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<a href="https://raptormaps.com/" target="_blank" rel="noopener">Raptor Maps</a>, a solar lifecycle management software provider, secured $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator.
Raptor Maps uses drone-based aerial thermography of solar sites and delivers the results of those inspections through a map-based digital twin to solar owners and operators. The company&#8217;s solar management platform, Raptor Solar, provides a system of record and workflows for asset owners to build, manage, and operate their solar sites.
The company states it has partnered with many solar companies globally to manage, operate, and scale their solar assets.
The Series C financing will facilitate Raptor Maps&#8217; product development, including enhancements in solar automation, work management, and machine-learning insights. Additionally, the company plans to expand its team with further software engineering and data science investments.
&#8220;Many leaders in solar have heard of Raptor Maps, and supercharging our product with Raptor Solar Sentry has been a leap forward for customers. It provides a fundamentally new approach for solar asset owners to manage OpEx and realize returns that were underwritten in the first place but have slipped out of reach for far too many portfolios. With the support of this elite investment group, we are capitalized to more fully achieve our work of making solar energy the smartest and most competitive electricity source in the economy.&#8221; said Nikhil Vadhavkar, Co-Founder and CEO of Raptor Maps.
In 2022, The company <a href="https://cms.mercomindia.com/raptor-maps-raises-funding/" target="_blank" rel="noopener">raised</a> $22 million in Series B funding led by Canadian private investment firm MacKinnon Bennett &amp; Co (MKB) to boost its solar software platform.
According to Mercom&#8217;s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, in 9M 2024, VC funding activity decreased 39% year-over-year, with $3.5 billion raised in 39 deals compared to the $5.7 billion raised in 51 deals in 9M 2023.

Raptor Maps Closes $35 Million in Series C Funding

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					</table><a href="https://www.mercomindia.com/sjvn-green-100-mw-solar-rajasthan/" target="_blank" rel="noopener">SJVN Green Energy, a wholly-owned subsidiary of SJVN, has invited bids to commission a 100 MW solar power project in the Didwana-Kuchaman District of Rajasthan.</a> Bidders must also oversee the project’s operation and maintenance for three years. The last day to submit the bids is April 26, 2024. Bids will be opened on the same day. Bidders must furnish an earnest money deposit of ₹122 million (~$1.46 million).
<a href="https://www.mercomindia.com/discom-dues-march-2024/" target="_blank" rel="noopener">State distribution companies owed power generators ₹778.57 billion (~$9.34 billion) in total dues for the monthly billing cycle in March 2024,</a> according to the Ministry of Power’s payment ratification and analysis portal PRAAPTI. For the February billing cycle, the dues amounted to ₹920.88 billion (~$11.12 billion). The current outstanding dues, excluding the latest monthly dues, are ₹273.15 billion (~$3.27 billion).
<a href="https://www.mercomindia.com/no-grid-support-charges-rules-telangana-regulator/" target="_blank" rel="noopener">The Telangana State Electricity Regulatory Commission has refused to impose  Grid Support Charges (GSC) on rooftop solar installations,</a> whether operating under net-metering or gross-metering arrangements. It held that GSC should only be applied to captive power plants and solely for the power utilized by the co-located load. Moreover, considering that retail supply tariffs have already been set for the fiscal year (FY) 2023-24 and the year is coming to a close, the Commission decided not to determine GSC for FY 2023-24.
<a href="https://www.mercomindia.com/bengalurus-cricket-stadium-saves-big-rooftop-solar/" target="_blank" rel="noopener">The M. Chinnaswamy stadium in Bengaluru boasts a 400 kWp rooftop solar capacity on top of its eastern side stands.</a> The photovoltaic modules installed on the roof by the Karnataka State Cricket Association in 2015 generate approximately 40,000 units every month, powering the daily operations at the stadium. On average, the stadium utilizes ~100,000 units a month, of which 60,000 units are supplied by Bangalore Electricity Supply Company through the grid.
<a href="https://www.mercomindia.com/solar-industry-lose-equipment-underperformance/" target="_blank" rel="noopener">The solar industry faced a notable increase in underperformance from faults and issues with photovoltaic equipment, rising to 4.47% in 2023 from 3.13% in 2022.</a> This resulted in an annual revenue loss of up to $4.6 billion or $4,696 per MW. Larger projects exceeding 100 MW experienced even higher average annual revenue losses, averaging around $5,000 per MW, according to Raptor Maps‘ Global Solar Report.

