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<p>With solar installations crossing <a href="https://mercomindia.com/cumulative-solar-installations-india-surpassed-12-gw-5-5-gw-installed-financial-year-2016-2017/" target="_blank" rel="noopener noreferrer">12 GW</a> by end of March 2017, financial activity was robust in the first quarter of 2017, with approximately $1.6 billion (~Rs.106 billion) in announced corporate, project funding and M&amp;A deals, according to the recently released <a href="http://bit.ly/MercomSolarQ12017" target="_blank" rel="noopener noreferrer">Q1 2017 Solar Funding and M&amp;A Report</a> by Mercom Capital Group.</p>
<p><strong><a href="https://mercomindia.com/wp-content/uploads/2017/07/India_Solar_Funding_and_MA_Transactions_Q4_2016_-_Q1_2017.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-5484 size-full" src="https://mercomindia.com/wp-content/uploads/2017/07/India_Solar_Funding_and_MA_Transactions_Q4_2016_-_Q1_2017.png" alt="" width="616" height="235" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Solar_Funding_and_MA_Transactions_Q4_2016_-_Q1_2017.png 616w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Solar_Funding_and_MA_Transactions_Q4_2016_-_Q1_2017-600x229.png 600w, https://cms.mercomindia.com/wp-content/uploads/2017/07/India_Solar_Funding_and_MA_Transactions_Q4_2016_-_Q1_2017-300x114.png 300w" sizes="(max-width: 616px) 100vw, 616px" /></a> </strong></p>
<p><strong>VC/PE Funding:</strong></p>
<p>ReNew Power, an India-based renewable energy project developer, secured <a href="https://mercomindia.com/japans-jera-invests-200-million-renew-power/" target="_blank" rel="noopener noreferrer">$200 million</a> (~Rs.12.9 billion) in funding from JERA (a joint venture between Tokyo Electric Power and Chubu Electric Power, two of Japan’s largest utility companies) for a 10 percent stake in the company.</p>
<p>Greenko Energy Holdings, an owner and operator of renewable energy projects, signed definitive agreements for an equity raise of <a href="https://mercomindia.com/greenko-raises-155-million-equity-funding/" target="_blank" rel="noopener noreferrer">$155 million</a> (~Rs.10 billion) from an affiliate of GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA).</p>
<p>Hero Future Energies, the renewable energy subsidiary of Hero Group, secured <a href="https://mercomindia.com/ifc-to-invest-125-million-in-hero-future-energies/" target="_blank" rel="noopener noreferrer">$125 million</a> (~Rs.8.1 billion) in equity investment from the International Finance Corporation (IFC).</p>
<p>Oriano Solar, a provider of EPC services for solar projects in India, raised <a href="https://mercomindia.com/oriano-solar-raises-rs-200-million-series-funding/" target="_blank" rel="noopener noreferrer">$3.1 million</a> (~Rs.200 million) from Small Industries Development Bank of India&#8217;s Samridhi Fund to expand its team and finance working capital requirements.</p>
<p><strong>Debt Financing:</strong></p>
<p>In Q1 2017, ReNew Power raised $475 million (Rs.30.7 billion) through the sale of green energy bonds to overseas investors. Bank of America Merrill Lynch, JP Morgan, and HSBC were some of the bankers involved in arranging the deal.</p>
<p>Welspun Renewables Energy (WREPL), a renewable energy project developer acquired by Tata Power (an electric utility company), raised approximately $176.3 million (~Rs.12 billion) through issuance of non-convertible debentures on a private placement basis.</p>
<p><strong>Announced Project Funding:</strong></p>
