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					</table><p>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter (Q1) of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023.</p>
<p>However, there was a 47% increase in funding compared to Q4 2023, which saw $5.5 billion raised in 37 deals.</p>
<p>The numbers were revealed in Mercom Capital Group&#8217;s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2024 Solar Funding and M&amp;A Report.</a></p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65423" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1.png" alt="Solar Funding Chart 1" width="600" height="465" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1.png 1395w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1-300x232.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1-768x595.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1-650x503.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1-624x483.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-1-600x465.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>In Q1 2024, global venture capital funding for the solar sector amounted to $406 million across 13 deals, an 81% decrease year-over-year (YoY) from the $2.1 billion raised in 18 deals. Compared to Q4 2023, the funding also fell by 68%, from $1.3 billion raised in 19 deals.</p>
<p>&#8220;The solar sector faces significant uncertainty and difficult investment conditions,&#8221; noted Raj Prabhu, CEO of Mercom Capital Group. &#8220;Challenges include potential long-term high-interest rates, high labor and construction expenses due to inflation, and supply chain disruptions. Ongoing trade disputes and tariffs compound these issues.&#8221;</p>
<p>According to Prabhu, the expectation of interest rate cuts, influenced by Federal Reserve predictions, has not materialized as anticipated. Initial hopes for four quarter-point cuts starting in March have been scaled back significantly due to persistent high inflation and a tight labor market in the U.S., affecting the solar industry&#8217;s outlook.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65425" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2.png" alt="Solar Funding Chart 2" width="600" height="501" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2.png 697w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2-300x251.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2-650x543.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2-624x521.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-2-600x501.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>In Q1 2024, the leading venture capital recipients in the solar sector included ENVIRIA, which secured $200 million; Soly, which raised $32 million; HDM Solar, with $13 million; Ecofy, at $11 million; and Hohm Energy, receiving $8 million.</p>
<p>Solar downstream companies attracted 70% of the $406 million in VC funding across 13 deals, totaling $283 million in 10 deals during Q1 2024. These companies secured $914 million in 14 deals in the previous quarter, representing 72% of the total VC funding. On a YoY basis, in Q1 2023, solar downstream companies made up 63% of VC funding, with $1.3 billion raised in 10 deals.</p>
<p>In the public market, solar sector financing reached $1.4 billion across six deals in Q1 2024, showing a 39% decrease compared to the $2.3 billion funded through seven deals in Q1 2023. However, there was a substantial quarter-over-quarter increase of 627%, from $195 million in three deals in Q4 2023, marking a significant rebound from a particularly weak quarter.</p>
<p>Announced debt financing in the solar sector for Q1 2024 amounted to $6.2 billion through 22 deals, reflecting a 59% increase YoY from Q1 2023, when $3.9 billion was raised in 17 deals. Compared to Q4 2023, there was a 55% increase in debt financing, which totaled $4 billion across 15 deals.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65424" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3.png" alt="Solar Funding Chart 3" width="600" height="442" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3.png 1213w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3-300x221.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3-768x566.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3-650x479.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3-624x460.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Solar-Funding-Chart-3-600x442.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></p>
<p>In Q1 2024, there were 21 solar mergers and acquisitions (M&amp;A) transactions, matching the total from Q4 2023 but a 22% decrease from the 27 transactions recorded in Q1 2023.</p>
<p>The majority of M&amp;A activity was concentrated in the solar downstream, which accounted for 18 of the transactions, with the remaining deals involving one balance of system company, one manufacturer, and one service provider.</p>
<p>Around 10.8 GW of solar projects were acquired in Q1 2024, a slight decrease from the 11.9 GW acquired in Q1 2023. This is compared to a higher volume of 13.7 GW acquired in the previous quarter, Q4 2023.</p>
<p>In Q1 2024, investment firms and funds were the top acquirers of solar projects, securing over 4.4 GW. Project developers and independent power producers followed, acquiring 3.5 GW. Electric utilities purchased 1.3 GW, while oil and gas majors acquired 309 MW. A diverse group, including telecommunications companies, integrated energy trading companies, insurance companies, and other undisclosed entities, has acquired the remaining capacity.</p>
<p>&#8220;The interconnection queue for renewable projects in the U.S. has grown significantly, creating congestion and delays in permitting and project development. This backlog adds to the uncertainty surrounding project timelines and investment returns,&#8221; Raj said, speaking on the outlook for the solar sector.</p>
<p>&#8220;The combination of financial uncertainty, trade dynamics, and permitting challenges contributes to a cautious outlook for the solar industry,&#8221; Raj concluded.</p>
<p>The report on these transactions spans 97 pages and includes 274 companies and investors, featuring 66 charts, graphs, and tables to provide detailed insights.</p>
<p>Further details on the Q1 2024 Solar Funding and M&amp;A activity can be accessed at: <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/</a>.</p>


