Corporate funding in solar sector touches decade high of $34.3 bn & others

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

• There were 26 VC funding deals of $100 million or more in 2023.
• The $34.3 billion in 2023 is the highest in a decade, the 'Mercom Annual and Q4 2023 Solar Funding' report 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 policies worldwide.
• The global VC and private equity funding in the solar sector in 2023 came in strong at $6.9 billion, just 1 per cent lower than the $7 billion raised in 2022.
• In the debt financing segment, Husk Power Systems secured $60 million in debt from several finance institutions, including the European Investment Bank (EIB), and the International Finance Corporation (IFC) in India.

ALMM to keep margins of solar module makers at 12-14 per cent next fiscal

• Solar module makers' margins in India are expected to be 12-14% next fiscal year.
• This is due to strong export demand and healthy domestic demand.
• Indian module manufacturers are facing competition from cheaper imports, but trade restrictions on China are boosting overseas demand for Indian modules.
• The return of the ALMM in FY25 is expected to curb competition from imports and firm up domestic module prices.
• This will offset the pressure on profitability due to the decline in the share of exports for domestic module manufacturers.

Maharashtra Issues Tender for 500 MW Solar Power Procurement Under KUSUM Program

• The Maharashtra State Electricity Distribution Company Limited (MSEDCL) has issued a tender for the procurement of 500 MW of solar power under the KUSUM program.
• The tender is open to developers with experience in developing and financing solar power projects.
• The project must be at least 50 MW in size and must be located in Maharashtra.
• The winning bidder will be responsible for the financing, development, operation, and maintenance of the project.
• The deadline for bids is February 16, 2024.Join our WhatsApp channel "Get curated personalized news from solar industry to stay ahead!!"