Investments in Indian Solar Sector Drops 22% YoY in Q3

The investment during 9M 2023 fell by over 43% YoY

December 5, 2023


Investments in the Indian solar sector in the third quarter (Q3) of the calendar year (CY) 2023 totaled $1.57 billion (~₹129.86 billion), a 22% year-over-year (YoY) decrease from $2.02 billion (~₹166.29 billion).

The figures were revealed in Mercom India Research’s latest report, Q3 2023 India Solar Market Quarterly Update.

The decline was primarily due to lower installations during the quarter due to the delays, extensions, and postponements of utility-scale projects to 2024. Additionally, the falling module prices lowered project costs and the required investments.

In Q3, the investments in the solar sector were flat compared to the previous quarter.

Investments in the first nine months (9M) of 2023 fell 43% YoY. However, Manufacturing investments saw a big 1,442% YoY increase in 9M 2023.

Major funding deals during the quarter

INQ Holdings, a wholly owned subsidiary of the Qatar Investment Authority, acquired 42.6 million shares in Adani Green Energy, the renewables arm of the Adani Group, at ₹920 (~$11.11) per share. The transaction value was ₹39.2 billion (~$472 million).

Serentica Renewables, a renewable energy developer focussed on the Commercial and Industrial (C&I) segment, achieved financial closure for its hybrid renewable energy projects in Karnataka. The debt funding of ₹30.8 billion (~$370.6 million) was secured from power sector lender REC Limited. The company also achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of ₹26 billion (~$313.3 million) was secured from power sector lender Power Finance Corporation.

Juniper Green Energy, an independent renewable energy power producer and operator, received an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity.

Waaree Energies raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its manufacturing capacity by 6 GW.

Mercom’s India Solar Q3 2023 report is 75 pages long and covers all facets of India’s solar market. For the complete report, visit