Fresh VC inflows set to boost Indian solar sector
Oct 14 2014 , Kolkata
Global corporate funding in the sector, including public market financing raised by firms, jumped to $9.8 billion from $6.3 billion in 2014 Q2, said Raj Prabhu, CEO of Mercom Capital Group, a global clean energy consulting company.
Solar installations are also on the rise and the sector looks to be at a take-off stage. The solar market had been stuck around the one gw mark for the past few years. But new plans, which are in the offing, with much bigger installation targets are set to boost the sector.
When it comes to fresh inflows, Boond Engineering & Development, a provider of clean energy products and services, closed a series A equity investment round, which was led by Opes Impact Fund along with the participation of Rianta Capital and Sumantra Roy, other members of investment network Ennovent Circle.
Similarly, Fourth Partner Energy, a Hyderabad-based renewable energy company, which provides solar products, turnkey services for off-grid solar power installations, has raised Rs 3 crore in Series A funding from The Chennai Angels in the last quarter, says the latest Mercom Capital report.
In the same quarter, Azure Clean Energy, Indian arm of Azure Power, an independent solar power producer, secured a 15-year $14.3 million loan for a 40 mw solar project in Rajasthan, from the International Finance Corporation.
Swelect Energy Systems, a solar module manufacturer, took the remaining 51 per cent equity shares in HHV Solar Tech, a solar module maker during the period.