Solar Sector Records 81% Drop in VC Funding in Q1, Corporate Funding Down by 4%


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					</table><p>Global corporate funding in the solar sector in 2023, including venture capital (VC) investments, public market funding, and debt financing, reached $34.3 billion, a 42% year-over-year (YoY) increase from $24.1 billion. This was the largest amount raised in over a decade.</p>
<p>The numbers were revealed in Mercom Capital Group&#8217;s newly released <a href="https://mercomcapital.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2023 Solar Funding and M&amp;A Report</a>.</p>
<p>While the total funding rose, the number of deals dropped 8.5% from 175 to 160.</p>
<p>&#8220;Despite facing challenges from inflation and higher interest rates, the solar industry demonstrated remarkable resilience in 2023. This resilience can be attributed to a strong global commitment to achieving energy transition goals and significant demand driven by the Inflation Reduction Act, mainly thanks to lucrative incentives &#8211; investment tax credit and production tax credit. These incentives effectively offset the adverse effects of higher interest rates, ensuring the financial viability of solar projects and maintaining the sector&#8217;s attractiveness to investors,&#8221; noted Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>According to the report, global VC and private equity funding in the solar sector in 2023 came in strong with $6.9 billion in 69 deals, just 1% lower than the $7 billion raised in 2022. There were 26 VC funding deals of $100 million or more in 2023.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-62454 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023.png" alt="Solar VC Funding 2010 - 2023" width="734" height="426" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023.png 1767w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-768x446.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-1536x891.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-650x377.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-624x362.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-VC-Funding-2010-2023-600x348.png 600w" sizes="(max-width: 734px) 100vw, 734px" /></a></p>
<p>In terms of attracting VC funding, solar downstream companies dominated the landscape. These companies secured 42 deals amounting to $4.7 billion (68%) in the January – December period. Solar photovoltaic companies raised $1.9 billion, while the balance of system (BoS) companies raised $311 million. Service providers raised $32 million in 2023.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-62457 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023.png" alt="Solar Top VC Funded Companies in 2023" width="666" height="557" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023.png 666w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023-300x251.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023-650x544.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023-624x522.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-VC-Funded-Companies-in-2023-600x502.png 600w" sizes="(max-width: 666px) 100vw, 666px" /></a></p>
<p>The top VC deals in 2023 were &#8211; $471 million raised by 1KOMMA5°, $428 million raised by Enfinity Global, $375 million raised by Silicon Ranch, $360 million raised by CleanMax, and $350 million raised by Juniper Green Energy.</p>
<p>The solar sector witnessed a substantial increase in public market financing during the year. A total of $7.4 billion was raised, representing a 45% YoY increase from $5.1 billion in 2022.</p>
<p>In 2023, announced debt financing came to $20 billion, 67% higher compared to $12 billion in 2022. This is the highest amount raised since 2010. Securitization activity was a key contributor, with $3.4 billion in 11 deals.</p>
<p>M&amp;A activity declined 25% YoY, with 96 corporate M&amp;A transactions in 2023 compared to 128 in 2022. The largest transaction was by Brookfield Renewable, which agreed to acquire Duke Energy&#8217;s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion.</p>
<p>&#8220;While funding activity has been strong, macroeconomic and geopolitical uncertainties, recession worries, and elevated interest rates have significantly slowed down both corporate and project M&amp;A activity in 2023,&#8221; noted Prabhu. &#8220;Higher borrowing costs have put a damper on M&amp;A transactions, with cautious investors biding their time for more favorable valuations. Solar projects continue to attract interest, but high valuations and a lower risk appetite, compounded by unpredictable project completion timelines due to interconnection delays, labor shortages, and scarcity of components, have all contributed to a drop-off in project M&amp;A activity.&#8221;</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-MA-Transactions-in-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-62459 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-MA-Transactions-in-2023.png" alt="Solar Top M&amp;A Transactions in 2023" width="598" height="763" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-MA-Transactions-in-2023.png 598w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/Solar-Top-MA-Transactions-in-2023-235x300.png 235w" sizes="(max-width: 598px) 100vw, 598px" /></a></p>
<p>Solar downstream companies led corporate M&amp;A activity in 2023, acquiring 84 solar companies, followed by manufacturers with five, service providers with four, and balance of system companies with three acquisitions.</p>
<p>There were 231 large-scale solar project acquisitions in 2023 compared to 268 in 2022. Almost 45.4 GW of solar projects were acquired in 2023 against 66 GW in 2022, a 31% YoY decline.</p>
<p>Over 45 GW of large-scale solar projects were acquired in 2023, with 35% of the total acquired by project developers and IPPs. Investment firms acquired 23%, followed by utilities with 17% in 2023.</p>
<p>Prabhu anticipates that the second half of 2024  may see an improvement in market conditions, depending on the actions of the US Federal Reserve. The uncertainty surrounding interest rates and inflation creates a cautious outlook for the first quarter, with expectations of potential positive changes later in the year.</p>
<p>In all, 250 companies and investors are covered in this 127-page report, which contains 103 charts, graphs, and tables.</p>
<p>To learn more about Mercom&#8217;s <em>2023 Solar Funding and M&amp;A Report</em>, visit: <a href="https://mercomcapital.com/product/annual-q4-2023-solar-funding-ma-report" target="_blank" rel="noopener">https://mercomcapital.com/product/annual-q4-2023-solar-funding-ma-report</a></p>


