World’s Largest Solar Tree developed by India's CSIR-CMERI

India's CSIR-CMERI has developed the World’s Largest Solar Tree, which is installed at CSIR-CMERI Residential Colony, Durgapur. Prof.(Dr.) Harish Hirani, Director, CSIR-CMERI, while elaborating about the technology stated that, “The installed capacity of the Solar Tree is above 11.5 kWp. It has the annual capacity to generate 12,000-14,000 units of Clean and Green Power”.

Founded in 1958, CMERI (Central Mechanical Engineering Research Institute ) is a public engineering research and development institution in Durgapur, West Bengal, India. It is a constituent laboratory of the Indian Council of Scientific and Industrial Research (CSIR).

The Solar Tree has been designed in a manner to ensure maximum exposure of each Solar PV Panel to Sunlight and also creation of the least amount of shadow area beneath. There are a total of 35 Solar PV Panels in each tree with a capacity of 330 wp each. The inclination of the arms holding the Solar PV Panels are flexible and can be adjusted as per requirement, this feature is not available in Roof-Mounted Solar facilities. The energy generation data can be monitored either real-time or on daily basis.

Prof.(Dr.) Harish Hirani explained, “The CSIR-CMERI developed Solar Tree besides being the World’s Largest Solar Tree also has certain customizable features for application at diverse sites. The Solar Trees were designed in a manner to ensure minimum Shadow Area, thus potentially making these Solar Trees available for widespread usage in Agricultural activities such as High Capacity Pumps, e-Tractors and e-Power Tillers.

TheseSolar Trees can be aligned with Agriculture for substituting price-volatile fossil fuels. Each Solar Tree has the potential to save 10-12 tons of CO2 emissions being released into the atmosphere as Greenhouse Gases when compared with fossil fuel fired energy generation.Besides, the surplus generated power can be fed into an Energy Grid.

This Agricultural Model can provide a consistent economic return and help the farmers counter the effects of the uncertain variations in Agriculture related activities, thus, making farming an Economic and Energy Sustainable practice.”

Each Solar Tree will cost Rs 7.5 lakhs and the interested MSMEs can align their Business Model with the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) Scheme for farmers, for developing a Renewable Energy based Energy Grid.

The solar tree has the capability to incorporate IOT based features, i.e. round-the-clock CCTV surveillance in agricultural fields, real-time humidity, wind speed, rainfall prediction and soil analytics sensors. The CSIR-CMERI developed solar powered e-Suvidha Kiosks may also be connected to the Solar Trees for real-time access to the vast majority of agricultural database as well as to the eNAM i.e. National Agricultural MarketPlace for instant and real-time access to an unified online market.This Solar Tree is a Quantum Leap towards making an Energy Reliant and Carbon Negative India.

Total Corporate Funding in the Solar Sector Comes to $1.9 Billion in Q1 2020

Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the global solar sector in the first quarter of 2020.

Total corporate funding, including venture capital funding, public market, and debt financing into the solar sector in Q1 2020 came to $1.9 billion, 31% lower compared to the $2.8 billion raised in Q1 2019.

The decrease in total corporate funding was primarily due to lower venture capital and public market financing activity in Q1 2020 as the Coronavirus pandemic disrupted solar markets around the world.



“Funding levels dropped in Q1 as the Coronavirus pandemic brought the global economy to a halt. Most large economies are shut down and there is minimal activity in solar markets. Solar project M&A was the bright spot in this time of uncertainty, proving once again that solar is a safe long-term bet. The worst maybe yet to come, but hope is that activity picks up in the second half of the year,” said Raj Prabhu, CEO of Mercom Capital Group.



Global VC funding for the solar sector in Q1 2020 reached $145 million in nine deals compared to $176 million raised in 13 deals in Q1 2019.

The majority of VC funding raised in Q1 2020 went to solar downstream companies with $122 million in seven deals.

The top VC deals in the first quarter of 2020 were: Sunseap Group, which raised a total of $109 million in two different deals; cKers Finance raised $5 million; $4 million was raised by Daystar Power; and $3 million was raised by ZunRoof.

Solar public market financing dropped significantly with $22 million in one deal in Q1 2020 compared to $247 million in three deals in Q1 2019.

Announced debt financing in Q1 2020 totaled to $1.8 billion in seven deals compared to $2.4 billion in 19 deals in Q1 2019. One securitization deal was recorded in the quarter.



There were 12 solar M&A transactions in Q1 2020 compared 18 solar M&A transactions in Q1 2019. Of the 12 solar M&A transactions announced in Q1 2020, 11 involved Solar Downstream companies. There was one transaction involving a module manufacturer.

