Here are the top five funding deals in the solar sector in India during 2025, according to Mercom’s Q3 2025 India Solar Market report:

In the top funding deal, Blueleaf Energy, a Singapore-based renewable energy platform provider, partnered with Noida-based Jakson Green to invest $400 million to develop three solar projects totaling 1 GW in Rajasthan. The projects, funded through debt and equity, will likely be commissioned between 2025 and 2026.

The second-largest deal was led by ACME Solar Holdings, an independent power producer, which secured a ₹24.91 billion (~$298.92 million) long-term refinancing facility from the State Bank of India and REC. Spread over 18 to 20 years, the refinancing facility has a reduced weighted-average interest rate of 8.8%. ACME Solar will use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.

The third-largest deal was a ₹20.79 billion (~$237.5 million) public market financing raised by solar module manufacturer Vikram Solar through an initial public offering (IPO). The IPO included a fresh issuance of 4.52 crore equity shares worth ₹15 billion (~$171.39 million) and a sale offer of 1.75 crore shares, amounting to ₹5.79 billion (~$66.19 million). The shares were listed on the BSE and NSE on August 26, 2025.

In the fourth-largest deal, renewable energy services company BluPine Energy secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development (NaBFID). The company will deploy the funds to repower existing solar assets, improving their efficiency and operational effectiveness. It also seeks to reduce debt servicing costs, enhance cash flow, and achieve greater financial flexibility.

The fifth-largest deal was the ₹17.39 billion (~$198.4 million) debt financing received by Juniper Green Energy, an independent renewable energy power producer, from the Indian Renewable Energy Development Agency (IREDA). The funds will be utilized to execute the company’s large-scale renewable energy projects and strengthen its operational capacity.