AI-based Energy Efficiency Startup MinionLabs Wins Mercom India’s 1st-Ever Startup Pitch Competition

MinionLabs brings home coveted first-time award for its energy innovation

Mercom India named MinionLabs, an energy efficiency, and Internet of Things (IoT) company, the winner of its inaugural startup pitch competition at the 2023 Mercom India Renewables Summit held on April 26-27.

MinionLabs earned the distinction with its full-suite smart-metering system that dynamically improves the efficiency of electricity usage. The company’s AI-based advanced machine learning platform identifies anomalies, energy waste, cost-saving measures, operational efficiency, and policy violations and sends actionable notifications to help homeowners and businesses save upwards of 45% on their electricity bills.

The company emerged from a field of India’s most promising clean energy startups that participated in the pitching competition. The event added a new dimension to the Mercom India Renewables Summit, a flagship annual conference where industry leaders converge to discuss the future of clean energy in India.

“Mercom’s clean energy startup competition was designed to showcase the best young companies in support of the government’s self-reliant manufacturing initiatives, which will require the country’s entrepreneurs to invent, innovate and develop new technologies in India,” said Raj Prabhu, CEO of Mercom Capital Group. “All ten finalists inspired the judges with their dynamism, creative solutions to important problems, and desire to solve some of the biggest challenges as the country transitions towards renewable energy sources,” said Prabhu.

The Mercom India Renewables Summit gave the ten startups a unique opportunity to showcase their innovative products to key players across the renewable energy industry, including potential investors, customers, and partners. The event is an important initiative from Mercom India to promote technology, innovation, and entrepreneurship in India’s renewable energy sector.

Finalists for the competition were selected from a pool of applicants from across India that pitched their ideas to an expert panel of judges featuring renewable energy sector leaders. The judges included Shishir Garemalla, Head of International BD at PV Evolution Labs; Sunil Cavale, Investment Associate at Speciale Invest; Aswani Chaitanya, VP and founder at Capital-A; and Sumeet Singh, Partner at Climate Angels.

After winning the competition, MinionLabs was awarded prizes that included:

• Two free passes for a six-day online Entrepreneurship Acceleration training program from the India Energy Storage Alliance Academy
• One year of access to select courses on IESA Academy’s online e-learning portal
• An advertising and marketing package from Mercom

The other nine finalists were Xefficient, SundayGrids, SuryaLogix, Centaur Automotive, GoVidyouth Mobility, RenKube, TriNano, Electrik Bee, and Sheru. The strong lineup is a testament to the vibrant startup ecosystem emerging in India’s clean energy industry that is leveraging cutting-edge technologies and applying innovative business models to drive India’s transition towards a cleaner, more sustainable energy future.

For more information on the first-time pitch competition and other news from the 2023 Mercom India Renewables Summit, visit https://www.mercomindia.com.

About Mercom Communications India

Mercom Communications India, a subsidiary of the US-based Mercom Capital Group, is a clean energy research and communications firm recognized worldwide for its expertise in Indian cleantech markets. Established in Bengaluru, India, Mercom has provided market intelligence and research services for clean energy organizations across India since early 2009. For more information, visit http://www.mercomindia.com.

India Adds 3 GW of Solar in Q1 2022, a 50% Increase Year-Over-Year

In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021. Year-over-year (YoY) installations rose by 50% compared to the 2 GW added in Q1 2021, according to the newly released Q1 2022 India Solar Market Update by Mercom India Research.

During Q1 2022, 2.7 GW of large-scale solar was installed, a quarter-over-quarter (QoQ) increase of 23% and a 53% YoY increase.

Large-scale solar accounted for 85% of the installations, and rooftop accounted for the remaining 15% during the reporting period.

India’s cumulative installed solar capacity now stands at 52 GW.

According to the report, while 2021 was the most significant year for the Indian solar industry, with over 10 GW of installations, 2022 is slated to be an even stronger year.

There is still a lot of ambiguity around projects impacted by the Great Indian Bustard (GIB). To protect the critically endangered bird, the Supreme Court earlier said that transmission lines running through the priority areas of the GIB need to be either underground or have bird diverters installed. A Committee has been formed to review cases individually and provide their feedback to the Apex Court. This process is taking time and will likely affect project development this year.

“The uncertainty around the Great Indian Bustard case in Rajasthan is the only issue standing in the way of 2022 being another record year for solar installations. Everything depends on the Supreme Court ruling and how quickly it is resolved. A little push from the government can help India surpass the 60 GW large-scale solar installation target set for 2022, which will be a great achievement,” said Raj Prabhu, CEO of Mercom Capital Group.

Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations, with over 10 GW installed as of March 2022, and accounts for 24% of the total installations in the country.

In Q1 2022, Rajasthan and Gujarat were the top states for solar, accounting for 52% and 18% of installations, respectively, followed by Karnataka with 6%. 

