ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/03/amazon_polly_64341.mp3?version=1710764519">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>The Indian government is working to accelerate rooftop solar installations in the country through various programs with a focus on the residential segment.
In an exclusive interview with Mercom India, Shreya Mishra, Co-Founder of <a href="https://www.solarsquare.in/homes?utm_term=solar%20square&amp;utm_campaign=DR_Search_Brand_AllCities_Jan13&amp;utm_source=adwords&amp;utm_medium=ppc&amp;hsa_acc=1384667780&amp;hsa_cam=19566406052&amp;hsa_grp=152005427984&amp;hsa_ad=644801250633&amp;hsa_src=g&amp;hsa_tgt=kwd-501167643512&amp;hsa_kw=solar%20square&amp;hsa_mt=p&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=Cj0KCQjw-r-vBhC-ARIsAGgUO2DJWIl7e12BDavpBbSWkhZlbKmuYa2PmsxKOj7R78B3BOh2fOyyzckaArnCEALw_wcB" target="_blank" rel="noopener">SolarSquare</a>, a residential rooftop solar solutions firm, explains how the recent programs will help drive the installations in the country and what policy modifications in certain states could help for wider adoption of rooftop solar.
Mishra elaborates on the installation process and the factors customers should consider when installing a rooftop solar system.
Here are the excerpts from the interview:
How do you see the residential segment faring in the upcoming years, considering the new solar programs proposed by the government?
India&#8217;s residential solar market is seeing a watershed moment, with consumer awareness being turbo-charged by the recent push from Prime Minister Modi. In the last five years, only about 600,000 homes had adopted solar in the Ministry of New and Renewable Energy&#8217;s (MNRE) Phase II subsidy program, with ~130,000-150,000 homes going solar in 2023. With the new target of solarizing 10 million homes in the next three years, it&#8217;s a historic inflection point in our industry.
We are also seeing real groundwork in terms of easing solar permits, increased subsidies, and availability of low-interest rate loans for solar.
With Gujarat and Kerala (states contributing most to the current installed capacity) achieving their set rooftop solar targets under the state tenders and programs, which other states do you see following suit?
In the last five years, only states with high government intent to promote solar and easier approvals have seen an industry boom and consumer adoption. With the national push from the PMO, we expect every state to see solar adoption grow. Like any product adoption, states with higher GDP per capita and more populations see bigger market sizes. Solar should be no different if government policy and solar approvals translate to a level playing field across India. After Gujarat and Kerala, Maharashtra, Uttar Pradesh, and Madhya Pradesh are currently among the top five states considering residential solar applications on the national solar portal.
How effective do you think the new subsidies and the PM Surya Ghar program will be in accelerating residential rooftop solar installations? What more can the government do to streamline and achieve the target of 40 GW by March 2026?
I believe PM Surya Ghar Yojana is an example of real governance excellence. There is alignment between the center and states, and there is IT infrastructure to enable smooth execution on the ground via the national solar portal. Subsidies are also supported, and they are smoothly transferred to customer accounts. Now, we are expecting 7% interest rate loans to be available for customers up to 3 kW from nationalized banks. Overall, the entire government machinery has worked towards laying the foundation for India&#8217;s target of 10 million homes adopting solar.
To further bolster this program, the most important enabler now will be further easing solar approvals in every state. Currently, in many states, there is still scope for improvement in the approval process. It can take up to 60 days for a consumer to get all approvals and have the solar system up and running. The best approval process is in Gujarat, where the whole process can be completed in just 15-25 days. To make India&#8217;s #HarGharSolar dream a reality, solar approvals for homes and residential welfare associations should be 100% online, paperless, and fast-tracked. This will be very important if we want grassroots adoption of solar in every district and city.
Could you share with us a brief step-by-step process a residential consumer needs to follow to set up a rooftop solar system on their homes? What are the various financing options/models available to the consumers?
Step 1 &#8211; A customer&#8217;s solar journey starts with a free solar consultation with SolarSquare. In this meeting, our solar consultants will survey the customer&#8217;s roof and study his electricity requirements to suggest the right solar system size and technology for his home.