Solar Industry Secures Decade-High Corporate Funding of $34.3 Billion in 2023


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					</table><p>Gurugram-based Electric Vehicle (EV) financing and asset management company <a href="https://finayo.tech/" target="_blank" rel="noopener">Finayo</a> has secured funding of ₹160 Million (~$1.9 million) from <a href="https://fmecinternational.com/" target="_blank" rel="noopener">F Mec International Financial Services</a>, Choice Finserv (<a href="https://choiceindia.com/" target="_blank" rel="noopener">CFPL</a>) and other angel investors, and high net worth individuals.</p>
<p>The funds will be utilized to invest in cutting-edge technologies, expand Finayo&#8217;s footprint across India, and accelerate the establishment of an inclusive electric vehicle (EV) financing network.</p>
<p>Finayo, which offers AI-enabled SaaS (Software as a Service) lending services for the green mobility ecosystem, said the infusion of equity and debt funding marks a pivotal moment as it intensifies its efforts to promote financially inclusive EV adoption and contribute to India&#8217;s zero net emission agenda.</p>
<p>Brajendra Singh Tomar, Co-founder &amp; CEO of Finayo, said, &#8220;With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.&#8221;</p>
<p>Apoorve Bansal, Managing Director of F Mec International Financial Services Limited, emphasized the potential of Finayo in the EV ecosystem and said, &#8220;Partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to alter the green mobility lending industry seismically.&#8221;</p>
<p>The joint venture between Finayo, F Mec International, and CFPL aims to escalate business operations and boost EV growth nationwide. The collective vision includes creating job opportunities for the underserved populace, especially in the green transportation market.</p>
<p>Finayo said it aims to democratize the EV lending process, allowing lenders, original equipment manufacturers, and dealers to authenticate, manage, and generate instant loan offers for diverse EV buyers.</p>
<p>The infusion of capital is expected to enable Finayo to strengthen its technological capabilities, expand its network, achieve groundbreaking sales numbers, and solidify its position in the EV financing sector.</p>
<p>Recently, Bengaluru-based EV charging and battery startup Exponent Energy <a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener">raised</a> $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector.</p>
<p>According to Mercom Capital Group‘s recently released report titled <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, in the third quarter of 2023, VC funding for smart grid companies declined by 86% year-over-year to $248 million across 11 deals.</p>


