Investments in the Indian Solar Sector Grow 154% YoY in Q1 2022

However, the investments declined 15% compared to the previous quarter


Investments in the large-scale solar segment in the first quarter (Q1) of the calendar year (CY) 2022 were up by 154% compared to the same period last year. However, the numbers were down by 15% quarter-over-quarter (QoQ) compared to Q4 2021.

The figures were revealed in Mercom India Research’s latest report, Q1 2022 India Solar Market Quarterly Update.

The growth in investments was mainly due to the increased funding activities in the manufacturing segment. Manufacturers increased their module and cell manufacturing lines in Q1, and the investments continue to grow.

Investments by new players like Reliance in up-and-coming technologies such as heterojunction technology (HJT) also added to the numbers.

There is still a lot of uncertainty surrounding projects impacted by the Great Indian Bustard (GIB). This may affect the ongoing and upcoming projects in Rajasthan and investments flowing into the sector during the year.

To protect the critically endangered bird, the Supreme Court said that transmission lines running through the priority areas of the GIB need to be either underground or have bird diverters installed.

Investments in the Indian Solar Sector

Some of the deals that grabbed the headlines in Q1 2022:

  • Azure Power Global announced the close of the subscription period for its rights offering. The company is expected to raise $249.93 million from the rights offering, backstopped by its shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings.
  • ReNew Energy Global announced that its wholly-owned subsidiary, India Clean Energy Holdings, had raised $400 million at 4.5% by issuing senior secured dollar notes.
  • Three subsidiaries of Adani Green Energy – Adani Green Energy (UP), Prayatna Developers, and Parampujya Solar Energy — raised ₹6.123 billion (~$82.04 million) through their maiden domestic bond issuance on a private placement basis.
  • Solar cell manufacturer Jupiter International raised ₹1.7 billion (~$22.19 million) from funds managed by Edelweiss Alternative Asset Advisors (EAAA). The capital raised includes debt and a convertible to an equity instrument.
  • Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust by Virescent Infrastructure, signed a share purchase agreement to acquire 100% shareholding and management control in Godawari Green Energy Limited for ₹6.65 billion (~$98.11 million).
  • Adani Green Energy raised a $288 million (~₹21.76 billion) financing facility by extending its construction financing framework to $1.64 billion (~₹124 billion) for its under-construction renewable asset portfolio through agreements signed with leading lenders.
  • Reliance New Energy Limited, a wholly-owned subsidiary of Reliance Industries, acquired all assets of Lithium Werks BV, a provider of cobalt-free Lithium Iron Phosphate (LFP) batteries, for $61 million (~₹4.72 billion), including funding for future growth.

Mercom’s Q1 2022 India Solar Market Quarterly Update covers all facets of India’s solar market. For the complete report, visit:


Rakesh Ranjan


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