Step 2 &#8211; We generate a commercial quotation with a 3D design for his rooftop solar. If the customer requires financing, our sales app is integrated with multiple lenders on the backend, and our solar consultants instantly check the customer&#8217;s EMI eligibility by entering his PAN Card number in our sales app.
Step 3 &#8211; We apply for solar net-metering for the client on the national solar portal. If a customer requires a sanctioned load increase for solar, we also take care of that.
Step 4 &#8211; Once a customer&#8217;s net-meter approval is received, we will be ready to install it. We send the final detailed design to the client for approval and schedule his installation.
Step 5 &#8211; We deliver and install on the same day. Our ready-to-install prefabricated WindPro MountsTM and trained crew enable us to complete the end-to-end installation in just six hours.
Step 6 &#8211; We have to get the customer&#8217;s net meter tested via DISCOM&#8217;s testing lab—post which it is installed on the customer&#8217;s home. For final inspection, a DISCOM official visits the client&#8217;s site &#8211; and during this visit, we can &#8220;Switch on&#8221; or commission the client&#8217;s solar system.
Step 7 &#8211; Once commissioning is completed, we upload the client&#8217;s &#8220;Work completion report&#8221; along with his bank details to the national portal. Within 30 days of this step, the client will receive his subsidy from MNRE.
Step 8 &#8211; Post installation, we maintain the client&#8217;s solar system for the next five years via regular maintenance visits. Our trained technicians take care of the entire system health check, including deep cleaning of panels to ensure top performance at all times.
What are the key factors they must keep in mind while choosing the vendors?
One of the most important criteria for choosing a vendor is the number of years of experience it has in this space. Customers must make sure that they select a vendor that has executed a significant number of installations in their area and has earned positive reviews from existing customers.
A rooftop solar power system requires the vendor to follow sound design practices and have proper engineering expertise to ensure safety and maximum power generation. Customers must ensure their selected vendor has the required expertise in design, civil, mechanical, and electrical engineering.
Before granting a contract to a vendor, consumers must confirm that the installer can provide after-sales service during the plant&#8217;s lifetime. &#8220;Side business&#8221; vendors lack the intent and expertise to provide after-sales support; therefore, clients should avoid them. Customers should select an installer that has both the focus and the resources to stay in this business for an extended period. Customers should choose an installer who ensures procurement of high-quality solar panels from the factory, ensures no quality concerns arise during transit, and performs installation and maintenance in accordance with industry standards. Besides solar modules, the module mounting structure plays a crucial role in ensuring the long life of the rooftop solar system.
Customers must make sure to hire an installer who provides high-quality elevated structures.
What are the pricing models offered in the market based on weather conditions and daylight availability?
Residential solar is sold using the capex model. This means the customer needs to invest upfront in the rooftop solar system. So, irrespective of which city you are in, the cost of solar will be similar, barring some variations due to government permit fees, etc., which can vary from state to state.
However, given that India has 300+ sunny days, the performance of solar is good everywhere in the country from Ladakh to Kanyakumari. Moreover, easy loans are available for customers who opt for solar energy. At SolarSquare, we offer our customers a zero-investment program. By opting for a 60-month EMI scheme &#8211; where the client&#8217;s downpayment is covered by the subsidy from the government of India and his monthly EMI is covered by his electricity bill savings &#8211; the net client has zero investment from his pocket and can enjoy 25 years of free electricity.
How does after-sales service play a role in residential rooftop solar systems?
After-sales service plays a significant role in ensuring the optimum power generation from a rooftop solar system. In India, roofs are subject to a lot of dust and a variety of external weather conditions. Because of the dusty external environment and bird droppings, it is important to ensure regular on-site maintenance of rooftop solar systems. Power generation can drop by 30-40% for an unmaintained system. Moreover, without proper after-sales service, the life of the system can decrease significantly, in some cases by more than 60%. That means a rooftop solar system with a life expectancy of 25 years would work for just 6-8 years if not maintained properly. Even solar panel warranties provided by OEMs are void in the absence of proper maintenance.