EV Financing Platform Finayo Secures ₹160 Million to Expand its SaaS Offerings


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					</table><p><a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a>, <a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">Adani Green Energy</a>, and <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a> emerged as the leading global large-scale solar photovoltaic (PV) project developers in <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a>&#8216;s Leading Global Large-Scale Solar PV Developers report released recently.</p>
<p>The report revealed the top ten global large-scale solar project developers between July 2022 and June 2023.</p>
<p>The developers from around the world with projects in at least two countries were considered based on a set of criteria comprising operational capacity, under-construction capacity, and projects with awarded power purchase agreements (PPA).</p>
<p>Mercom has considered projects with 1 MW or more capacity for the report.</p>
<p>TotalEnergies ranked first on the list of top solar project developers in the world, with a total capacity of 41.3 GW. Adani Green Energy, an India-based renewable energy developer, was second on the list with 18.1 GW; Canada-based Brookfield Renewable Partners ranked third with 18 GW.</p>
<p>&#8220;This year&#8217;s report includes several new companies, primarily led by European developers, but with project portfolios spread worldwide. Several leaders on the list are actively transitioning towards solar and other renewable energy sources. This shift aligns with the evolving priorities in the energy sector, focusing on achieving decarbonization goals set by nations and addressing energy security concerns in light of geopolitical developments,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61131 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg" alt="Top Global Large Scale Solar Developers List" width="1612" height="1543" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg 1612w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-300x287.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-768x735.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-1536x1470.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-650x622.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-624x597.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-600x574.jpg 600w" sizes="(max-width: 1612px) 100vw, 1612px" /></p>
<p>The top 10 developers accounted for a total of 145 GW of operational, under-construction, and PPA-contracted solar project capacity during the period.</p>
<p>Of these, 49.5 GW was operational, 29.1 GW was under construction, and 66.2 GW was PPA-contracted capacity.</p>
<p>Six of the ten top global solar project developers were from Europe, three from North America, and one headquartered in South Asia.</p>
<p>The top developer project portfolios were primarily located in North America, followed by Asia Pacific.</p>
<p>TotalEnergies led all three categories with 29.3 GW capacity under construction, PPA-contracted, and 12 GW operational capacity.</p>
<p>Brookfield Renewable Partners had the second largest capacity under construction and PPA-contracted with 13.6 GW, followed by Adani Green Energy at 11.1 GW.</p>
<p><a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a> ranked second for operational capacity with 9.2 GW, followed by Adani Green Energy at 7 GW.</p>
<p>Enel Green&#8217;s total capacity, including operational and pipeline projects, stood at 17.1 GW.</p>
<p>The other developers who made it to the top ten list include <a href="https://lightsourcebp.com/uk" target="_blank" rel="noopener">Lightsource bp</a> (12.3 GW), <a href="https://www.aes.com/" target="_blank" rel="noopener">AES Renewables</a> (10 GW), <a href="https://www.edf-re.com/" target="_blank" rel="noopener">EDF Renewables</a> (7.7 GW), <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a> (7.2 GW), <a href="https://www.iberdrola.com/home" target="_blank" rel="noopener">Iberdrola</a> (6.8 GW), and <a href="https://www.ibvogt.com/" target="_blank" rel="noopener">ib vogt</a> (6.3 GW).</p>
<p>Mercom Capital&#8217;s report highlights the dynamic large-scale solar project development landscape around the world.</p>
<p>Mercom has <a href="https://mercomcapital.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">tracked</a> over 112 GW of solar projects changing hands between July 2022 and June 2023.</p>
<p>The full report, Leading Global Large-Scale Solar PV Developers, is available <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">here</a>.</p>