Multiple implementing agencies announced about 5 GW of tenders in Q1 2022, a decrease of 52% YoY compared to over 10 GW announced in Q1 2021. Tender activity in Q1 2022 declined by about 18% QoQ compared to nearly 6 GW released in Q4 2021.

With the BCD applicable from the second quarter (Q2) of 2022 on solar cells and modules, this quarter saw a significant increase in solar module imports, noted the report. In Q1 2022, developers procured almost 10 GW of solar modules and stockpiled them ahead of the advent of Basic Customs Duty (BCD), which took effect on April 1, 2022. Several developers tried to commission their projects before the BCD came into effect. They wanted to avoid paying the additional duty and claim the amount later due to the cumbersome regulatory process.

 
In Q1 2022, India added 4.6 GW of total power capacity, with most new installations coming from solar power. Solar accounted for 68% of new power capacity during the quarter, the largest share captured by solar in any given quarter.

 
Key Highlights from Mercom India Research's Q1 2022 India Solar Market Update:

• In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021.
• Large-scale solar accounted for 86% of the installations, and rooftop solar for the remaining 14%.
• India’s cumulative installed solar capacity now stands at 52 GW.
• In Q1 2022, renewable energy sources accounted for about 81%.
• Solar accounted for 68% of new power capacity during the quarter.
• In Q1 2022, Rajasthan and Gujarat were the top states for solar installations.
• Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations.

Mercom's India Solar Q1 2022 report is 116 pages and covers all facets of India's solar market. For the complete report, visit: https://mercomindia.com/product/q1-2022-india-solar-market-update

Mercom Communications India, a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: https://www.mercomindia.com

The country has a utility-scale projects development pipeline of over 54 GW. Another 33 GW of projects tendered are awaiting auction.

India Adds 205 MW of Solar Capacity in Q2 2020, Reports Mercom India

Cumulative solar installations in India as of June 2020 were ~37 GW

India added 205 megawatts (MW) of solar capacity in calendar year (CY) Q2 2020, an 81% decline compared to 1,090 MW installed in Q1 2020, according to Mercom India Research's newly released Q2 2020 India Solar Market Update. Solar installations were down 86% year-over-year (YoY) compared to the 1,510 MW added in Q2 2019.

Solar installations in the first half (1H) of 2020 totaled 1.3 gigawatts (GW), a 59% decrease compared to 3.2 GW of capacity added in 1H of 2019.

Large-scale installations totaled 120 MW compared to 896 MW in the previous quarter. Year-over-year, large-scale installations decreased by 90%. Large-scale project installation figures in Q2 were the lowest in the past seven years.

"Solar project construction activity came to a standstill in Q2 as the coronavirus pandemic disrupted every aspect of the economy. Labor availability was one of the biggest challenges for large-scale projects. With monsoons setting in, we may have to wait until Q4 for the activity to pick back up," said Raj Prabhu, CEO of Mercom Capital Group. "Considering the realities on the ground, the industry needs more than the 30-day extension post-lockdown period currently granted by the government for project commissioning."

With the lockdown lifted in phases in states, supply chain disruption, and workforce shortages due to the coronavirus (COVID-19) outbreak, most solar projects scheduled for commissioning have been delayed and slipped into later quarters with a possibility of moving to next year.

According to the report, India still has a significant large-scale solar project development pipeline of 41.7 GW, with another 34.2 GW of projects tendered and pending auction at the end of Q2 2020.

Rooftop solar installations accounted for 85 MW in Q2 2020, a decline of 56% compared to 194 MW installed in Q1 2020. In a YoY comparison, rooftop installations declined by 71%, with 292 MW added in Q2 2019.

The rooftop solar market, which was already struggling, has a steep decline in Q2 as the C&I market fell amid COVID. Installations in Q2 were the lowest since the second quarter of 2016, noted the report.

"Mercom India Research is forecasting approximately 4 GW of solar to be added in 2020, which was the worst-case scenario laid out in our previous report. This assumes that the COVID situation will get worse to the point where most of the projects will be moved to 2021," added Prabhu.

Since the COVID-19 outbreak and the subsequent shutdown in many parts of the world, the government is pushing to localize the supply chain. With the new government policy shift towards "Atmanirbhar" or "self-reliant" India, domestic manufacturing has become the primary objective. To facilitate this, the safeguard duty has been extended, and in addition, a basic customs duty is expected to be imposed soon.

Delays in setting up transmission infrastructure and continuing difficulties in obtaining net metering approvals could further add to the sector's challenges.

Total power capacity additions in the first half of 2020 stood at 2.3 GW from all power generation sources. Of this, renewable energy sources accounted for nearly 85% of installations, with solar representing 56% of new capacity, and wind representing 14%. Coal accounted for 13% of new capacity additions.

Almost 70% of the new power capacity additions came from solar and wind in the first half of the year.

Rajasthan and Karnataka were the top states, contributing 68% of solar installations in Q2.