When considering rooftop solar systems as an investment, you can expect an internal rate of return (IRR) of 20–25% if the system performs as expected because maintenance allows you to realize that 20–25% IRR, which is crucial.
What are some of the challenges you are having to overcome to grow in this market?
When we started operating in the residential market, the first challenge that we came across was a lack of customer awareness. Households did not know about the advantages of solar energy, and customers lacked basic knowledge. A lot of people mistook solar systems on rooftops for water heaters. They were unaware that solar energy might be used to power a home. There were many myths and misunderstandings that needed to be dispelled.
We created a lot of educational content in the form of short-form videos and blogs and worked with various influencers to create the right consumer awareness. Whenever a customer reaches out to SolarSquare, we help the homeowner understand the right kind of solar system they need. We focus on educating the customer rather than selling him anything.
We also found that mis-selling was common. Residential solar installation is a fragmented and unorganized sector with many local operators and dealers running it as a side business. People were sold used or rejected panels since they didn&#8217;t know how to authenticate the warranty or quality of the products. Furthermore, many solar power installations were sold without after-sales support.
If you are purchasing solar, it is critical to get the appropriate after-sales service since, without it, your investment will be lost. We needed to educate people about these issues. The over-commitments and fake promises made by the local operators in terms of expected power generation regularly erode the customer&#8217;s trust and confidence in the product category.

Indian Rooftop Solar Sector at an Inflection Point: Interview

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/02/amazon_polly_63568.mp3?version=1708493561">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-camus-energy-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Camus Energy, a grid orchestration platform, <a href="https://mercomcapital.com/camus-energy-secures-25-million-series-a-funding/" target="_blank" rel="noopener">secured</a> over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate Fund, and Groundswell Ventures, alongside Congruent and Wave’s Limited Partners.
Fever, a provider of an Application Programming Interface (API)- centric platform for virtual power plants, <a href="https://mercomcapital.com/grid-tech-company-fever-raises-10-7-million-seed-funding/" target="_blank" rel="noopener">raised</a> €10 million (~$10.7 million) in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC. The funding will be used to accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe. This round brings the company’s total amount of funding to €11.6 million (~$12.4 million).
Greenalia, a Spain-based developer of renewable power projects, <a href="https://mercomcapital.com/greenalia-secures-three-year-credit-facilities/" target="_blank" rel="noopener">announced</a> the close of $200 million of three-year credit facilities to support the development of its solar and wind project pipeline in the U.S. The funding will be used to finance project equipment, as well as other development and construction expenses. Nomura Securities International, Inc. led the financing and acted as the Sole Underwriter, Lead Arranger, and Bookrunner of the Facilities. PEI Global Partners served as Exclusive Financial Advisor to the Company. Holland &amp; Knight acted as Borrower&#8217;s Counsel. Norton Rose Fulbright acted as the lender&#8217;s counsel.
Daze, a provider of EV charging solutions, <a href="https://mercomcapital.com/daze-secures-16-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.1 million) in Series A funding led by CDP Venture Capital through the EnergyTech compartment of the Corporate Partners I fund and the Green Transition fund, which utilizes resources allocated by the European Union through the NextGeneration EU initiative.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/solarsquare-consultancy-firm-pv-diagnostics" target="_blank" rel="noopener">acquired</a> PV Diagnostics, a company with expertise in the utility-scale solar power sector, to enhance the quality and efficiency of its residential solar installations throughout India. PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain.
Natural gas company Mahanagar Gas Limited has <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of 30.97% shareholding in 3ev Industries, a three-wheeler electric vehicle manufacturer, for ₹960 million (~$11.56 million). The equity infusion, which is a part of the share subscription agreement between the companies, will be made in tranches, with the first tranche expected before the end of this month.
Hyderabad-based electric vehicle manufacturer Pure EV has <a href="https://www.mercomindia.com/pure-ev-raises-funding-to-expand-sales-india" target="_blank" rel="noopener">secured</a> $8 million in the latest round of funding to help the company expand its sales network in India from 140 to 300 dealers in the next six months. The funding was led by Benett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, existing investors, and high net-worth individuals.
