VC funding in solar crosses $1 billion

India’s solar industry remains a favourite investment destination for venture capitalists and private equity (PE) funds even as the sector sees a number of merger and acquisitions.

Hyderabad-based renewable energy company Fourth Partner Energy, which provides solar products and turnkey services for off-grid solar power installations, raised ?3 crore from venture capital firm, The Chennai Angels.

Boond Engineering and Development, a provider of clean energy products and services, recently closed an equity investment round led by Opes Impact Fund.

These are part of a number of fundraising deals solar companies clinched in the September quarter.

According to Mercom Capital Group, a research firm, venture capitalist funding in solar has crossed $1 billion in the first three quarters this year.

Globally, total corporate funding in the solar sector, including venture capital, PE, debt financing, and public market financing, soared to $9.8 billion by the end of the September quarter, from $6.3 billion in the previous quarter, the report noted.

The financing activity was strong all through the July-September period, and it was the best fund-raising quarter since the first quarter of 2011, Raj Prabhu, CEO of Mercom Capital Group, said in a statement. Global venture capital and PE funding totalled $326 million in 21 deals in the September quarter, down from $452 million in 22 deals in April-June.

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