The report also covers the decline in solar component and project costs trends in detail.

Key Highlights from Mercom India Research's Q2 2020 India Solar Market Update

• Solar installations in India in Q2 2020 totaled 205 MW, a decline of 81% compared to 1,090 MW installed in Q1 2020
• In Q2 2020, large-scale solar installations came to 120 MW, while rooftop installations accounted for 85 MW
• Cumulative solar installed capacity in India was approximately 37 GW at the end of Q2 2020
• The large-scale solar project pipeline in India stands at 42 GW, with another 34 GW of tendered capacity pending auction at the end of Q2 2020
• Mercom India forecasts solar installations of approximately 4 GW in CY 2020
• Solar accounted for 56% of new power capacity additions in 1H 2020
• Almost 70% of the new power capacity additions came from solar and wind in the first half of the year.
• Electricity generated from solar in Q2 2020 crossed 15.7 billion units

Mercom India's Q2 2020 report has 107 pages and covers all facets of India's solar market. For the complete report, visit: https://mercomindia.com/product/q2-2020-india-solar-market-update

Mercom's India solar Quarterly Update is the most in-depth and accurate report available on the state of the Indian Solar Market. The report covers the entire solar market, pricing, policies, and forecast that will help companies navigate the challenges as well as take advantage of opportunities in the market.

Mercom Communications India, a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009.

Digital Health Shatters Funding Records with $6.3 Billion in H1 2020, Reports Mercom Capital Group

Mercom Capital Group, llc, a global communications and research firm, released its report on funding and mergers and acquisitions (M&A) activity for the Digital Health (Healthcare Information Technology) sector for the second quarter (Q2) and first half (1H) of 2020. Mercom’s comprehensive report covers deals of all sizes from across the globe.

Global VC funding for Digital Health companies in the first half (1H) of 2020 shattered all previous 1H funding records, bringing in $6.3 billion. Funding activity was up by 24% during 1H 2020, compared to $5.1 billion raised in 1H 2019.

However, in Q2 2020, Digital Health companies raised $2.8 billion in 161 deals, a 23% decrease compared to Q1 2020. Year-over-year, funding was down by 11% compared to $3.1 billion in 169 deals in Q2 2019.

Over half of the funding went into just 20 Digital Health companies during Q2 2020.

“Seen as a solution to many of the health challenges resulting from the COVID-19 pandemic, several digital health technologies and services have gone mainstream. Investors have noticed the potential, and Telehealth has been the biggest beneficiary and has received almost $2 billion in the 1H. mHealth apps and data analytics companies have also benefitted. Digital Heath companies had their best fundraising first half ever and have now raised $50 billion venture funding in over 5,000 deals since 2010,” said Raj Prabhu, CEO of Mercom Capital Group.

Digital Health consumer-centric companies accounted for 66% of the funding in Q2 2020, raising $1.8 billion in 105 deals, while practice-centric companies accounted for 34%, raising $947 million in 56 deals.

The top-funded categories in 1H 2020 were: Telemedicine with $1.7 billion, Analytics with $826 million, mHealth Apps with $794 million, and Clinical Decision Support with $545 million.

Telehealth companies received a record of $962 million in 50 deals in Q2 2020 compared to $930 million raised in 35 deals in Q1 2020. Funding increased 42% YoY in Q2 2020 compared to the same period last year.

Other top categories that received funding in Q2 2020 included mHealth Apps with $429 million, Data Analytics with $253 million, Wellness with $172 million, and Medical Imaging with $161 million.

Early round venture capital funding (Seed, Series A) came to $690 million. Most of the VC funding in early rounds in 1H 2020 went to Telemedicine, mHealth Apps, Data Analytics, and Clinical Decision Support companies.

Four hundred and eighty-eight investors participated in funding deals in Q2 2020, compared to 433 investors in Q1 2020. Optum Ventures led Digital Health financing activity during Q2 with six investments. Seedcamp and Y Combinator each made four investments, and another 31 investors made two or more investments during Q2 2020.

A record 921 investors participated in 1H 2020, compared to 821 investors in 1H 2019. This is the largest number of investor participation in 1H since 2010.

The Top VC deals in 1H 2020 included: $285 million raised by ClassPass, $250 million raised by Alto Pharmacy, $194 million raised by Amwell (formerly American Well), $155 million raised by KRY, and $150 million raised by Concerto HealthAI.

Twenty-one different countries recorded Digital Health VC funding deals in Q2 2020. Companies in the United States recorded the most number of VC funding deals with 105.

Fourteen Digital Health products received FDA/CE approvals in Q2 2020 and 224 since Q1 2017.

In 1H 2020, a total of 83 Digital Health M&A transactions were announced compared to 91 in 1H 2019. In Q2 2020, there were 42 M&A transactions compared to 46 M&A transactions in Q2 2019.

mHealth Apps were involved in the most M&A deals in 1H 2020 with ten transactions, followed by Data Analytics and Practice Management Solutions companies with nine each. Telemedicine companies recorded eight transactions, and Wearable Sensors and Wellness companies had five each. Medical Billing companies were involved in four transactions.

