India's PV industry invested $1.03 billion in the first quarter of 2023, down 171% year-on-year.

According to the report "Quarterly Update of India's Photovoltaic Market in the First Quarter of 2023" released by Mercom India Research Corporation, a research Institute. The total investment in India's photovoltaic industry in the quarter was $1.03 billion (about 85 billion rupees), down 171% year-on-year, compared with $2.8 billion (about 211 billion rupees) in the first quarter of 2022. It was down 37% quarter-on-quarter to $1.63 billion (roughly Rs. 1,340 crores) in the fourth quarter of 2022. Compared

with the previous quarter, the installed capacity of photovoltaic systems installed in the first quarter of 2023 decreased by 30% compared with the previous quarter. The main reason for the decrease was the delay in the construction of several large-scale photovoltaic projects , which led to a decrease in investment. Overall investment in the PV sector in

India was affected by reduced capital inflows into the manufacturing sector over the same period due to the suspension of the Model and Manufacturer List regulations, the ensuing demand uncertainty, and the postponement of capacity expansion plans.

Here are some of the key investment deals in the first quarter of 2023:

The Competition Commission of India approved a $450 million investment. The SPV, which is indirectly owned by the global investor Kohlberg Kravis Roberts, Ardor Holding II Pte subscribes for the mandatorily convertible preferred shares of Hero Future Energies, the renewable energy division of the Hero Group.

Tata Power Renewables (TPREL) received 20 billion rupees ( $260 million) in the second and final round of investment from the British GreenForest New Energies Corporation. The company has raised $40 billion (about Rs. 525 million) in equity from GreenForest New Energies companies. In the latest round of financing, Tata Power Renewable Energy (TPREL) issued 200 million mandatory convertible preferred shares to GreenForest New Energies companies at a price of 20 billion rupees ( $260 million). SJVN, owned by the

Indian government, received a green financing loan of 9.15 billion rupees ( $111 million) from the Japan Bank for International Cooperation. For the installation of two PV projects in India: the first PV project is the 90 MW Omkareshwar floating PV project in Madhya Pradesh, India, and the second is the 100 MW Raghanesda PV project in Gujarat. The total cost of these photovoltaic projects is estimated to be 12.9 billion rupees ( $156.5 million).

Indore Municipal Corporation raised Rs 303 crore (about $37 million) through green bonds, of which Rs 244 crore (about $30 million) was oversubscribed by 1.24 times. Proceeds from its green bond issue will fund a 60 MW ground-mounted captive PV project in the Hargoni district of Madhya Pradesh, India.

Pune based Ecozen, a photovoltaic cold storage solutions provider, has raised $25 million in equity and debt capital in its Series C funding round, as it focuses its business on new climate technologies beyond agriculture. Nuveen and Dare Ventures led the equity portion of the Series C round, which also included Export-Import Bank of India and existing investors Caspian and Hivos-Triodos Funds.