TotalEnergies, Adani, Brookfield Emerge Top Global Large-Scale Solar Developers


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					</table><p>Global corporate funding in the energy storage sector witnessed a 31% year-over-year (YoY) decrease during the first nine months (9M) of 2023, with a total of $15.2 billion raised across 94 deals. This contrasts with the $22 billion secured by the sector through 93 deals in the same period last year.</p>
<p>The findings were revealed in <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a>&#8216;s recently released report titled <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>.</p>
<p>Mercom Capital Group CEO Raj Prabhu said, “Corporate funding for 9M has dipped, but venture capital funding is on the rise. A massive $10 billion IPO deal of LG&#8217;s battery company last year heavily skewed the comparisons. When we look at the broader historical context of the last five to six years,  funding in energy storage remains strong.&#8221;</p>
<p>The third quarter (Q3) of 2023 witnessed a 67% quarter-over-quarter (QoQ) surge in corporate funding for energy storage companies, with $8.2 billion raised in 35 deals, a substantial increase from the $4.9 billion collected in 32 deals.</p>
<p>Venture capital (VC) funding in the sector saw a substantial 115% YoY boost in 9M of 2023, with $8.6 billion across 68 deals.</p>
<p>Prabhu highlighted the strength of VC funding for storage companies, noting, &#8220;VC interest in storage companies remains robust.&#8221; He pointed out the trend of consistent YoY increase in funding for battery storage companies. This trend is reminiscent of the growth witnessed in the solar industry seven or eight years ago.</p>
<p>He also anticipated a bright future for the sector, with emerging technologies beyond lithium-ion on the horizon. There is potential for two or three alternative battery chemistries to gain significant market share in the coming years, which could continue to pique investor interest in the storage industry.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-59812 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2.png" alt="" width="1345" height="1029" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2.png 1345w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2-300x230.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2-768x588.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2-650x497.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2-624x477.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Picture1-2-600x459.png 600w" sizes="(max-width: 1345px) 100vw, 1345px" /></p>
<p>According to the report, in 9M of 2023, venture capital funding was primarily directed toward Li-based battery companies, with Battery Recycling companies following closely behind.</p>
<p>&#8220;This year in the United States, investment interest is being driven by the Inflation Reduction Act (IRA), which offers substantial incentives for standalone energy storage projects. This has significantly bolstered demand in the sector,” Prabhu said.</p>
<p>“Another noteworthy trend this year is the surge in funding for Battery Recycling companies. The newfound interest in recycling can be attributed to an IRA clause that incentivizes recycling efforts. Consequently, many industry trends and technology advancements are influenced by the IRA and its incentives. There is a growing awareness of the importance of recycling to address potential waste issues. As a result, we can anticipate increased interest in recycling companies in the upcoming quarters.&#8221;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-59813 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116.png" alt="" width="657" height="527" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116.png 657w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116-300x241.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116-650x521.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116-624x501.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102116-600x481.png 600w" sizes="(max-width: 657px) 100vw, 657px" /></p>
<p>In 9M 2023, 11 energy storage companies were acquired, compared to 23 in 9M 2022.</p>
<p>In terms of acquisitions, Prabhu said there has been a noticeable weakness this year. This trend is not limited to storage but is also mirrored in the solar sector. The reasons behind this divergence lie in investors&#8217; stringent evaluation of companies, heightened demand for projects spurred by IRA, and a resultant bottleneck effect. Given the uncertainties surrounding project timelines and increased costs, investors are exercising caution.</p>
<p>“Contributing to this softness is the labor shortage, rising component prices, and shortages, cumulatively impacting the mergers and acquisitions (M&amp;A) landscape. The higher cost of borrowing is another negative factor to consider. All these factors have made the M&amp;A side of the industry less robust compared to other areas, particularly in the current year,” Prabhu added.</p>
<p><strong>Smart Grid </strong></p>
<p>The report found that in 9M of 2023, corporate funding for smart grid companies saw a 4% YoY increase, reaching $2.9 billion through 48 deals, as opposed to the $2.8 billion from 35 deals.</p>
<p>Despite substantial investments in smart charging companies, VC funding experienced a significant decline in Q3 2023, dropping by 65% QoQ, as it amounted to $248 million across 11 deals, compared to the $706 million invested in 12 deals.</p>
<p>In a YoY comparison, Q3 2023 VC funding in smart grid companies plummeted by 86%, down from $1.7 billion in 10 deals.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-59814 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219.png" alt="" width="672" height="537" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219.png 672w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219-300x240.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219-650x519.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219-624x499.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/10/Screenshot-2023-10-26-102219-600x479.png 600w" sizes="(max-width: 672px) 100vw, 672px" /></p>
<p>Prabhu said, &#8220;In recent years, the majority of funding in the industry has been going towards EV charging technologies, addressing the key challenges of cost and charging infrastructure that stand in the way of a full transition to electric vehicles. We&#8217;ve reached a critical juncture where some EVs can compete with the prices of traditional automobiles, indicating strong momentum in this direction.”</p>
<p>The announced debt and public market financing for Smart Grid companies in 9M 2023 increased 454% YoY with $1.7 billion in 11 deals compared to $307 million in four deals in 9M 2022.</p>
<p>In terms of M&amp;A activity, there were eight Smart Grid transactions in 9M 2023, a notable decrease from the 18 transactions recorded in the same period in 2022.</p>
<p>To get the full copy of the report, please visit: <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/</a></p>


