Total company funding into the photo voltaic sector in the primary quarter of 2023 calender yr got here to $8.4 billion in contrast to $5.4 billion in the fourth quarter of 2022.
The investments in the photo voltaic sector buck the development in Q1 regardless of robust financial circumstances
Corporate funding in the worldwide photo voltaic sector elevated 11 per cent year-on-year (y-o-y) to $8.4 billion in January-March interval of 2023, in accordance to a Mercom Capital report. Corporate funding contains enterprise capital, debt and public market financing.
“The investments in the photo voltaic sector bucked the development in Q1 regardless of robust financial circumstances. The Inflation Reduction Act in the US is a major driver for investments in photo voltaic. The fundamentals are strong, pushed by robust demand for the vitality transition worldwide, particularly in Europe and the United States,” said Raj Prabhu, CEO of Mercom Capital Group.
Total corporate funding into the solar sector in the first quarter of 2023 calender year came to $8.4 billion compared to $5.4 billion in the fourth quarter of 2022. Funding increased 11 per cent y-o-y compared to $7.5 billion raised in Q1 2022, the report said.
During January-March 2023, international VC funding was at $2.1 billion in 18 offers, 75 per cent larger in contrast to Q1 or January-March interval of 2022.
In India, the companies which raised VC funding are Aerem ($5 million), Loom Solar ($2 million) and Ecozen ($6.93 million).
The global debt financing sector saw a total of $3.9 billion funding, up 3 per cent from 3.8 billion raised in January-March 2022.
Domestic companies Insolation Energy and Husk Power Systems secured $2.5 million and $750,000 loans, respectively, in this segment.
Public market financing reached $2.3 billion in seven deals during the first quarter of this year, declining by 8 per cent from $2.5 billion raised in four deals during January-March 2022.
“Tata Power Renewable Energy, a wholly-owned subsidiary of Tata Power, has received the second and final round of $260 million capital infusion from UK-based GreenForest New Energies Bidco, an investment platform jointly run by US asset management fund BlackRock Real Assets and Abu Dhabi sovereign wealth fund Mubadala Investment Co,” the report stated.
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(This story has not been edited by News18 employees and is printed from a syndicated information company feed)