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>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-lilac-solutions-secures-145-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Camus Energy Secures Over $25 Million

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/02/amazon_polly_63344.mp3?version=1707973428">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><a href="https://www.mercomindia.com/almm-exemptions-leave-solar-industry-guessing" target="_blank" rel="noopener">The Approved List of Models and Manufacturers (ALMM) regulation will be back in force from April 1, 2024, with exemptions for projects set up under open access solar and those in advanced stages of</a> construction and rooftop solar projects with no subsidy. Most stakeholders, however, have raised questions on the ambiguity around the definition of ‘advanced stages of construction,’ the phrase used by the Ministry of New and Renewable Energy (MNRE) in the notification reviving the ALMM mandate. The MNRE has specified that the ALMM regulation will be relaxed for solar projects in advanced stages of construction that have placed module orders before March 31, 2024.
<a href="https://www.mercomindia.com/p2p-solar-energy-trading-fraught-with-challenges" target="_blank" rel="noopener">Consumers of electricity in a few Indian states could soon become ‘prosumers’ by installing rooftop solar and selling excess power generated directly to other consumers, but questions remain.</a> The Karnataka Electricity Regulatory Commission (KERC) recently released a draft proposal to enable peer-to-peer solar energy trading in the state using blockchain technology. KERC aims to implement this framework after consultations and has invited comments from stakeholders within 30 days. Karnataka isn’t alone; Delhi and Uttar Pradesh have also released draft proposals to facilitate peer-to-peer solar trading.
<a href="https://www.mercomindia.com/pm-surya-ghar-to-offer-%E2%82%B978000-for-3-kw" target="_blank" rel="noopener">A new program to install rooftop solar systems on 10 million households across India will be called ‘PM Surya Ghar: Muft Bijli Yojana’ and will have an outlay of ₹750 billion (~$9.04 billion), Prime</a> Minister Narendra Modi announced in a post on the microblogging site X. The Prime Minister added in the post that the Union government will ensure there is no cost burden on the people and substantive subsidies with heavily concessional bank loans will be offered. “All stakeholders will be integrated into a National Online Portal, which will further convenience,” he said.
<a href="https://www.mercomindia.com/solarsquare-consultancy-firm-pv-diagnostics" target="_blank" rel="noopener">Mumbai-based rooftop solar company SolarSquare has acquired PV Diagnostics, a company with expertise in the utility-scale solar power sector, to significantly enhance the quality and efficiency of</a> its residential solar installations throughout India. PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain. The company boasts an industry experience of 8 GW, having collaborated with leading renewable energy developers such as Tata Power, Adani, and Renew Power.
<a href="https://www.mercomindia.com/kerala-consultancy-100-mw-solar" target="_blank" rel="noopener">Renewable Power Corporation of Kerala, a joint venture of Kerala State Electricity Board and Solar Energy Corporation of India, has invited bids to select a project monitoring unit to assist</a> in developing a 100 MW grid-connected ground-mounted solar power project at a proposed solar park in Kasaragod, Kerala. The last day to submit the bids is February 29, 2024. Bids will be opened on March 5. Bidders must submit ₹270,000 (~$3,250) as a bid bond. The selected bidder must submit 5% of the contract price as performance security within 14 days of issuing the letter of award.
<a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">Natural gas company Mahanagar Gas Limited has announced the acquisition of 30.97% shareholding in 3ev Industries, a three-wheeler electric vehicle (EV) manufacturer, for ₹960 million (~$11.56</a> million). The equity infusion, which is a part of the share subscription agreement between the companies, will be made in tranches, with the first tranche expected before the end of this month. 3ev is an EV original equipment manufacturer, which is based out of Bengaluru, offers end-to-end micro-mobility solutions, including hyperlocal services such as small-parcel deliveries and freight.
