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India sees largest VC deal in solar in Q2

Global corporate funding in solar sector was marginally down during April-June quarter of 2015 when compared with the preceding quarter. Indian solar sector continued to see action by way of some VC (venture capital) funding and M & A (merger & acquisition) deals. Total global corporate funding in the solar sector, including VC/private equity, debt financing, and public market financing raised by public companies, fell to $5.9 billion, compared to $6.4 billion in Q1, 2015, according to Mercom Capital, a global clean energy communications and consulting firm.

VC funding declined to $142 million in 24 deals, compared to $195 million in 27 deals in Q1 2015. Solar downstream hogged the limelight with VC funding of $60 million in 13 deals.

Largest deal Among the top 5 VC deals in Q2, 2015, the largest one was the $40 million raised by Indian off-grid solar energy service provider, Applied Solar Technologies.

There were also other smaller VC deals during the quarter. Ecozen Solutions, which provides solar-powered micro cold storage system and solar powered pumps, received about $1 millon in Series A funding from Omnivore Partners.

kWatt Solutions, a Mumbai-based company that provides customized comprehensive solar energy solutions from design and engineering to installation and maintenance, raised $500,000 in funding from a real estate house in Indore. Also, SunTerrace Energy, a provider of integrated solar energy solutions raised seed funding from US-based Sunergy Investors.

Globally, residential and commercial solar funds raised $1.93 billion in five deals, similar to the $1.92 billion raised in 10 deals last quarter, and the highest quarter to date. There were 17 corporate M&A transactions in the global solar sector this quarter, compared to 29 transactions in Q1, 2015.


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Printable version | Sep 21, 2022 1:14:50 pm | https://www.thehindu.com/business/india-sees-largest-vc-deal-in-solar-in-q2/article7440739.ece