There were 55 large-scale solar project acquisitions (eight disclosed for $4.1 billion) in Q1 2020 compared to 54 large-scale solar project acquisitions (20 disclosed for $1.4 billion) in Q1 2019.

Over 12 GW of solar projects were acquired in Q1 2020 compared to 10.1 GW in Q4 2019. In a YoY comparison, 5.9 GW were acquired in Q1 2019.

Oil and gas majors were the most active project acquirers in the first quarter of 2020, acquiring 6,452 MW of solar projects. Investment firms acquired 4,149 MW of projects, followed by project developers which picked up 937 MW of projects.



There were 230 companies and investors covered in this report, which is 75 pages in length and contains 66 charts, graphs, and tables.

Notable India Deals in Q1 2020:

VC Funding:

Clean energy investor cKers Finance - raised $5 million from New Energy Nexus to accelerate the development of new distributed solar segments in India.

ZunRoof - an Indian solar rooftop startup - raised Series A funding of $3 million from Godrej Investments.

Venture Catalysts - an integrated incubator - invested an undisclosed amount in Skilancer Solar, a solar module cleaning solutions provider.

Debt Funding:

ReNew Power, a renewable energy project developer - raised $450 million through a dollar bond issuance.

Fourth Partner Energy - a distributed solar energy management company - received a loan of ₹5 million (~$0.067 million), from Grameen Impact India (GIII), a non-banking finance corporation (NBFC) registered under the Reserve Bank of India (RBI), towards its Power@1 program for 18 months. Through the Power@1 program, Fourth Partner Energy aims to provide electricity to non-profit organizations like government schools, rural hospitals, and others at a rate of ₹1 (~$0.013)/kWh.

Corporate M&A:

Investment company Caisse de depot et placement du Quebec (CDPQ) increased its stake in Aure Power Global (AZRE), an independent solar power developer in India, by acquiring an additional 717,701 shares from a shareholder of AZRE. After acquiring the additional shares, CDPQ is the direct owner of 24,259,272 shares of AZRE, which represent 50.9% of the outstanding shares of AZRE.

SunEdison Infrastructure Limited (formerly YKM Industries Limited), through its subsidiary SIL Rooftop Solar Power Private Limited (SIL) - acquired 100% fully paid-up equity share capital along with voting rights of Sherisha Solar Private Limited (SSPL).

Project Acquisition:

ENGIE - a French multinational electric utility company - announced that it will sell a 74% stake in its solar assets in India to Edelweiss Infrastructure Yield Plus (EIYP). This transaction is a part of a strategic partnership between the two companies. The French power distribution company said it will sell 12 solar assets with a total operating capacity of 813 MW (DC) to EIYP and Sekura Energy Limited, a portfolio company of EIYP. The company added that the transaction would take place during the first half of 2020 and will help ENGIE reduce its net debt by over €400 million (~$442.91 million).

Actis - an investment firm - acquired 600 MW solar projects from Acme Cleantech Solutions for ₹30 billion (~$410 million). The equity value of the transaction was estimated to be ₹9 billion (~$0.12 billion). The deal is subject to regulatory approvals.

Sterling and Wilson Solar has approved the merger of Sterling & Wilson Waaree (a wholly-owned subsidiary of Sterling & Wilson Solar, was set up as a special purpose vehicle for the execution of a 9 MW project in Niger) with Sterling & Wilson Solar (the solar engineering and construction arm of the Shapoorji Pallonji Group). No equity shares will be issued by Sterling& Wilson Solar to the shareholders of Sterling & Wilson Waaree as the entire capital of the latter is held by Sterling & Wilson Solar. After the merger, Sterling & Wilson Solar would hold the entire share capital of Sterling & Wilson Waaree.

Yinson Holdings Berhad entered into multiple agreements to acquire a 37.5% equity interest in Rising Sun Energy - company with two operational solar projects (140 MW) in the Bhadla Solar Park - for consideration of RM32 million (~$7.24 million).

Adani Green Energy Limited (AGEL) consummates 2.148 GW JV with TOTAL, Receives INR 3,707 Cr

• AGEL receives INR 3,707 Cr for formation of the JV with TOTAL


• AGEL and TOTAL to own 50% each in the JV.


• Demonstrates AGEL and TOTAL’s commitment to contribute to India’s sustainable development goals.


• The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and underscores the robust joint climate commitment of both partners

TOTAL S.A. (TOTAL), through its step-down subsidiary has today invested approx. INR 3,707 Cr for 50% partnership with AGEL in a Joint Venture (JV). The JV houses 2.148 GW operating solar projects operating across 11 states in India. The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5mm from the international bond markets. Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications.

The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals. Through the establishment of the joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups. The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners.

