The corporate funding in the global solar sector rose 55 per cent to 28.9 billion during January-September 2023, mainly due to the push to meet energy transition objectives, Mercom Capital has said.

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The global corporate funding in the sector was USD 18.7 billion in the first nine months of 2022, the US-based research firm said in its latest report.

Despite inflationary challenges and elevated interest rates, financing in the solar industry has remained robust through the first three quarters of 2023, Mercom Capital Group CEO Raj Prabhu said.

"The resilience can be attributed to a strong global push to achieve energy transition objectives and substantial demand created by the Inflation Reduction Act - which has helped the sector weather persistent economic challenges and retain the interest of investors," he added.

In the venture capital segment in India, Juniper Green Energy secured a USD 350 million investment from AT Capital Group and Vitol to achieve its target to triple its operational capacity to 2.5 GW by 2026 and forge ahead with its ambitious development plans.

Besides, Waaree Energies has raised USD 120.8 million in a second round of equity funding led by ValueQuest to help expand its existing manufacturing capacity by 6 GW.

In the debt funding category, Adani New Industries, a wholly-owned subsidiary of Adani Enterprises, has secured a trade finance facility of USD 394 million from Barclays PLC and Deutsche Bank AG to fulfil the working capital needs of their 10 GW vertically integrated solar module manufacturing facility. There were various funding in the project funding segment as well in India.

Serentica Renewables achieved financial closure for its upcoming hybrid renewable energy projects in Karnataka. The entire debt funding of USD 370.6 million has been secured from power sector lender REC Limited.

The company also achieved financial closure for another hybrid renewable energy project in Karnataka, and the whole debt funding of USD 313.3 million has been secured from power sector lender Power Finance Corporation (PFC).

The Asian Development Bank (ADB) and Fourth Partner Energy have signed a long-term loan agreement of up to USD 14.7 million for constructing and operating of a 25 MW solar photovoltaic power plant in India.

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