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India’s Renewable Energy Sector Attracts $3 Billion in FDI in FY 2026

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					</table>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&#8217;s latest report, <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update" target="_blank" rel="noopener">Q3 2023 India Solar Market Quarterly Update</a>.
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, <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> 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&amp;I) segment, <a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion" target="_blank" rel="noopener">achieved</a> 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 <a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion" target="_blank" rel="noopener">achieved</a> 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, <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity.
Waaree Energies <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹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&#8217;s India Solar Q3 2023 report is 75 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q3-2023-india-solar-market-update.</a>

Investments in Indian Solar Sector Drops 22% YoY in Q3

Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, <a href="https://cms.mercomindia.com/electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">announced</a> the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined entity will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.” The transaction generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions.
INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).
India’s automotive conglomerate Mahindra &amp; Mahindra (M&amp;M) has <a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">secured</a> a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.
India-based solar module maker Waaree Energies has <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.
Flux Power Holdings, a lithium-ion-based energy storage solutions developer, <a href="https://cms.mercomindia.com/energy-storage-firm-flux-power-debt-funding/" target="_blank" rel="noopener">secured</a> a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses. The funding will be used for Flux’s working capital needs and the repayment of an existing credit facility with Silicon Valley Bank. Existing assets of the company have been used to secure the facility. The agreement also allows the facility to be increased to $20 million in $1.0 million or greater increments.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://cms.mercomindia.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024. The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures. The new funding allows MGA Thermal to expand its commercial division and invest in engineering and implementation.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-storage-developer-field-energy-secures-257-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Electriq Power Goes Public via SPAC Deal

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					</table><a href="https://www.mercomindia.com/expedite-efforts-repower-old-wind-turbines" target="_blank" rel="noopener">The Parliamentary Standing Committee on Energy urged the Ministry of New and Renewable Energy to expedite the approval and implementation of the revised policy on repowering old wind turbines.</a> In a report on the evaluation of wind energy in India, presented to the Lok Sabha recently, the Committee said most of the wind energy potential is concentrated in eight states and suggested retiring old, inefficient wind turbines occupying prime wind sites. It recommended replacing the old turbines with advanced, more efficient ones to maximize natural resources and land usage.
<a href="https://www.mercomindia.com/indias-solar-module-ten-fold-within-a-decade" target="_blank" rel="noopener">India’s solar module manufacturing capacity witnessed a staggering tenfold growth, soaring from 2.4 GW per annum in 2014 to an impressive 25 GW per annum in 2023.</a> Additionally, the country has installed an indigenous solar cell manufacturing capacity of 6 GW/annum over the past nine years, underlining its commitment to domestic innovation, said the Union Minister for Power and New &amp; Renewable Energy R. K. Singh. The country has continued its push to ensure the domestic solar manufacturing sector is well established to cut the import dependency.
<a href="https://www.mercomindia.com/rerc-grants-solar-developer-compensation-duties" target="_blank" rel="noopener">Rajasthan Electricity Regulatory Commission has directed the Solar Energy Corporation of India to compensate Palimarwar Solar House for the higher expenses</a> incurred on developing two 20 MW solar projects due to an increase in customs duty on solar inverters and changes to the Customs Tariff Act. Palimarwar Solar House was one of the successful bidders in an auction conducted by SECI. The company commissioned two solar projects, each with a capacity of 20 MW, in Barmer, Rajasthan.
<a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">INQ Holdings, a wholly owned subsidiary of the Qatar Investment Authority, acquired a significant stake in Adani Green Energy (AGEL) by purchasing 42.6 million shares.</a> The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).
<a href="https://www.mercomindia.com/icici-bank-lends-financing-portfolio-in-fiscal-2023" target="_blank" rel="noopener">ICICI Bank has provided loans amounting to ₹556 billion (~$6.7 billion) to sectors like renewable energy, electric vehicles, and green-certified real estate, among other important lending areas in the fiscal year 2023.</a> In its environmental, social, and governance report, ICICI Bank said the portfolio dedicated to green financing constituted 21.4% or ₹119 billion (~$1.4 billion) of the total amount lent. The bank also subscribed to India’s inaugural issue of sovereign green bonds during fiscal 2023.
<a href="https://www.mercomindia.com/wind-turbine-component-failures-result-in-steep-q3-loss-for-siemens-gamesa" target="_blank" rel="noopener">Spain-based wind turbine maker Siemens Gamesa’s net loss stood at €2.56 billion (~$2.8 billion) during the third quarter of the financial year 2023, a year-over-year (YoY) increase in losses of 458% from a loss of €405 million (~$443.4 million).</a> The company recorded a revenue of €2.05 billion (~$2.2 billion), a 16% YoY decrease. Siemens Gamesa attributed the decrease in revenue to the reversal of income and the profit before special items facing a burden of expenses amounting to €2.2 billion (~$2.4 billion), including €1.6 billion (~$1.7 billion) linked to quality problems concerning specific onshore platforms.

Daily News Wrap-Up: MNRE Urged to Expedite Efforts to Repower Old Wind Turbines

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">Mercom Capital Group</a>
Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, <a href="https://mercomcapital.com/electriq-power-goes-public-via-spac-deal/" target="_blank" rel="noopener">announced</a> the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company. The combined entity will operate as Electriq Power Holdings and has started trading on the New York Stock Exchange under the ticker symbol “ELIQ.” The transaction generated over $45 million in equity for Electriq through private placements, PIPEs, loan conversions, and non-redemptions.
INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, has <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).
India’s automotive conglomerate Mahindra &amp; Mahindra (M&amp;M) has <a href="https://www.mercomindia.com/temasek-invest-%e2%82%b912-billion-mahindras-four-wheeler-ev" target="_blank" rel="noopener">secured</a> a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle footprint. The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.
India-based solar module maker Waaree Energies has <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW. The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.
Flux Power Holdings, a lithium-ion-based energy storage solutions developer, <a href="https://mercomcapital.com/energy-storage-firm-flux-power-debt-funding/" target="_blank" rel="noopener">secured</a> a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses. The funding will be used for Flux’s working capital needs and the repayment of an existing credit facility with Silicon Valley Bank. Existing assets of the company have been used to secure the facility. The agreement also allows the facility to be increased to $20 million in $1.0 million or greater increments.
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/thermal-energy-storage-provider-raises-8-3-million/" target="_blank" rel="noopener">secured</a> $8.25 million to fuel the company’s growth, commissioning its on-site production line and accelerating operations into 2024. The investment round saw participation from Main Sequence, Varley Holdings, Melt Ventures, New Zealand’s Climate Venture Capital Fund, and new investors Pollination Group and Understorey Ventures. The new funding allows MGA Thermal to expand its commercial division and invest in engineering and implementation.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-field-energy-secures-257-million" target="_blank" rel="noopener">roundup</a>.

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