In line with the Adani Group ESG philosophy, AGEL has a strong ESG framework focusing on Climate Awareness, Climate Readiness and Climate Alignment. Consistent with India’s commitment to renewable energy, sustainable development and UNFCC.

goals, AGEL is on track to achieve 25 GW by 2025. With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.To support this vision, the Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems. This demonstrates Adani Group’s commitment to reversing the climate change.

About Adani Green Energy Limited

Adani Green Energy Limited, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of6GW including under construction capacity. Additionally, AGEL participated, as successful bidder in SECI’s tender of manufacturing linked development project for a capacity of 8 GW and is awaiting its award.

Tata Power Solar receives LoA for NTPC project worth Rs 1,730 cr

Tata Power Solar on Tuesday said it has received the Letter of Award (LoA) to build the 300 MW CPSU-II for NTPC at an all-inclusive price of Rs 1,730.16 crore.

Tata Power Solar is an integrated solar company and a wholly-owned subsidiary of Tata Power.

The company had bagged the said order in an auction held on February 21.

The Commercial Operation Date (COD) for this grid-connected solar photovoltaic project is set for September 2021 (18 months), a company statement said.

"Tata Power Solar is proud to consistently win large and challenging grid-based solar EPC contracts from industry-leading public sector undertaking like NTPC. This being a DCR project, we will be building the project with our own cells and modules," said Ashish Khanna, MD & CEO, Tata Power Solar and President, Tata Power (Renewables), said.

With this order, the order book of Tata Power Solar stood at approximately Rs 8,541 crore including external and internal orders.

"It is projects like these which demonstrate the trust in Tata Power's project management and execution skills. This order is a motivation for us to continue focusing on delivering the best to our customers, as per their expectations,” Tata Power CEO & MD Praveer Sinha said.

In September 2019, post reverse auction, Tata Power Solar had received a Letter of Award to develop a 105MWp Floating Solar Project worth around Rs 343 crores including 3 years Operation and Maintenance (O&M).

This project is one of the most prominent floating solar projects in the country. This venture is executed on the reservoir of NTPC Kayamkulam District in Alappuzha, Kerala and is to be commissioned no later than 21 months. PTI KKS

Everything You Need to Know about Solar Panels, Net Metering and Subsidy

Solar energy is rapidly gaining footprint worldwide. India is no different and is accelerating towards the adoption of this renewable energy rather quickly. The availability of technology and resources is enabling the feasibility of solar implementation in India. The role of government through the formation of specialised bodies such as MNRE (Ministry of New and Renewable Energy) and SECI (Solar Energy Corporation of India) has also helped the case of solar power in India. From net metering to subsidy – solar power is proving to be a win-win situation for everyone in the ecosystem. 

The push towards solar power is mostly because of its unprecedented advantages. However, today’s market is full of options – from different solar panels to entire solar systems altogether. Choosing the right solar power system, including the right solar panels is crucial for maximum efficiency; hence, choose reputed brands like Luminous offering end-to-end rooftop solar power system solutions that are suited for all residential needs. 

If you’re looking for a rooftop solar system, it’s essential to understand about solar panels and other technicalities associated with a solar system.

Solar Panels

We are all aware that the sun is the only source of solar energy. Solar panels also called photovoltaic panels (PV panels) are devices comprised of photovoltaic cells (PV cells) that convert sunlight into electricity. 

Solar cells or PV cells are made from silicon, a semiconducting material that converts light into electricity.

There are two types of solar panels – Monocrystalline and Polycrystalline. The two options vary in their performance, appearance, costs, how they are made and the purpose of installation. 

Monocrystalline Solar Panels

Monocrystalline solar panels are made from a single continuous crystal structure and can be identified by its solar cells, all appearing as a single flat colour (typically black). They have a smooth texture, and the thickness of the slice is visible. These panels are slightly expensive to produce. 

Polycrystalline Solar Panels

Polycrystalline solar panels contain many crystals as opposed to a single crystal in monocrystalline solar panels. Manufacturers melt many fragments of silicon together to form polycrystalline solar panels. These panels have a blue hue and are easily distinguished from monocrystalline solar panels. Polycrystalline panels are less expensive and ideal for Indian conditions. 

	Monocrystalline Solar Panels	Polycrystalline Solar Panels
Cost	More expensive	Less expensive
Performance	Good under low irradiation conditions	High while increasing the operating temperature
Efficiency	More efficient	Less efficient
Aesthetics	Black hue	Blue hue
Longevity	25 years	25 years

The choice of solar panels will depend on the use case and the area available for solar installation. 

[caption id="attachment_138920" align="aligncenter" width="1000"] Monocrystalline Solar Panel and Polycrystalline Solar Panel[/caption]

Monocrystalline Solar Panel and Polycrystalline Solar Panel

Now that you know the difference between the two, let’s understand the types of solar systems and the one apt for your requirement before we move to net metering and subsidy.