Notable M&A transactions in 1H 2020 were: the acquisition of ArcherDX by Invitae for $1.4 billion, Teladoc Health’s acquisition of InTouch Health for $600 million, lululemon athletica’s acquisition of MIRROR for $500 million. AMN Healthcare acquired Stratus Video for $475 million, and CompuGroup Medical acquired Cerner’s assets in Germany and Spain for $248 million.

This report is 100 pages in length, contains 69 charts, graphs, and tables, and covers 731 investors and companies.

Mercom’s comprehensive report covers deals of all sizes across the globe.

To learn more about the report, visit: https://mercomcapital.com/product/1h-q2-2020-digital-health-healthcare-it-funding-ma-report

India Adds 1.1 GW of Solar in Q1 2020, Reports Mercom India

According to Mercom India Research, cumulative solar installations in India reached ~36.8 GW in March 2020

May 20, 2020 – India added 1,080 megawatts (MW) of solar in the first quarter (Q1) of 2020, a 43% decline quarter-over-quarter (QoQ), compared to 1,897 MW installed in Q4 2019, according to Mercom India Research’s newly released Q1 2020 India Solar Market Update. Solar installations were down by 39% year-over-year (YoY) compared to 1,761 MW added in Q1 2019. Solar capacity additions in India in Q1 2020 were the lowest in a quarter since Q4 2016.

In Q1 2020, large-scale solar projects totaled 886 MW, and rooftop solar installations added up to 194 MW.

“The lockdown in the country disrupted the supply chain, lowered power demand, resulted in currency fluctuations making component costs unpredictable, and has exacerbated the liquidity issues. We are cutting our solar demand forecast by about 40% from our previous estimates based on the COVID effect on the market,” said Raj Prabhu, CEO of Mercom Capital Group.

The report forecasts solar installations of approximately 5 gigawatts (GW) in 2020 as project timelines are extended and moved to 2021. The report goes into a detailed analysis of three different forecast scenarios.



The report identifies the lockdown imposed on the entire country due to the coronavirus pandemic since March 25, 2020, and the supply disruption caused by the shutdown in China as the reasons for solar installation declines in Q1 2020.

The disruption in India’s solar supply chain began with the work stoppage that started in China in February 2020. As a result of the supply shortage, construction activity was affected even before the lockdown was imposed in India.

The report noted that components shipping from China has yet to resume. Logistical issues are preventing goods from reaching project sites. Labor issues are also looming; most of the companies do not have the labor force to begin construction or production right away.

“As the market gets ready to open back up, we can expect to see shortages resulting in an increase in labor and component costs in the near-term. The next couple of months is critical, and any further extensions could mean further reductions in our forecast,” said Prabhu.

According to data from the report, at the end of Q1 2020, cumulative solar installations reached 36.8 GW. Large-scale projects accounted for 32.2 GW, whereas rooftop solar installations accounted for 4.6 GW.

The large-scale solar project development pipeline stands at 36.9 GW, along with 38.8 GW of projects tendered and pending auction at the end of Q1 2020.



Karnataka topped the list of states for cumulative large-scale solar installations accounting for about 23% of the total installed capacity in the country. Rajasthan was ranked second with 15% of installed capacity. Andhra Pradesh, Tamil Nadu, and Telangana rounded out the top 5 states for large-scale solar.

The report found that rooftop installations have been severely affected as businesses have been under lockdown. The commercial and industrial segment, which made up 96% of installations in Q1, was especially hard hit. However, demand has started picking up, and some key Industries like Textiles and Pharmaceuticals are ramping back up, in a positive sign for the industry.

“The next phase, when the country opens back up in stages, is important to monitor. If the outbreak intensifies after re-opening, then all bets are off. But if things go as planned, the solar industry should be up and running fairly quickly,” Prabhu noted.

Per the report, despite a tough quarter, solar installations accounted for an impressive 65% of all power capacity added in Q1 2020. Renewables as a whole, including wind and hydro, made up for a record 95% of capacity additions in the quarter.

Key Highlights from Mercom India Research’s Q1 2020 India Solar Market Update

• In Q1 2020, India added 1,080 MW of solar installations, a decline of 43% compared to 1,897 MW installed in Q4 2019. YoY installations declined by 39% compared to 1,761 MW in Q1 2019


• In Q1 2020, large-scale solar installations added up to 886 MW, while rooftop installations accounted for 194 MW


• 194 MW of rooftop solar projects were installed in Q1 2020, a decline of 36% compared to 304 MW added in Q4 2019. YoY installs fell by 26%, compared to 263 MW installed in Q1 2019


• Cumulative solar installed capacity in India was approximately 36.8 GW at the end of Q1 2020.


