The solar sector has attracted total funding of $3,857 million through 70 deals, including three Indian transactions, in the April-June period this year, says a report.
The report that analysed funding on the basis of four categories -- project funding, VC funding, debt funding and others, said there were three Indian deals in the project funding category and one in project M&A segment, wherein, sustainable energy solutions provider Fortum acquired a solar power plant in Rajasthan. The three Indian deals that were listed in the project funding category, include Acme Solar’s $50 million loan for its 25-MW photovoltaic power plant in Madhya Pradesh, followed by Welspun Energy’s financial closure of its upcoming 20-MW solar power project in Maharashtra.
Further, Welspun Energy, received around $8 million in funding from financial institutions for its Karnataka solar project.
According to the Mercom Capital Group’s second quarter funding and M&A activity report for solar sector, the VC funding in the solar sector continued to be subpar in the second quarter of 2013, with $189 million in VC funding in April-June period compared to $126 million last quarter.