Venture Capital Funding for Energy Storage Rises 115% in 9M of 2023


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					</table><p>Total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first nine months (9M) 2022 stood at $18.7 billion, 18% lower than the $22.8 billion raised in 9M 2021, according to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>.</p>
<p>The number of deals increased 17% year-over-year, with 131 deals in 9M 2022 <a href="https://mercomindia.com/corporate-funding-solar-9m-2021/" target="_blank" rel="noopener">compared</a> to 112 in 9M 2021.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/10/Solar-corporate-funding.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-43068" src="https://mercomindia.com/wp-content/uploads/2022/10/Solar-corporate-funding.png" alt="Solar corporate funding" width="600" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding.png 1167w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-300x236.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-768x604.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-650x511.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-624x491.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-600x472.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></a></p>
<p>“Corporate funding in 9M 2022 is behind pace year-over-year, impacted by inflation and high-interest rates but is still ahead compared to the previous six years. There is renewed momentum after the passing of the Inflation Reduction Act. We have seen a resurgence in VC and private equity funding, breaking funding records since 2010. There is no longer any doubt about the growth potential of the solar industry – it is now a race to acquire the right technology and portfolios to scale,” said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>In 9M 2022, venture capital (VC) funding activity rose 150%, with $5.5 billion in 72 deals compared to the $2.2 billion raised in 39 deals in 9M 2021.</p>
<p>The top VC deals in 9M 2022 were: $750 million <a href="https://mercomindia.com/funding-and-ma-roundup-solar-developer-intersect-funding/" target="_blank" rel="noopener">raised</a> by Intersect Power, $500 million raised by Longroad Energy, $375 million raised by Palmetto, $360 million by Gokin Solar, $350 million raised by Agilitas Energy, and $260 million raised by Sun King.</p>
<p>Announced solar debt financing activity in 9M 2022 totaled $8.3 billion in 48 deals, 42% lower than 9M 2021 when $14.2 billion was raised in 50 deals.</p>
<p>Eight securitization deals were announced for $2.3 billion, a 28% decrease compared to $3.2 billion in 11 deals in 9M 2021. Over $13.4 billion has been raised through securitization deals since 2013.</p>
<p>There were 90 solar corporate M&amp;A transactions compared to 83 transactions in 9M 2021.</p>
<p>Project acquisition activity was robust, with 207 deals for 52 GW compared to 200 projects for 55.5 GW in the same period last year.</p>
<p>“There is no doubt left in the markets about the growth potential of the solar industry, and it is now a race to acquire the right technology and portfolios to scale,” added Prabhu.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-43073" src="https://mercomindia.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png" alt="Solar project acquirer mix" width="600" height="360" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png 1581w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-768x461.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-1536x922.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-650x390.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-624x375.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-600x360.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></a></p>
<p>Project developers and independent power producers were the most active acquirers of solar projects in Q3 2022, picking up 10.8 GW, followed by investment firms with 2.4 GW. Oil and gas companies acquired 345 MW of projects and installers 252 MW of projects. Electric utilities acquired 240 MW, while other companies acquired 180 MW.</p>
<p><strong>There are 227 companies and investors covered in this report. It is 100 pages long and contains 84 charts and tables.</strong> <strong>To learn more about the report, visit: </strong><a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener"><strong>9M and Q3 2022 Solar Funding and M&amp;A Report &#8211; Mercom Capital Group</strong></a></p>