• The large-scale solar project pipeline in India stands at 36.9 GW with 38.8 GW tendered and pending auctions at the end of Q1 2020.


• Mercom forecasts installations of approximately 5 GW for CY 2020.


• In Q1 2020, investments in the India solar sector totaled over $970 million (~₹72.9 billion), 40% lower compared to Q4 2019.


• Solar now represents 9.8% of the total power installed capacity in India as of Q1 2020.


• Electricity generated from solar in FY 2019-20 accounted for 3.6% compared to 2.85% in FY 2018-19.

Mercom Communications India, a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: http://www.mercomindia.com

About India Solar Market Update - Mercom’s India Solar Quarterly Update is the most in-depth and accurate report available on the state of the Indian Solar Market. The report covers the entire solar market, pricing, policies, and forecast that will help companies navigate the challenges as well as take advantage of opportunities in the market. For more information visit: https://mercomindia.com/research/

ReNew Power, Tata Power Top India's Solar Sector Market Leaderboard - Report

Mercom Communications India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its report, India Solar Market Leaderboard 2020. The report covers market share and shipment rankings across the Indian solar supply chain in 2019.

During the calendar year (CY) 2019, India installed 7.3 GW of solar power across the country, consolidating its position as the third-largest solar market in the world. India also had a robust pipeline of utility-scale projects under development of 23.7 GW at the end of 2019, with another 31.5 GW of tenders pending auction.

“The solar market leaders have changed in almost every category compared with last year. With a tough year ahead, we expect strong, resilient, and innovative companies continue to do well,” said Raj Prabhu, CEO of Mercom Capital Group.



The report reveals that the top ten large-scale project developers account for 68% market share in 2019. ReNew Power was the top utility-scale developer during 2019, while Azure Power owns the largest project pipeline.

There are around 29 large-scale solar developers with a project pipeline of 100 MW or more in India.

Large-scale solar installations in 2019 accounted for 85% with 6.2 GW. Also, solar accounted for 41% of new power capacity additions in 2019 behind coal which accounted for 44%.

Companies offering engineering, procurement, construction (EPC) services saw a lot of projects moved to 2020 due to delays caused by general elections, land, and evacuation issues, among others. Mahindra Susten was the top EPC player for utility-scale solar installations in 2019, followed by L&T.

Tata Power Solar had the largest cumulative rooftop portfolio, followed by CleanMax Solar. At the end of 2019, the top ten rooftop solar installers represented 34% of the total rooftop solar market share. In 2019, the rooftop solar market growth came down by 33% compared to CY 2018.

Huawei led the solar inverter market in India in 2019, followed by Sungrow. Other top string inverter suppliers included Growatt, Solis Inverters, and Delta Power Solutions.

At the end of December 2019, Trina Solar was the leading module supplier to India in terms of cumulative shipments, while Waaree Energies, Adani, and Risen Energy held the top spot in CY 2019. The top ten module suppliers accounted for over 62% of the market in 2019.

Ganges Internationale was the top supplier of solar mounting structures in 2019, followed by Purshotam Profiles and Strolar. Scorpius Trackers was the top supplier of solar trackers in 2019.

Rays Power Experts and CleanMax Solar were the top open access developers as of December 2019.

Ecoppia was the top supplier of solar robotic cleaning systems as of December 2019.

For the detailed and comprehensive report, click here

New Contenders Emerge on India’s Solar Market Leaderboard in the First Half of 2019

Mercom Communications India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released the India Solar Market Leaderboard 1H 2019. The report covers market shares and shipment rankings across the Indian solar supply chain during the first half (1H) of calendar year (CY) 2019.

In 1H 2019, India installed 3.2 GW of solar power across the country. While installations were down 35% year-over-year, India was still third largest solar market in the world behind China and the United States.



“The India solar market leaderboard has a completely new set of market leaders in almost every category in the first half of 2019. The market is extremely dynamic with a lot of fluctuations and no clear standouts, with opportunity for new leaders to emerge” said Raj Prabhu, CEO of Mercom Capital Group.

According to the report, the top 10 large-scale developers accounted for 84% market share in 1H 2019, while all others made up the remaining 16%.

Azure Power was the top utility-scale developer as well as the top rooftop solar installer during 1H 2019. Adani is the largest project developer in terms of cumulative solar installations as of June 2019.

Five companies had a cumulative project development pipeline of over 1.5 GW apiece at the end of June 2019. ACME Solar had the largest project pipeline as of June 2019.

Rooftop solar installations accounted for 17% of total solar installations in the first half of 2019 a decline of 45% compared to 1H 2018. Cumulative rooftop installations totaled nearly 3,816 MW as of June 2019.

In 1H 2019, the top 10 rooftop solar installers represented 41% of the market share, leaving all other rooftop developers with 59%. Tata Power Solar had the largest cumulative rooftop portfolio, and Azure Power emerged as the top rooftop solar installer in 1H 2019.

