Here are the top five funding deals in the solar sector in India during 2023 according to Mercom’s Q3 2023 India Solar Market Update report:

Adani New Industries, a wholly owned subsidiary of Adani Enterprises, secured a trade finance facility amounting to $394 million (~$32.3 billion) from Barclays PLC and Deutsche Bank AG. The financial support is intended to meet the working capital requirements of its integrated solar module manufacturing facility. Adani is establishing a comprehensive 10 GW solar manufacturing ecosystem in Mundra, encompassing polysilicon to module manufacturing, ancillaries, and supporting utilities. The company is also actively engaged in building an integrated green hydrogen business ecosystem, which includes manufacturing solar modules and wind turbines.

CleanMax, a Mumbai-based renewable energy company, concluded an equity fund raise of approximately $360 million (~₹29.57 billion) from Brookfield Renewable through the Brookfield Global Transition Fund. The funding, consisting of primary and secondary investments, is aimed at supporting CleanMax’s growth plans of installing 5 GW of renewables within three to four years. The company is focused on expanding its commercial and industrial footprint, both domestically and internationally.

Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, received a capital infusion of ₹20 billion ($260 million) in the final round from UK-based GreenForest New Energies, bringing the total equity raised from GreenForest New Energies to ₹40 billion ($525 million). This funding will support various businesses under Tata Power, including utility-scale solar, wind, and hybrid generation assets, solar cell and module manufacturing, EPC contracting, rooftop solar infrastructure, solar pumps, and electric vehicle charging infrastructure. TPREL aims to achieve a portfolio of over 20 GW of renewable assets in the next five years.

Amp Energy India, an integrated renewable energy power producer, secured up to $250 million (~₹20.44 billion) in funding from Sumitomo Mitsui Banking Corporation of Japan, the Intermediate Capital Group, and the Asian Infrastructure Investment Bank. The funding is to enable Amp Energy India to expand its operations, accelerate its growth strategy, and meet the rising demand for renewable energy solutions in India.

Juniper Green Energy, an independent renewable energy power producer operating in solar, wind, and hybrid power projects, received a $150 million investment from AT Capital Group and Vitol to support the expansion of its operational capacity. This investment follows a previous infusion of $200 million from the same investors nearly two years ago. Juniper Green Energy aims to triple its operational capacity to 2.5 GW by 2026, with a development pipeline of over 3 GW across solar, wind, and hybrid power projects.

: ReNew Energy, Hero Future, Adani Green, Qatar Investment, Virescent, IndiGrid, Funding Deals, 2023