Corporate Funding for Solar Down 18% YoY with $18.7 Billion in 9M 2022


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					</table><p>Total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first half (1H) 2022 stood at $12 billion, 11% lower than the $13.5 billion raised in 1H 2021.</p>
<p>The numbers were revealed by <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a> in its recently released <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>.</p>
<p>The number of deals increased 28% year-over-year, with 91 deals in 1H 2022 compared to 71 deals in 1H 2021.</p>
<p>&#8220;The current state of the economy—inflation, higher interest rates, supply chain issues—has started to impact fundraising in the solar sector. Even though the first half numbers held up, there was a pronounced slowdown from Q1 to Q2. Besides venture and private equity funding, all other areas experienced a decline in financing activity. But the value of solar is more evident than ever to markets that are dependent on energy imports. Clean energy installation goals are being ramped up around the world, and solar is a long-term beneficiary of this trend,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-38089" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022.png" alt="Solar Corporate Funding 1H 2018-1H 2022" width="399" height="318" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022.png 399w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022-300x239.png 300w" sizes="(max-width: 399px) 100vw, 399px" /></p>
<p>In 1H 2022, venture capital (VC) funding activity rose 125% with $3.7 billion in 53 deals compared to the $1.6 billion raised in 26 deals in the first half of 2021. Of the $3.7 billion in VC funding raised, 89% ($3.3 billion) went to solar downstream companies in 39 deals.</p>
<p>The top VC deals in 1H 2022 were: $750 million <a href="https://mercomindia.com/funding-and-ma-roundup-solar-developer-intersect-funding/" target="_blank" rel="noopener">raised</a> by Intersect Power, $375 million raised by Palmetto, $350 million raised by Agilitas Energy, $260 million raised by Sun King, $251 million raised by Guangdong Gaojing Solar Energy Technology, and $237 million raised by Ignis.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-38102" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies.png" alt="Solar Top VC Funded Companies" width="504" height="436" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies.png 504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies-300x260.png 300w" sizes="(max-width: 504px) 100vw, 504px" /></p>
<p>A total of 145 VC investors participated in solar funding in 1H 2022.</p>
<p>Solar public market financing in 1H 2022 totaled $3.3 billion in eight deals, 10% lower than the $3.7 billion in 13 deals in 1H 2021.</p>
<p>Announced solar debt financing activity in 1H 2022 ($5 billion in 30 deals) was 39% lower compared to the first half of 2021 when $8.2 billion was raised in 32 deals.</p>
<p>In 1H 2022, five securitization deals totaled $1.4 billion, a 26% decrease compared to $1.9 billion raised in seven deals in 1H 2021. Over $12 billion has been raised through securitization deals since 2013.</p>
<p>In 1H 2022, there were 53 solar M&amp;A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to <a href="https://mercomindia.com/macquarie-consortium-acquire-reden-solar/" target="_blank" rel="noopener">acquire</a> Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-38103" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022.png" alt="Solar Top 5 Corporate M&amp;A in 1H 2022" width="444" height="471" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022.png 444w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022-283x300.png 283w" sizes="(max-width: 444px) 100vw, 444px" /></p>
<p>In 1H 2022, there were 148 project acquisitions for 38 GW of solar projects compared to 136 project acquisitions of 40 GW in 1H 2021.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-38104" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix.png" alt="Solar Project Acquirer Mix" width="544" height="343" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix.png 544w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix-300x189.png 300w" sizes="(max-width: 544px) 100vw, 544px" /></p>
<p>Project Developers and Independent Power Producers were the most active acquirers of solar projects in Q2 2022, picking up 4.1 GW, followed by Oil and Gas Majors with 4 GW. Electric Utilities acquired 3.4 GW of projects, and Investment Firms acquired 1.6 GW. Insurance, pension funds, energy trading companies, industrial conglomerates, and IT firms acquired a total of 1.2 GW.</p>
<p>The 100-page report contains funding and merger and acquisition activity for 391 companies and investors. It contains 84 charts, graphs, and tables.</p>