TMEIC was the leading solar inverter supplier in India in 1H 2019. Top string inverter suppliers included Huawei, Sungrow, Growatt, Solis Inverters, Delta Power Solutions, SMA Solar, and Fronius. TMEIC, Sungrow, ABB, TBEA, and Sineng Electric were the top central inverter suppliers.

In 1H 2019, the top ten module suppliers accounted for over 60% of the market. Trina Solar was the leading module supplier to India in terms of cumulative shipments and in 1H 2019.

The top supplier of solar mounting structures in 1H 2019 was Ganges Internationale followed by Purshotam Profiles and Strolar.

Scorpius Trackers was the top supplier of solar trackers in 1H 2019. Rays Power Experts and CleanMax Solar were the top open access developers in 1H 2019.

Digital Health VC Funding Reaches $7.2 Billion in 9 Mths of 2019 - Mercom Capital

Mercom Capital Group, llc, a global communications and research firm, released its report on funding and mergers and acquisitions (M&A) activity for the Digital Health (Healthcare Information Technology) sector for the third quarter (Q3) and first nine months (9M) of 2019. Mercom’s comprehensive report covers deals of all sizes from across the globe.

Global Venture Capital (VC) funding - including venture capital, private equity, and corporate venture capital - for Digital Health companies in 9M 2019 was 10% lower year-over-year (YoY) with $7.2 billion in 474 deals compared to $8 billion in 556 deals in 9M 2018. In Q3 2019, Digital Health companies raised $2 billion in 156 deals compared to $3.1 billion in 173 deals in Q3 2018, a 35% decline.

Digital Health companies have now received ~$42 billion in VC funding in 4,622 deals, according to Mercom.

Total corporate funding (including VC, public market, and debt financing) in 9M 2019 declined 19% with $8.9 billion compared with $11 billion in 9M 2018. Total corporate funding in Q3 2019 was down slightly with $3.4 billion compared to $3.6 billion Q3 2018.



“After a strong Q2, funding and M&A activity slowed in the third quarter and financial activity is lagging compared the same period of last year. The performance of the much anticipated four digital health IPOs at the end of Q3 has been disappointing and the fate of future IPOs may depend on how well these companies fare,” said Raj Prabhu, CEO of Mercom Capital Group. “Large deals continued to dominate with six companies raising half of all the funding in the third quarter."

Healthcare Practice-focused companies received $599 million in 60 deals and accounted for 29% of the total $2 billion VC funding in Q3 2019, compared to Q3 2018 when $1.3 billion was raised in 62 deals and accounted for 40% of the total $3.1 billion VC funding. Consumer-centric companies raised $1.4 billion in 96 deals and accounted for 71% of total VC funding in Q3 2019, compared to Q3 2018 when $1.9 billion was raised in 111 deals and accounted for 60% of the total $3.1 billion VC funding.

The top funded categories in 9M 2019 were: Telemedicine with $1.5 billion, Analytics with $1.3 billion, and mHealth Apps with $1 billion. Other Digital Health categories that received substantial funding were: Healthcare Service Booking $487 million, Mobile Wireless $437 million, and Clinical Decision Support with $425 million.



The top Digital Health VC deals in 9M 2019 included: $550 million raised by Babylon, followed by $250 million raised by Tencent Trusted Doctors, and $205 raised by Collective Health. Capsule and Tempus brought in $200 million each.



Digital Health VC funding deals came out of twenty-one different countries in Q3 2019.

Digital Health debt and public market financing in 9M 2019 was down 40% with $1.7 billion in 18 deals, compared to the $2.9 billion raised in 18 deals in 9M 2018.

There were four Digital Health IPOs in Q3 2019 in the United States raising $1.2 billion: Change Healthcare raised $557 million, followed by Livongo Health with $335 million, Health Catalyst with $182 million, and Phreesia $167 million.

In 9M 2019, there were 125 Digital Health M&A transactions compared to 172 transactions in 9M 2018. M&A activity in Q3 2019 was also down with 34 M&A transactions compared to the 56 M&A transactions in Q3 2018.

mHealth App companies were involved in the most M&A deals in 9M 2019 with 21 transactions, followed by Analytics and Practice Management Solutions with 12 and 10 transactions respectively. Clinical Decision Support and Telemedicine companies each had nine transactions. Consulting and Health Information Exchange companies each had six transactions.

Top M&A transactions in 9M 2019 included: French company Dassault Systemes’ acquisition of Medidata for an enterprise value of $5.8 billion. The EQT VIII Fund (EQT) and Canada Pension Plan Investment Board (CPPIB) acquired Waystar for $2.7 billion, followed by Golden Gate Capital, which acquired a controlling stake in Ensemble Health Partners for $1.2 billion. Baring Private Equity Asia acquired CitiusTech for more than $1 billion, Nordic Capital acquired ArisGlobal for $700 million, JPMorgan Chase acquired InstaMed for $500 million, and Thomas H. Lee Partners (THL) acquired Nextech Systems for $500 million.

