Solar Sector

PMEA Solar Tech Solutions files for IPO, eyes Rs 600 cr via fresh issue

PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO). The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose. Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed ..

Guidelines issued for component under 'PM-Surya Ghar: Muft Bijli Yojana'

The government on Monday issued operational guidelines for implementation of 'Model Solar Village' component under PM-Surya Ghar: Muft Bijli Yojana. Under the scheme component, emphasis has been laid on creating one model solar village per district across India, to promote solar energy adoption and enable village communities to become self-reliant in energy needs, Ministry of New and Renewable Energy (MNRE) said in a statement. A financial outlay of Rs 800 crore has been allocated for this component, providing Rs 1 crore per selected Model Solar Village, the ministry said. The scheme guidelines for implementation of Model Solar Village were notified by MNRE on August 9, 2024. The selection process involves a competitive mode where villages are assessed on their overall distributed renewable energy capacity installed on 6 months after the declaration of the potential candidate by district-level committee (DLC). As per the guidelines, in order to be considered under the competition

SECI plans 500 MW solar thermal capacity tender by FY25-end: CMD

SECI, a nodal agency for implementing government's renewable energy projects, is expected to float a tender for 500 megawatt (MW) of solar thermal capacity by the end of FY25, its Chairman and Managing Director R P Gupta said on Wednesday. This will be the first time in India that such a tender would be floated on this scale, Gupta told reporters on the sidelines of the India Energy Storage Week 2024, organised by India Energy Storage Alliance (IESA) here. "The tender is expected to be out by the end of this financial year 2024-25. There have been (solar thermal) tenders but not of this scale," Gupta said in reply to a question on new solar thermal tenders. The earlier tenders were small in size and their costs were also too high, he said. The projects under the 500-MW tender will have advanced technology where steam would be generated through heat and it would also help in running turbines, he added. Besides, the prices will be at par with other Round the Clock (RTC) solutions, G

Rooftop solar installations fall 26% to 367 MW in Jan-Mar: Report

Rooftop solar capacity installations in India registered a 26 per cent year-on-year decline to at 367 megawatts during January-March period, mainly on account of rise in input cost, according to Mercom Capital. The country had witnessed 485 megawatt (MW) of rooftop solar installations during the first quarter of 2023, the research firm said in a report on Friday. India added 367 MW of rooftop solar in the March quarter. Installations fell nearly 10 per cent quarter-over-quarter from 406 MW and dropped over 24 per cent year-on-year from 485 MW, the report titled 'Q1 India Rooftop Solar Market' said. India's cumulative rooftop solar capacity was 10.8 GW as of March 2024. "The drop in installations was largely a result of application processing delays faced by residential customers due to oversubscription under the PM SURYA GHAR: MUFT BIJLI YOJANA programme. The rise in module prices to comply with domestic content requirements (DCR) further contributed to reduced capacity additions .

Solar manufacturing challenge

Local manufacturing is being pushed through a combination of incentives for manufacturing and disincentives for imports

Adani Green Energy commissions 180MW solar plant at Devikot, Rajasthan

Adani Green Energy on Wednesday said it has operationalized a 180-MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), Adani Green Energy Ltd (AGEL), India's largest renewable energy company, said in a statement. With the successful commissioning of this plant, AGEL's operational solar portfolio has increased to 6,243 MW, and the total operational renewable generation capacity to 9,784 MW, the largest in India, the statement added. The 180-MW solar plant in Rajasthan will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions. Next-generation bifacial solar PV modules and horizontal single-axis solar trackers (HSAT) have been deployed to maximise generation through better efficiency of modules and tracking the sun throughout the day. The plant is equipped with waterless robotic mod

Aether Industries to commission 15 MW solar power plant in Bharuch, Gujarat

Aether Industries will commission a 15 MW solar power project (Auto-Tracker Modules) under the Captive Power Producer (CPP) segment in the Bharuch district of Gujarat with an aim to become more sustainable. Earlier, in July 2023, Aether Industries had commissioned a 16 MW solar power project (Fixed Modules) under the CPP segment and this new solar power plant under CPP will add to its renewable energy sources and further move towards sustainability, the company said in a regulatory filing on Tuesday. The solar power farm will be in Gujarat's Bharuch District and spread across 60 acres. The phase-wise commissioning of the solar power plant is set to begin as early as the next financial year starting April, it stated. However, the company did not mention the capex for the project. "As an enterprise, we are very cognizant of the elements that sustain life. This is why we are also part of UN Global Compact Network India to practice and promote sustainable manufacturing. Therefore, our

Corporate funding in solar sector touches decade high of $34.3 bn: Report

Global corporate funding in solar sector rose 42 per cent to USD 34.3 billion in 2023, supported by "favourable policies worldwide" and focus on energy security, according to Mercom Capital. The total corporate funding includes venture capital (VC) funding, public market, and debt financing, the research firm said in a report on Monday. The USD 34.3 billion in 2023 is the highest in a decade, the 'Mercom Annual and Q4 2023 Solar Funding' report said. "The total corporate funding... into the solar sector, increased 42 per cent year-over-year (y-o-y) in 2023, with USD 34.3 billion raised in 160 deals, compared to USD 24.1 billion in 175 deals in 2022," it said. The funding in the sector was the highest in a decade despite high-interest rates and challenging market conditions, Mercom Capital Group CEO Raj Prabhu said, adding solar continues to attract significant investments driven by the Inflation Reduction Act (an act of the US), the global focus on energy security, and favorable ..

