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The larger chunk of investments in the solar sector across the globe in the quarter ended September was bagged by Indian companies, clean energy consultancy firm Mercom Capital Group said in a latest report.
The deals where Indian companies topped the chart included venture capital funding, bond issuance and merger and acquisitions. Indian rooftop solar developer CleanMax Solar raising $100 million was globally the largest venture capital deal in the September quarter. CleanMax raised the capital from a unit of Warburg Pincus in July. Apart from expanding its rooftop business outside India, the company also plans to foray into the electricity storage.
The total VC funding for the solar sector in the quarter was $269 million, raised in 23 deals, Mercom said.
The top global debt deals in the sector were by Indian solar project developers Greenko Energy Holdings and Acme Cleantech Solutions. Greenko raised a total of $1 billion in two separate debt deals in the quarter. Acme Cleantech — a unit of the Acme Group which quoted the record low tariff of Rs 2.44 a unit at Bhadla solar auction in May — raised $108 million in debt in the quarter. The total announced debt financing in the quarter across the globe was $2.1 billion in 18 deals.
According to an earlier report released by research agency Bridge to India, Hyderabad-based Greenko retained its position as the top developer in the solar energy space at the end of the quarter ended June. In FY17, Greenko Energy Holdings acquired 600 MW of Indian renewable energy assets from beleaguered SunEdison for $392 million. The company raised about $150 million from Abu Dhabi Investment Authority and $200 million from GIC Singapore in the previous quarter. Acme was the company with the largest renewable capacity addition of 225 MW in the quarter ended June.
The top project merger and acquisition deal was of IDFC Alternatives — which acquired a portfolio of seven Indian solar projects for an enterprise value of $300 million. Hindustan Power acquiring the licence to develop 15 solar power projects in Japan for $100 million was the third largest M&A deal.
Bloomberg New Energy Finance (BNEF) had said earlier that China and India alone are a $4 trillion opportunity for the global energy sector. India would account for 11% of total regional investment over 2017-40, with wind and solar both accounting for around a third of total investment, BNEF had added.
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