<a href="https://www.mercomindia.com/himachal-pradesh-floats-rooftop-solar-projects" target="_blank" rel="noopener">Himachal Pradesh Energy Development Agency has invited bids to empanel vendors for the rate contract to design, manufacture, supply, erect, test, and commission rooftop solar power projects of</a> capacities ranging from 1 kW to 500 kW under the net metering and net billing program. The solar systems will be installed on the rooftops of domestic, government, institutional, or other buildings throughout the state of Himachal Pradesh. The scope of work also includes warranty, operation, and maintenance of the systems for five years.
<a href="https://www.mercomindia.com/thdc-consultancy-tender-rajasthan" target="_blank" rel="noopener">THDC India has invited bids from consultants to prepare a detailed project report to develop the 1,292 MW Phase-I ultra mega solar power park within a 2 GW solar park in Jaisalmer, Rajasthan.</a> The project’s estimated cost is ₹10.17 million (~$122,416). The DPR should be submitted within 90 days of receiving the work order. The last day to submit the bids is February 20, 2024. Bids will be opened the next day. Bidders must furnish an earnest money deposit of ₹102,000 (~$1,227). Selected bidders must submit 5% of the contract value as a performance bank guarantee within 15 days after issuance of the letter of award.
<a href="https://www.mercomindia.com/airtels-nxtra-to-procure-140-gwh-clean-energy-for-data-centers-in-three-states" target="_blank" rel="noopener">Telecommunications service provider Bharti Airtel’s data center subsidiary Nxtra will procure 140 GWh of renewable energy every year for its data centers in Tamil Nadu, Uttar Pradesh, and Odisha</a>. The company has partnered with AmpIn Energy and Amplus Energy to set up captive solar and wind power projects totaling 72.3 MWdc capacity to power its data centers under 25-year agreements and reduce carbon footprint by around 99,547 tonnes of carbon dioxide equivalent per year.
<a href="https://www.mercomindia.com/fluence-energy-reports-record-billion-in-fy24" target="_blank" rel="noopener">Energy storage technology and solutions provider Fluence Energy recorded a revenue of $364 million in the first quarter (Q1) of the fiscal year (FY) 2023-24, registering a 17% year-over-year (YoY)</a> increase. This was attributed to the company’s contracted backlog and project pipeline. The recent quarter made it the ninth consecutive quarter where the volume of order intakes outpaced revenue due to the growth in utility-scale energy storage. The company reported a record intake of new orders amounting to $1.1 billion this quarter, with its solution business contracting 2.7 GWh, service business adding 2.3 GWh, and digital business adding another 400 MW of new contracts

Daily News Wrap-Up: ALMM Exemptions Leave Solar Industry Guessing

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/02/amazon_polly_63322.mp3?version=1707911808">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>Mumbai-based rooftop solar company <a href="https://www.solarsquare.in/" target="_blank" rel="noopener">SolarSquare</a> has acquired <a href="https://www.pv-diagnostics.com/" target="_blank" rel="noopener">PV Diagnostics</a>, a company with expertise in the utility-scale solar power sector, to significantly enhance the quality and efficiency of its residential solar installations throughout India.
PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain. The company boasts an industry experience of 8 GW, having collaborated with leading renewable energy developers such as Tata Power, Adani, and Renew Power.
The integration of PV Diagnostics&#8217; utility-scale proficiency with SolarSquare&#8217;s residential rooftop solar solutions is expected to establish new benchmarks in terms of quality and performance for home solar installations.
The company will leverage PV Diagonostics’ expertise in best quality module sourcing, diagnostics, and technology stack to deploy good quality and long-lasting residential solar installations.
The financial details of the transaction were not disclosed.
PV Diagnostics will maintain its commitment to the utility-scale solar market, ensuring the continuity of its existing services post-acquisition.
The company&#8217;s founders, including solar industry veteran Prakash Suratkar, Pranav Maheshwari, Atul Kumar Jain, and Ayush Mahajan, all alums of IIT Bombay, are expected to bring expertise to the table. Their collective experience extends to advising multiple private equities in significant solar portfolio acquisitions across the country.
