Daily News Wrap-Up: India’s Rooftop Solar Capacity Grew 6.4% YoY in Q1

SECI disbursed ₹40.9 million as rooftop solar subsidies in April 2023

June 2, 2023


In the first quarter (Q1) 2023, 485 MW of rooftop solar capacity was added, up 0.4% compared to 483 MW in Q4 2022. In a year-over-year (YoY) comparison, installations were up 6.4%. The findings were published in Mercom India Research’s newly released Q1 2023 Mercom India Rooftop Solar Market Report. The increase in capacity was attributed to the rapid growth of installations in states like Gujarat, Kerala, and Karnataka in the report.

The Solar Energy Corporation of India has disbursed ₹40.9 million (~$495,480) as subsidies under the rooftop solar program in April 2023, a 194% increase from ₹13.9 (~$168,023) in the previous month. Sunsource Energy, Sukhbir Agro Energy, Genii Engineering & Services, Divvy Solar Power & Solutions, and Geopower India were the bigger beneficiaries of rooftop solar subsidies. SECI disbursed ₹8.8 billion (~$107.1 million) to wind and solar energy generators for the electricity procured in April 2023.

Mumbai-based renewable energy company CleanMax Enviro Energy Solutions has successfully concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund. The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years. The company aims to expand its C&I footprint both within India and internationally.

Capgemini, a France-headquartered multinational corporation, announced that all its facilities across 13 cities in India are now powered by 100% renewable energy, which enables the company to avoid more than 70,000 tons of carbon emissions per year. The company’s energy transition was achieved through a combination of on-site renewable energy generation, off-site renewable energy procurement via power purchase agreements, and green power purchasing through utility programs, contributing to 83% of the renewable energy supply. The remaining 17% is sourced from renewable energy certificates.

India-based specialty chemical company Himadri has announced an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials. The investment aims to accelerate product and technology development for Sicona while expediting the commercial deployment of the lithium-ion battery. The company Himadri will also use the investment to further the company’s explorations in innovative technologies in the battery material segment.

Bengaluru-based climate tech startup Newtrace, which builds electrolyzers, has raised $5.65 million in a seed round led by Sequoia Capital India and Aavishkaar Capital. The round also saw the participation from investors Speciale Invest and Micelio Fund along with Ashish Goel, Founder-CEO of Urban Ladder and IKP Knowledge Park. The funds will be used to expand Newtrace’s electrolyzer manufacturing and deployment capabilities.

MYTILINEOS Energy & Metals, a global industrial and energy company, announced its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy, equivalent to powering 200,000 Canadian homes annually or eliminating the emissions of 330,000 cars for a year.

Solar wafer manufacturer NexWafe GmbH has secured €30 million (~$32 million) from a group of investors, including Reliance New Energy, to accelerate the construction of its first commercial-scale green solar wafers production facility in Germany’s Bitterfeld. In parallel, NexWafe will work with one of its other investors Aramco Ventures, on a green solar wafer production facility that will be built in Saudi Arabia with participation from the latter’s $1.5 billion Sustainability Fund.

Canadian Solar, a solar module manufacturer headquartered in Canada, has revealed the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange. The proposed price for the IPO stands at RMB 11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB 6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar. CSI Solar intends to offer 541,058,824 shares, constituting 15% of the total outstanding shares of 3,607,058,824 after the IPO.

Spain-based independent power producer Iberdrola and the sovereign fund of Norway, managed by Norges Bank Investment Management, have committed to a joint investment of €1.2 billion (~$1.3 billion) to develop 1,265 MW of new renewable energy capacity in Spain. The collaborative effort will comprise 20% wind and 80% solar power installations. Currently, 137 MW of the total capacity is already operational in Castilla-La Mancha and Aragon, while the remaining projects are in various stages of development.