Indian solar sector witnesses six major deals in second quarter
Jul 15 2015
When it comes to VC funding, Applied Solar Technologies raised $40 million from Future Fund, the Australian government’s sovereign wealth fund, Bessemer Venture Partners, Capricorn Investment Group and International Finance Corporation (IFC). Ecozen Solutions received about $1 million in series A funding from Omnivore Partners, for a minority stake.
There have been two other major instances of receiving VC funding by Indian solar companies. kWatt Solutions raised $500,000 in funding from a real estate house in Indore. And SunTerrace Energy raised an undisclosed amount of seed funding from US-based Sunergy Investors.
Raj Prabhu, CEO of Mercom Capital Group, said there were some significant activities with regard to merger and acquisitions deals also in the Indian solar sector in the Q2. Surana Telecom and Power was involved in four transactions this quarter. They acquired a 51 per cent equity stake in two solar project development companies: Tejas India Solar and Arhyama Energy.
In addition, Surana divested its 49 per cent equity stake from the joint venture Radiant Alliance Limited. Surana also has divested 49 per cent equity share in its wholly-owned subsidiary Celestial Solar Solutions, a solar project developer, and sold them to NVR Infrastructure and Services, a solar project developer, for $39,147, he pointed out.
Meanwhile, SunEdison, a solar energy services and technology provider, acquired 51 per cent equity interest from its partner, an affiliate of Chint Solar (Zhejang), in the 23.1 mw solar project NSM 24 located in India, the Mercom Capital report said.