Prakash Suratkar, CEO of PV Diagnostics, said: &#8220;Joining forces with SolarSquare is not just a strategic decision but also a move inspired by the quality mindset of SolarSquare&#8217;s founders. Their dedication to excellence and consumer-centric approach resonated deeply with us at PVD. This inspiration has been a driving force in our decision to unite with SolarSquare, and we are excited to bring our utility-scale expertise to the residential solar market.&#8221;
SolarSquare said the acquisition aligns with its commitment to innovation and sustainability, further solidifying its position as a leader in India&#8217;s solar energy sector.
Shreya Mishra, CEO of SolarSquare, expressed her vision for the collaboration: &#8220;The acquisition of PV Diagnostics is a pivotal move towards our goal of building top-tier, consumer-centric solar solutions. PVD&#8217;s experience in ensuring the highest quality standards in large-scale solar projects will be very useful in elevating our residential offerings. Together, we aim to redefine the solar landscape in India.&#8221;
In November, SolarSquare <a href="https://www.mercomindia.com/solarsquare-raises-12-8-million-series-a-funding" target="_blank" rel="noopener">raised</a> ₹1 billion ($12.8 million) as part of its series A funding round led by Elevation Capital and U.S.-based climate-focused fund Lowercarbon Capital.
The fundraise came short of four months after the start-up <a href="https://mercomindia.com/rooftop-solar-startup-solarsquare-raises-4-million/" target="_blank" rel="noopener">raised</a> $4 million in a seed funding round led by Good Capital.

SolarSquare Acquires Utility-Scale Solar Consultancy Firm PV Diagnostics

Mumbai-based rooftop solar startup <a href="https://www.solarsquare.in/" target="_blank" rel="noopener">SolarSquare</a> raised $4 million in a seed funding round led by Good Capital with participation from U.S.-based Lowercarbon Capital, Singapore-based Symphony Asia, and Zerodha founder Nithin Kamath’s Rainmatter.
The round also saw participation from Better Capital, Climate Angels, and angel investors OYO’s Global Chief Strategy Officer Maninder Gulati, Urban Ladder’s Chief Executive Officer Ashish Goel, and Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, founders of NoBroker.
According to SolarSquare, the rooftop solar market is largely unorganized and has no after-sales service standards. The company intends to use the fresh capital to expand its presence across India and build scaling technology.
SolarSquare has a presence in Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR. The company plans to build an app for consumers to track their solar system performance in real-time, a point-of-sale lending app for its sales force to provide instant loan approvals for homeowners, and a merchant app for its solar installation partners.
“Each home that goes solar with us saves ₹48,000 (~$615) on average in electricity bills and offsets four metric tons of CO2 per year from the atmosphere. That’s equivalent to planting 60 trees. Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product,” said Shreya Mishra, CEO at SolarSquare.
The investment marks American venture investor Chris Sacca’s Lowercarbon Capital’s first investment in India. Lowercarbon is a climate-tech venture capital firm with a $1 billion-plus fund.
Founded in 2015 as a commercial solar company, SolarSquare is now a home-energy brand that designs, installs, and finances rooftop solar systems for homes. The company maintains that in less than two years of its foray into residential solar space, it has already solarized more than 3,000 homes and housing societies.
According to SolarSquare, Indian homes will invest $50 billion in rooftop solar this decade. The company forecasts that the Indian residential solar market could see rapid growth from 2025 due to rising electricity expenses, coal shortage causing power outages, increasing environmental awareness, and favorable policies.
According to ‘<a href="https://mercomindia.com/product/q4-2021-india-rooftop-solar-market-report" target="_blank" rel="noopener">Mercom India Rooftop Solar Market Report Q1 2022,’</a> India added 456 MW of rooftop solar capacity in the first quarter of the calendar year 2022. This a 34% year-over-year growth compared to 341 MW <a href="https://mercomindia.com/india-solar-installations-up-q1-2021/" target="_blank" rel="noopener">registered</a> in the same period last year.

solarsquare

Get the most relevant India solar and clean energy news.

RECENT POSTS