This report is 94 pages in length, contains 69 charts, graphs and tables, and covers 513 investors and companies.

Mercom’s comprehensive report covers deals of all sizes across the globe.

Full report - https://mercomcapital.com/product/9m-and-q3-2019-digital-health-healthcare-it-funding-and-ma-report

Total Corporate Funding in Solar Sector Up 34% with $9 Bn in 9 Mths 2019, Reports Mercom Capital

Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the solar sector in the third quarter (Q3) and the first nine months (9M) of 2019. Total corporate funding (including venture capital/private equity, public market, and debt financing) in 9M 2019 was up with $9 billion raised, compared to the $6.7 billion raised in 9M 2018, a 34% increase year-over-year (YoY).

Corporate funding into the solar sector in Q3 2019 came to $3 billion, compared to $1.3 billion in Q3 2018.



“Corporate funding activity so far this year is ahead of last year’s levels as demand outlook looks positive, and solar public companies continue to do well. In Q3 2019, over $100 million in venture funding went to technology and manufacturing-focused companies which is rare. Five IPOs and over a billion dollars in securitization deals so far this year have been the highlights,” said Raj Prabhu, CEO of Mercom Capital Group.

In 9M 2019, global VC funding (venture capital, private equity, and corporate venture capital) in the solar sector was 13% higher with $1 billion compared to $889 million raised in the first nine months of 2018. Global VC/PE funding in Q3 2019 totaled $208 million in 11 deals.

The top VC deals in 9M 2019 were: the $300 million raised by Renew Power, $144 million raised by Avaada Energy, $65 million secured by Yellow Door Energy, $50 million raised by BBOXX, and $50 million raised by Spruce Finance.

A total of 88 VC investors participated in solar funding in 9M 2019.



Solar public market financing in 9M 2019 rose to $2.25 billion in 13 deals, 25% higher compared to $1.8 billion in 14 deals in 9M 2018. Public market financing into the solar sector came to $1.3 billion in five deals in Q3 2019 with the help of two IPOs.

A total of five IPOs in the solar sector have together brought in $1.3 billion in 9M 2019.

Announced debt financing activity in the first nine months of 2019 ($5.8 billion in 37 deals) was 43% higher compared to the first nine months of 2018. Six solar securitization deals brought in a total of $1 billion in 9M 2019. Cumulatively, $4.7 billion has now been raised through securitization deals since 2013.

There were a total of 13 project funding deals larger than $100 million in Q3 2019.

The top project funding deal in Q3 2019 was Powertis, which received $613 million from BNDES (Banco Nacional de Desenvolvimento Economico e Social) and BNB (Banco do Nordeste), to develop a 765 MW solar PV portfolio in Brazil. A total of 60 investors provided funds for large-scale project development in Q3 2019.



In 9M 2019, there were a total of 57 (10 disclosed) solar M&A transactions compared to 64 (16 disclosed) transactions in 9M 2018.



The top M&A solar transaction in 9M 2019 was the $255 million acquisition of a 78.5% stake in Perseo, operator of photovoltaic generation facilities, by ERG, through its subsidiary ERG Power Generation.

There were 20 solar M&A transactions in Q3 2019 compared to 19 solar M&A transactions in Q2 2019 and 18 transactions in Q3 2018. Of the 20 transactions in Q3 2019, 14 involved solar downstream companies, five involved balance of system (BOS) companies, and one deal involved a solar service provider.

Project acquisition activity was lower in 9M 2019, with 15.9 GW of solar projects acquired, compared to 23.6 GW acquired in the same period last year. In Q3 2019, a total of 34 projects for a combined 4.3 GW were acquired.

Project developers were the major acquirers of solar assets and accounted for about 2.2 GW of acquisitions in Q3 2019, followed by investment firms and funds, which picked up 739 MW of projects, and utilities and independent power producers (IPPs) which acquired 536 MW of projects.

Notable India Deals in Q3 2019:

VC Funding:

Nocca Robotics - provider of Innovative water-less solar project cleaning robot for utility scale solar projects - raised $1.67 million from the early-stage IAN Fund, with participation from angel investors of Indian Angel Network (IAN).

Public Market Financing:

Shapoorji Pallonji-backed Sterling & Wilson Solar, a provider of solar EPC solution - closed its initial public offer (IPO), backed by global institutional investors raising $406 million on the Bombay Stock Exchange.

Corporate M&A:

Renewable energy company SunEdison Infrastructure Limited (formerly YKM Industries Limited) - acquired Megamic Electronics Private Limited (a provider of end-to-end solar monitoring solutions for industrial and commercial customers), according to a corporate filing by the company at the Bombay Stock Exchange (BSE). The acquisition is valued at ₹10 million (~$0.1 million) along with 0.3% equity shares of SunEdison in exchange for a 51% stake in Megamic Electronics.

