p>
<p>These five companies accounted for 44.9% of the market share in 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66220 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq.png" alt="Leading Solar Installers" width="857" height="560" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq.png 857w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-300x196.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-768x502.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-650x425.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-624x408.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-600x392.png 600w" sizes="(max-width: 857px) 100vw, 857px" /></p>
<p>Tata Power Solar, a subsidiary of Tata Power Company, remained the top rooftop solar installer. As of December 2023, the company’s cumulative installed rooftop solar capacity stood at nearly 2 GW. The company’s pan-India distribution network, partnerships for rooftop solar system installations, financing, and a streamlined project supply chain have helped drive the capacity additions. During the year, the company partnered with <a href="http://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a> and signed a memorandum of understanding with the Small Industries Development Bank of India (<a href="https://www.sidbi.in/en/" target="_blank" rel="noopener">SIDBI</a>) to offer easy financing options for rooftop solar systems.</p>
<p>Amplus Solar, a Gentari Group member, owns and manages a portfolio (operational and under construction) of over 1.9 GW distributed solar assets with more than 650 projects spread over 24 states across India. The company’s cumulative installed rooftop solar capacity stood at 533 MW as of December 2023. Amplus Solar announced a partnership with <a href="https://creditfair.in/" target="_blank" rel="noopener">Credit Fair</a> to offer collateral-free rooftop solar financing solutions for individuals, residential welfare, and trust associations in October 2023.</p>
<p>Roofsol Energy has over 300 solar projects in India rooftop solar installations stood at 280 MW.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive 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>A complete list of the solar rooftop installers and their market share is available through Mercom’s<a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener"> India Solar Market Share Tracker</a>.</p>


Tata Power Solar, Amplus and Roofsol: Top Rooftop Solar Installers in 2023

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