Indian solar developer Azure Power has had a hugely successful period of raising financing, but consultancy firm Bridge to India has said that the overall domestic PV sector is facing hard times in raising debt finance.
The days of naming financing as one of the major hurdles for Indian solar appear to be coming to an end in 2017 as record low tariffs were enabled by a newly-attractive fiscal environment. PV Tech caught up with Kuljit Singh, partner, Transaction Advisory Services at EY, to discuss a potential spate of Indian solar IPOs, pension fund interest, Masala bonds and the future of the market.
Indian rooftop PV specialist CleanMax Solar has secured equity financing of up to US$100 million from an affiliate of global private equity firm Warburg Pincus, in order to continue growth in the rooftop and open access solar power markets in India, as well as the Middle East and Southeast Asia.
Indian renewable energy firm Greenko Energy Holdings has raised US$155 million in equity from an affiliate of global investment firm GIC and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
Canada's SunCommon partners with Sustainable Energy Developments to provide residential, commercial and community solar in New York, Silicon Ranch closes a US$55 million equity fund, and new solar projects are completed in California and Arizona.
The Indian government and three of its state-run companies are setting up a US$2 billion equity fund to help renewable energy companies meet the country's ambitious targets, according Reuters citing two government sources.