To recall, an another Mercom report, solar installations in the Indian solar market declined by 14% in Q2 2019 reaching 1,510 MW, compared to 1,761 MW in Q1 2019. Installations were also lower year-over-year (YoY) compared to 1,665 MW in Q2 2018.

Meanwhile, a report ranked San Diego in the US as the no. 1 nationally with 303 megawatts of installed solar capacity. Researchers said San Diego currently has enough solar capacity to power the equivalent of nearly 76,000 homes backed by several solar companies including www.actionsolar.net

India's Solar Installations Market Declined by 14% in Q2 2019 - Reports Mercom

Installations in the Indian solar market declined by 14% in Q2 2019 reaching 1,510 MW, compared to 1,761 MW in Q1 2019. Installations were also lower year-over-year (YoY) compared to 1,665 MW in Q2 2018.

Solar installations in the first half (1H) of 2019 reached 3.2 gigawatts (GW), a decline of 35%, compared to 5.1 GW of capacity added in 1H of 2018, according to Mercom India Research’s newly released Q2 2019 India Solar Market Update.

In Q2 2019, large-scale installations totaled 1,218 MW compared to 1,498 MW in Q1 2019 and 1,250 MW installed in Q2 2018. The large-scale solar project development pipeline has increased to 22 GW. About 34 GW of solar has been tendered and was pending to be auctioned at the end of the quarter.



Rooftop installations grew by just 11% quarter-over-quarter (QoQ) in Q2 2019, totaling 292 MW compared to 263 MW installed in Q1 2019. The rooftop market picked up slightly after elections but nowhere close to the pace installed last year. Rooftop installations fell by 30% YoY compared to 415 MW installed in Q2 2018.

“It has been a rough couple of quarters for the Indian solar market, exacerbated by tough lending conditions. Post elections, we expect the second half of the year to be slightly better, but the liquidity issues need to be resolved for market momentum to return,” commented Raj Prabhu, CEO, and co-founder of Mercom Capital Group.

The report attributed the drop in solar installations in Q2 2019 to a slowdown in rooftop solar installations and partial commissioning of solar projects.

Total power capacity additions in the first half of 2019 was 8 GW in India from all power generation sources. Of this, renewable energy sources accounted for nearly 58% of installations, with solar representing 41% of new capacity and wind with 15%. Coal accounted for almost 42% of new capacity added.

According to the report, India’s cumulative installed capacity stood at 31.5 GW by the end of Q2 2019. However, rooftop installations still only make up 12% of total solar installations and the country has achieved only 10% of its target capacity addition of 40 GW by 2022.



Mercom India Research forecasts India to install over 8 GW of solar capacity in the calendar year 2019. The report estimates solar installations in India to reach approximately 70 GW by the end of 2022 based on the current market dynamics.

Tariff caps imposed by government agencies have slowed down the solar auction activity in the country. Developers are reluctant to bid at the levels prescribed by state agencies, instead of a market-based auction in which the lowest bid wins.

Land acquisition, transmission, and acquiring approvals remain a challenge to commission large-scale projects on time. Developers have also raised concerns about charges for forecasting and scheduling power during drastic changes in weather conditions.

But one of the biggest concerns, which looks like is close to being addressed through the courts, is the attempted renegotiation of PPAs. “The Andhra Pradesh government’s move to renegotiate and revisit solar and wind PPAs has rattled the industry and dampened investor sentiment. The industry is waiting for a ruling from the courts that sets a precedent for future cases and makes it difficult for government agencies to cancel or renegotiate signed contracts,” added Prabhu.

Rajasthan was the top installer with newly added large-scale solar capacity in Q2 2019 followed by Madhya Pradesh, Andhra Pradesh, Tamil Nadu, and Gujarat. Large-scale solar installations were concentrated in five states, which made up 94% of the installed capacity in the quarter.



Though the current state of the market looks weak, India will continue to be one of the top three solar markets in the world. With the new government in place, the support for renewable energy is stronger than ever among policymakers.

Key Highlights from Mercom India Research’s Q2 2019 India Solar Market Update.

• Solar installations in India in Q2 2019 totaled 1,510 MW, a 14% decrease compared to 1,761 MW installed in Q1 2019


• In Q2 2019, large-scale installations added up to 1,218 MW (81%), while rooftop installations accounted for 292 MW (19%)


• Cumulative installed solar capacity in India stood at 31.5 GW by the end of June 2019. Of this, cumulative rooftop solar installations amounted to 3,816 MW


• Solar accounted for 41% of the new power capacity added in 1H 2019


• Renewable energy capacity additions continue to increase at a significant pace in India, accounting for approximately 35.4% of India’s power capacity mix cumulatively


• Solar electricity generation crossed 12 billion units (BUs) in Q2 2019


• In Q2 2019, investments in the Indian solar sector totaled over $1.85 billion, 34% lower compared to investments made in Q1