<p>Approximately $490.4 million (~Rs.32 billion) in project funding was announced in <a href="http://mercomcapital.com/total-corporate-funding-in-solar-sector-rises-to-$3.2-billion-in-q1-2017-reports-mercom-capital-group" target="_blank" rel="noopener noreferrer">Q1 2017</a>. This is slightly higher than the project funding announced in <a href="https://mercomindia.com/1-1-billion-funding-ma-deals-announced-indian-solar-sector-q4-2016/" target="_blank" rel="noopener noreferrer">Q4 2016</a>, which was $369 million (~Rs.25 billion). ReNew Power secured a <a href="https://mercomindia.com/adb-approves-390-million-financing-package-renew-power-develop-709-mw-solar-wind-india/" target="_blank" rel="noopener noreferrer">$390 million</a> (Rs.25.2 billion) financing package from the Asian Development Bank (ADB) for the development of renewable energy projects in India. Solairedirect, a French solar project developer, through its special purpose vehicle &#8211; Solaire Surya Urja &#8211; secured a ~$100.4 million (~Rs.6.75 billion) loan from IDFC for the construction of two solar projects totaling 140 MW at the Bhadla Solar Park in Rajasthan.</p>
<p><strong>Project Acquisition:</strong></p>
<p>India Power Green Utility Private Limited (IPGUPL), a wholly owned subsidiary of India Power Corporation Limited, acquired a <a href="https://mercomindia.com/india-power-green-utility-punj-lloyd-co-develop-20-mw-solar-uttarakhand/" target="_blank" rel="noopener noreferrer">49 percent stakes in PL Sunrays Power and PL Renewable</a>, a wholly owned subsidiaries of Punj Lloyd, at an undisclosed amount.</p>
<p><strong>Solar Funds:</strong></p>
<p>There were two new renewable energy and solar-focused funds in Q1 2017 which totaled $313 million (~Rs.20.3 billion).The European Investment Bank (EIB) approved a <a href="https://mercomindia.com/european-investment-bank-provide-eur-200-million-213-million-loan-state-bank-india-large-scale-solar/" target="_blank" rel="noopener noreferrer">EUR200 million (~Rs.13.8 billion)</a>, 20-year loan to the State Bank of India (SBI) which will be utilized to help develop large scale solar projects in India. The World Bank has approved <a href="https://mercomindia.com/world-bank-provide-100-million-develop-solar-parks-india/" target="_blank" rel="noopener noreferrer">$100 million (~Rs.6.5 billion)</a> to develop solar parks in India. This includes a $75 million (~Rs.4.8 billion) loan from International Bank for Reconstruction and Development that will mature in 19 years and has a five-year grace period, a $23 million (~Rs.1.5 million) loan from the Clean Technology Fund (CTF) which has a 10-year grace period and a maturity of 40 years, and a $2 million (~Rs.129 million) interest-free CTF grant. The Shared Infrastructure for the solar parks project will establish large-scale solar parks in the country and support the Government of India’s plans to install 100 gigawatts (GW) of solar power by 2022.</p>
<p>To learn more about the report, visit<strong>: </strong><a href="http://bit.ly/MercomSolarQ12017" target="_blank" rel="noopener noreferrer">http://bit.ly/MercomSolarQ12017</a></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/priya-sanjay/" class="vcard author" rel="author"><span class="fn">Priya Sanjay</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Priya-Sanjay-Managing-Director-Mercom-India-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Priya Sanjay,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/priya-sanjay/" target="_blank" rel="noopener">More articles from Priya Sanjay.</a></p>
</div>
<div class="authorboxn">
<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Priya-Sanjay-Managing-Director-Mercom-India-1.jpg" alt="Wendy Prabhu" />Priya currently serves as the Publisher for MercomIndia.com. With more than a decade of experience working in corporate communications, research, and policy, Priya has deep roots in the Indian energy markets and is regularly in touch with policy makers and industry leaders. Priya received her bachelor’s degree from Vidya Vardhaka College of Arts in Bangalore, India for Political Science and Economics and completed her MBA from Bangalore University. <a href="https://mercomindia.com/author/priya-sanjay/">More articles from Priya Sanjay.</a></div>
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Indian Solar Sector Sees $1.6 Billion in Funding and M&A Transactions in Q1 2017

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