Solar sector attracts $2.37 bn funding in Jan-Mar: Mercom
New Delhi: Solar sector attracted USD 2.37 billion (Rs 12,912 crore) funding globally through 73 deals, including four Indian transactions in the first three months of this year, says a report.
According to the Mercom Capital Group's funding and M&A activity report for solar sector, there was a dip of 71 percent in total funding on quarter-on-quarter basis. In the fourth quarter of 2012 there deals worth USD 8.2 billion (Rs 44,680 crore) by way of 69 transactions.
The report analysed funding on the basis of four categories: project funding, VC funding, debt funding and others.
According to the clean energy communications and consulting firm, there were four Indian deals in Q1, 2013 including Welspun Energy, a solar project developer which received USD 161 million in project funding from Central Bank of India for its 130 MW solar project in Madhya Pradesh.
Among other Indian transactions, Sai Maithili Power, the solar project development company formed by power projects developer KSK Energy Ventures received USD 9 million in project funding from Export-Import Bank of the US for its 11.6 MW solar project in Rajasthan.
Simpa Networks, a distributed energy solutions provider received USD 2 million in VC funding from Asian Development Bank and HHV Solar, a manufacturer of solar PV panels, received USD 3.9 million in equity investment from Swelect, a provider of solar products and project developer were the other two notable Indian transactions.
Meanwhile, the global venture capital funding declined to to USD 126 million in 26 deals in Q1 2013, compared to USD 220 million in 27 deals in the previous quarter.
"Downstream companies received the most VC funding of all categories this quarter," Mercom Capital Group CEO Raj Prabhu said.
In all, downstream companies, mostly in solar leasing, raised USD 75 million in eight deals, followed by thin film with USD 25 million in six deals.
M&A activity in global solar sector in the first quarter amounted to USD 306 million from 15 transactions.