Solar Sector

Tongwei Co, the top global producer of polysilicon, a key solar material, saw earnings more than triple in the first nine months to 21.7 billion yuan ($3 billion) as prices soared

Corporate funding in the global solar sector declined by 18 per cent year-on-year to USD 18.7 billion in January-September 2022, according to a Mercom Capital report. Corporate funding includes venture capital and private equity (VC), debt financing, and public market financing. "Total corporate funding in 9M 2022 (first nine months) stood at USD 18.7 billion, 18 per cent lower compared to USD 22.8 billion raised in 9M 2021. The number of deals increased 17 per cent y-o-y, with 131 in 9M 2022 compared to 112 in 9M 2021," the global clean energy consulting firm said in its report. During January-September 2022, venture capital (VC) funding activity rose 150 per cent to USD 5.5 billion with 72 deals compared to the USD 2.2 billion raised in 39 deals in the same period last year. In India, Navitas Alpha Renewables raised around 870,000 in seed round of funding. Renkube also secured around USD 300,000 in seed funding. While Prescinto Technologies raised USD 6.5 million in financing, .

Aerem was founded in 2021 by Anand Jain who comes with a strong background in both financial services and solar

Corporate funding in global solar sector, including India, saw a quarter-on-quarter growth of 51 per cent to USD 7.5 billion in the March quarter, according to Mercom Capital Group

The government has set an ambitious target of 500 gigawatts of renewable capacity by 2030, which is about 5 times the current cumulative installations

Sector executives feel this would exacerbate the problems of domestic manufacturers of solar cells and modules.

A basic Customs duty of 40 per cent on solar cells and 25 per cent on modules will come into effect from April 1, 2022

The global solar sector including the Indian market has witnessed total corporate funding of USD 13.5 billion in January-June period of 2021, registering a jump of nearly three-folds over the previous year, according to a report. Total corporate funding, including venture capital funding, public market and debt financing, into the solar sector stood at USD 4.6 billion during the same period of 2020, the report by clean energy consulting firm Mercom Capital Group said. "Funding was up across the board in the first half of 2021 compared to last year, which was severely affected by the pandemic. Corporate M&A activity was up with solar developers expanding their pipelines, oil and gas companies diversifying into renewables, and funds buying up renewable assets," said Raj Prabhu, CEO of Mercom Capital Group. "The transition from fossil fuels to renewables and Environmental, Social and Governance (ESG) investing trends made an impact on financing as well as merger and acquisition ...

Has already signed PPAs with a few green power generators in Gujarat, will sign more such contracts to move to 100% green energy by March 2022

On a quarter-on-quarter basis, corporate funding increased in the April-June period of this year with $2.8 billion in 34 deals compared to the $2.5 billion in 44 deals in January-March 2018

The figures include venture capital funding, public market and debt financing

Announced debt financing came to $3 billion in 33 deals, as per the report