Ayodhya sets world record with longest solar light line installation

The project involves connecting several ghats that were previously segmented, with the administration seamlessly linking them together from Guptar Ghat to Jhunki Ghat

India's solar tech firm finalist in Prince William's Earthshot Prize 2023

A solar-powered tech venture that is combating food waste in India is among 15 worldwide finalists competing for the GBP 1 million 2023 Earthshot Prize, founded by Britain's Prince William and dubbed the Eco Oscars'. S4S Technologies, founded in 2013 by seven university friends Nidhi Pant, Vaibhav Tidke, Swapnil Kokte, Ganesh Bhere, Shital Somani, Tushar Gaware and Ashwin Pawade, is shortlisted in the Earthshot Prize to Build a Waste-Free World category as the finalists were unveiled by the royal during a visit to New York on Tuesday. S4S, which stands for Science for Society, made the cut for its work in tackling food waste, rural poverty, and gender inequality by helping smallholder female farmers preserve and market surplus produce. The organisation provides rural communities with cheaper solar-powered conduction dryers and food processing equipment to prepare their crops on-site, rather than using cold storage or other more expensive methods of conventional industrial food ...

This year's biggest winners in the solar sector don't make panels

Tongwei Co, the top global producer of polysilicon, a key solar material, saw earnings more than triple in the first nine months to 21.7 billion yuan ($3 billion) as prices soared

Corporate funding in global solar sector falls 18% to $18.7 bn: Report

Corporate funding in the global solar sector declined by 18 per cent year-on-year to USD 18.7 billion in January-September 2022, according to a Mercom Capital report. Corporate funding includes venture capital and private equity (VC), debt financing, and public market financing. "Total corporate funding in 9M 2022 (first nine months) stood at USD 18.7 billion, 18 per cent lower compared to USD 22.8 billion raised in 9M 2021. The number of deals increased 17 per cent y-o-y, with 131 in 9M 2022 compared to 112 in 9M 2021," the global clean energy consulting firm said in its report. During January-September 2022, venture capital (VC) funding activity rose 150 per cent to USD 5.5 billion with 72 deals compared to the USD 2.2 billion raised in 39 deals in the same period last year. In India, Navitas Alpha Renewables raised around 870,000 in seed round of funding. Renkube also secured around USD 300,000 in seed funding. While Prescinto Technologies raised USD 6.5 million in financing, .

Aerem raises $2.5mn in pre-series A funding led by Blume Ventures

Aerem was founded in 2021 by Anand Jain who comes with a strong background in both financial services and solar

Global solar sector attracts $7.5-bn corporate funding in March qtr: Mercom

Corporate funding in global solar sector, including India, saw a quarter-on-quarter growth of 51 per cent to USD 7.5 billion in the March quarter, according to Mercom Capital Group

Govt policy push to put solar manufacturing sector on strong footing: ISMA

The government has set an ambitious target of 500 gigawatts of renewable capacity by 2030, which is about 5 times the current cumulative installations

Expiry of safeguard duty: Boon for solar developers, bane for manufacturers

Sector executives feel this would exacerbate the problems of domestic manufacturers of solar cells and modules.

PLI boost spurs solar manufacturers to look at new schemes for growth

A basic Customs duty of 40 per cent on solar cells and 25 per cent on modules will come into effect from April 1, 2022

Global solar sector sees 193% rise in corporate funding: Mercom Capital

The global solar sector including the Indian market has witnessed total corporate funding of USD 13.5 billion in January-June period of 2021, registering a jump of nearly three-folds over the previous year, according to a report. Total corporate funding, including venture capital funding, public market and debt financing, into the solar sector stood at USD 4.6 billion during the same period of 2020, the report by clean energy consulting firm Mercom Capital Group said. "Funding was up across the board in the first half of 2021 compared to last year, which was severely affected by the pandemic. Corporate M&A activity was up with solar developers expanding their pipelines, oil and gas companies diversifying into renewables, and funds buying up renewable assets," said Raj Prabhu, CEO of Mercom Capital Group. "The transition from fossil fuels to renewables and Environmental, Social and Governance (ESG) investing trends made an impact on financing as well as merger and acquisition ...

Hitachi ABB Power Grids in India to go carbon neutral by 2030

Has already signed PPAs with a few green power generators in Gujarat, will sign more such contracts to move to 100% green energy by March 2022

'Total corporate funding in solar sector up 15% at $5.3 bn in H1 2018'

On a quarter-on-quarter basis, corporate funding increased in the April-June period of this year with $2.8 billion in 34 deals compared to the $2.5 billion in 44 deals in January-March 2018