Corporate Funding for Solar Sector Globally Hits the $12 Billion Mark in 1H 2022

<p>Mercom Capital Group has released a new <a href="https://mercomcapital.com/product/top-10-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener noreferrer">report</a> revealing the top 10 global large-scale solar PV developers.</p>
<p><a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener noreferrer">Adani Green Energy</a> was the top solar photovoltaics (PV) developer in the world based on its operational, under-construction, and awarded projects, according to the report.</p>
<p>According to the report, the Ahmedabad-headquartered company has a portfolio of 12.3 GW of solar projects under different stages of execution. Hong Kong&#8217;s GCL New Energy, with its 7.1 GW solar asset base, ranked second while Tokyo-based SB Energy was ranked third with 7 GW of solar projects.</p>
<p>Adani also had the largest portfolio of under construction and awarded capacity, with 10.1 GW of projects, while SB Energy ranked second with 3.4 GW of projects.</p>
<p>The report added that several other developers could have made it on the list based on the size of their portfolio, but an essential requirement for qualification expected companies to have projects in at least two different countries. Developers like NextEra Energy could not be added to the list as they were only operational in one country.</p>
<p>The report went on to show that the top ten large-scale solar developers accounted for 33 GW of operational solar projects globally. Here is a list of the top ten solar developers in the world as per Mercom Capital’s report:</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-21170" src="https://mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png" alt="Top 10 Global Large-Scale Solar PV Developers" width="384" height="405" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png 384w, https://cms.mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers-284x300.png 284w" sizes="(max-width: 384px) 100vw, 384px" /></a></p>
<blockquote><p>&#8220;Top developers are expanding presence in mature markets in pursuit of policy certainty, steady returns, and lower risk. They are also chasing growth in emerging markets, trying to lay the groundwork and tap into the enormous future potential these regions represent, despite the risks and ultra-competitive auctions,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p></blockquote>
<p>For the top 10 global solar developers, the Asia-Pacific (APAC) region made up 52.4% of developers&#8217; capacity, followed by the Americas at 42.1% and Europe, the Middle East, and Africa (EMEA) at 5.5%.</p>
<p>In June, Mercom <a href="https://mercomindia.com/adani-green-worlds-largest-solar-bid/" target="_blank" rel="noopener noreferrer">reported</a> that Adani Green secured a bid to develop 8 GW of solar projects along with setting up a solar cell and module manufacturing capacity of 2 GW. This win, the largest in the world in a single bid, will entail a total investment of approximately $6 billion (₹452 billion).</p>
<p>Adani <a href="https://mercomindia.com/waaree-adani-risen-solar-modules/" target="_blank" rel="noopener noreferrer">ranked</a> among the top three suppliers of solar modules in India in terms of shipments in the calendar year 2019. These three manufacturers accounted for approximately 25% of the total market share. The findings were released in Mercom India Research&#8217;s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles/" target="_blank" rel="noopener noreferrer">India Solar Market Leaderboard 2020</a>.</p>


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