Daily News Wrap-Up: SJVN Green’s Tender for 100 MW Solar Project in Rajasthan

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					</table>The solar industry faced a notable increase in underperformance from faults and issues with photovoltaic (PV) equipment, rising to 4.47% in 2023 from 3.13% in 2022. This resulted in an annual revenue loss of up to $4.6 billion or $4,696 per MW.
Larger projects exceeding 100 MW experienced even higher average annual revenue losses, averaging around $5,000 per MW, according to <a href="https://raptormaps.com/">Raptor Maps</a>&#8216; Global Solar Report.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65127 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual.png" alt="Power loss annual" width="752" height="354" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual-300x141.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual-650x306.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual-624x294.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-annual-600x282.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a>
Source: Raptor Maps
The rise in power loss significantly challenges the solar industry&#8217;s ambitious growth goals. For instance, if power loss persists throughout a project&#8217;s lifecycle and is identified in the second year of operations, the Internal Rate of Return percentage of a 100 MW project can decrease by at least 190 basis points.
Larger solar project sites generally experience higher average power loss compared to smaller sites. For instance, sites ranging from 100 to 200 MW have an average power loss of 4.75%, while sites above 200 MW have an average power loss of 4.91%. This increased power loss at larger sites results in a substantial financial impact, with sites exceeding 100 MW averaging a yearly revenue loss of $5,000 per MW, surpassing the global average of $4,696 per MW.
Despite larger sites facing higher revenue loss per MW due to underperformance, power loss has risen across all site sizes over the past five years. Small sites with capacities of 50 MW or less also struggle with significant underperformance, with a power loss above 4% for all such sites in 2023.
Moreover, the most substantial increases in underperformance over the past year were observed at larger sites, with sites ranging from 100 to 200 MW and sites over 200 MW experiencing average year-over-year underperformance increases of 40% and 20%, respectively.
Reasons for faults 
The report identified system-level faults as the leading causes of power loss. Inverter faults, string outages (including underperforming strings), and combiner faults are the most significant, impacting 1.91%, 0.90%, and 0.81% of total power inspected.
Furthermore, tracker issues have increased from 0.26% in 2022 to 0.46% in 2023, showing a wider range of challenges affecting system performance.
Faults at the module or submodule level usually result in less immediate power loss during inspections. Module-level issues causing power loss remained relatively stable year-over-year, decreasing by 12% to 0.21% of total power inspected.
However, module-level issues can have more significant repercussions, potentially affecting entire strings or inverter blocks. As climate change progresses, the frequency and intensity of extreme weather phenomena are expected to increase, leading to equipment issues such as module cracking or flooding on site. The median annual power loss attributed to weather events is approximately 1%, but there are instances where extreme weather conditions result in losses of up to 60%.
Operational inefficiencies, such as time wastage and inefficient resource allocation, are a concern across solar sites of all sizes. Preventative maintenance visual inspections and validating nuisance alarms were identified as significant sources of time wastage in a 2023 survey conducted by Raptor Maps.
Power loss by region
The report said adopting artificial intelligence and robotics for automation is crucial to address these challenges. This technology can streamline workforce development, reduce the need for manual labor, and empower operations teams to focus on more detailed tasks amidst growing operational difficulties.
Solar underperformance incurred the highest costs along the East Coast, with an average of $6,108 per MWdc in the Northeast and $5,784 in the Southeast. Regional differences likely contribute to these cost variations.
In areas like the Midwest and Plains Area, which often experience hail storms causing damage, power loss due to physical damage was higher compared to other regions. The storm-prone Southeast region also had significant power loss but trailed closely behind the Midwest and Plains Area regarding average losses.
Although there is a wide variance in underperformance by U.S. state, average solar equipment underperformance in the country is higher than the global average, and states with the largest solar farms and where solar is growing the fastest – including Texas, California, and Florida – are all seeing high rates of underperformance.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65128 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region.png" alt="Power loss by US region" width="752" height="502" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region-650x434.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region-624x417.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-US-region-600x401.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a>
Source: Raptor Maps
Power loss by technology
When evaluating the health of PV systems based on module technology, those constructed with thin-film modules experienced lower power loss in 2023 than those using monocrystalline or polycrystalline modules — averaging under 4% for thin-film-based systems.
However, the type of PV module used does not always correspond directly with underperforming behavior. The differences observed are probably due to various factors, including the site&#8217;s age, operational approaches, region-specific obstacles, and other factors.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65134 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1.png" alt="Power loss by technology" width="888" height="445" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1.png 1338w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1-300x150.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1-768x385.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1-650x325.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1-624x312.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Power-loss-by-technology-1-600x300.png 600w" sizes="auto, (max-width: 888px) 100vw, 888px" /></a>
Source: Raptor Maps
When looking at defects affecting individual modules, thin-film modules had lower average power loss from such issues but showed a higher rate of physical damage. They experienced twice as much physical damage as polycrystalline modules and 3.5 times more than monocrystalline modules.
The higher occurrence of module-level problems in polycrystalline modules seems to be related to the average age of modules in the 2023 dataset. Thin-film farms averaged 1.5 years, monocrystalline averaged 1.6 years, and polycrystalline averaged 3.2 years. This suggests a possible connection between module age and defect occurrence.
Utility-scale solar is <a href="https://www.mercomindia.com/us-forecast-to-scale-solar-capacity-in-2024/" target="_blank" rel="noopener">poised</a> for robust growth in 2024, with a projected addition of 36.4 GW to the grid, according to the U.S. Energy Information Administration. This growth is nearly double the 18.4 GW increase seen in the previous year, which is a record for annual utility-scale solar installations in the U.S.

Solar Industry Loses $4.6 Billion in 2023 Due to Equipment Underperformance

<a href="https://raptormaps.com/" target="_blank" rel="noopener">Raptor Maps</a>, a solar lifecycle management software provider, closed $22 million in Series B funding led by Canadian private investment firm MacKinnon Bennett &amp; Co (MKB). Other investors include the Microsoft Climate Innovation Fund, Blue Bear Capital, DNV, Buoyant Ventures, Congruent Ventures, Data Point Capital, and ENGIE New Ventures.
The funding will be used to boost its solar software platform.
The funding will also enable Raptor Maps to accelerate its hiring plans with substantial investment in product, software, and data science. The company will rapidly advance its software product roadmap with more functionality related to workflow automation, work orders, investor reporting, and insights powered by machine learning.
“Raptor Maps has some of the most intelligent and skilled experts in the solar industry, and their product roadmap represents a bold vision for how data married with productivity tools unlock value across the lifecycle of solar assets,” said Chanel Damphousse, Partner at MKB.
Raptor Maps’ insights are powered by machine learning, and their data model is created from over 50 GW of solar power across 40 countries. Their 2022 Global Solar Inspection <a href="https://raptormaps.com/press-release-solar-energy-aerial-inspection-report-2022/" target="_blank" rel="noopener">Report</a> finds that 2.6% of solar power is affected by anomalies.
According to Mercom’s Q1 2022 solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, global VC funding for the solar sector in Q1 2022 came to $1.2 billion in 26 deals, a 45% decrease compared to $2.2 billion raised in 19 deals in Q4 2021. Year-over-year funding was 19% higher compared to Q1 2021. A total of 58 VC investors participated in Q1 2022 compared to 33 in Q4 2021.
According to <a href="https://cms.mercomindia.com/research/" target="_blank" rel="noopener">Mercom Research</a>, in August 2020, Raptor Maps raised $5million in Series A funding, co-led by Blue Bear Capital, Data Point Capital, and Buoyant Ventures. Other participants include notable clean energy investors Congruent Ventures, Powerhouse Ventures, and the Massachusetts Clean Energy Center, along with Y Combinator.

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