Solar Power Systems

For residential purposes, solar power systems are typically installed on rooftops. These power systems are of two types:

•  On-Grid System 

On-grid systems work together with the grid, i.e. the mains electric supply. The homeowner consumes electricity generated by the rooftop solar system, and any power that is left is supplied back to the grid.

[caption id="attachment_138919" align="aligncenter" width="1024"] On-Grid Solar System[/caption]

On-Grid Solar System

Now, this is where net metering comes in the equation. All the electricity that is fed back to the grid and consumed by the owner is calculated by a net meter. The difference is then reflected in the electricity bill. 

Net Metering

Net metering is a billing mechanism that credits solar energy system owners for the electricity they fed in the grid. The difference between the electricity generated by the consumer from a rooftop solar solution and the import of power from distribution companies (DISCOM) is billed to the customer. 

For instance, if you have an on-grid solar power installed on your rooftop, the system is likely to generate more energy than your consumption. So, with a net-meter, the electricity that is consumed and fed into the grid is calculated. The net energy usage is then billed to you. 

• Net metering allows solar energy users to control their electricity bills 


• Net metering protects the electric grid and creates a smoother demand curve for electricity that allows electric companies to manage peak loads efficiently

Here’s a state-wise net metering policy in India.

• Off-Grid System

Off-grid solar systems have a battery connected to them that stores the electricity generated by solar panels. These solar systems are typically used in areas with high power cuts or places that have no grid. 

Subsidy

The Government of India has launched a subsidy scheme for rooftop solar solutions to support the upfront cost of solar installation. Both the central government and State Nodal Agencies offer subsidy schemes. 

According to MNRE, the government pays 30% of the benchmarked installation cost for solar systems. The states in the North MNRE PV Rooftop Cell category (Himachal Pradesh, Uttarakhand, Sikkim, Lakshadweep and Jammu & Kashmir) get up to 70% of installation costs. 

Some other perks offered are: 

• 
  
  
  
  • Homeowners opting rooftop solar systems can avail priority sector loans of up to 10 lakhs from nationalised banks. The loan taken for a rooftop solar system will fall under the category of home loan or home improvement loan. 
  
  
  • Homeowners are also eligible for generation-based incentives that will pay them Rs 2 per unit of electricity generated.
  
  
  • Homeowners with rooftop solar panels can sell the excess of power, and they would receive a regulated cost per unit as set by the government.
  
  
  
  

Specifications to Avail Subsidy for Rooftop Solar System:

• A requirement of 100 square feet of space for the installation of the rooftop solar system


• To avail incentive, the customer should generate 1100 kWh to 1500 kWh per year

Solar power has two significant benefits – first, it’s cost-effective, thus promotes savings; second, it’s sustainable, which means it tackles the impending climate change. The push towards solar in India is massive, and as of July 2019, India’s solar installed capacity has reached 30GW, a substantial jump from the initial target of 20 GW in less than four years. 

If you’re considering going solar, make sure to choose solar panels and solar systems from reputed brands like Luminous. They offer maximum efficiency, different batteries, pure sine wave output and a 25-year warranty!

To Help SMEs Save Electricity Cost, U GRO & Sunvest Capital launch ₹ 20 Cr Rooftop Solar Co-Lending Programme

U GRO Capital, a BSE listed, technology enabled small business lending platform has entered into a co-lending programme with Sunvest Capital, India’s first dedicated rooftop solar financing NBFC, which will catalyse rooftop solar ecosystem and accelerate the efforts towards achieving the ambitious clean energy targets by the government.

Leveraging the expertise and market intelligence of Sunvest and the tech-driven knowledge of U GRO in SME lending, the co-lending programme with a corpus of Rs.20 crore will power the clean energy initiatives with an aim to help the MSMEs save the electricity cost hugely by offering them solar panel finance, besides reducing the carbon footprint in the country.

The collaboration assumes significance as the government has set a renewable energy target of 175 GW by 2022 and solar rooftop energy is expected to contribute 40 GW to the overall target. However, India has so far installed only 10% of its rooftop solar target, leaving a huge potential for growth that is impeded by financial concerns among the MSMEs. 

“We are delighted to join hands with Sunvest Capital. The co-lending programme will combine our knowledge-driven approach (sectoral focus) backed by technology with in-depth solar panel market insights of Sunvest Capital. We look forward to a long-term mutually beneficial relationship with Sunvest Capital to fill this market gap and join the nation-building through carbon mitigation and clean energy promotion,” said Mr. Shachindra Nath, Executive Chairman, U GRO Capital.

A new-age listed fintech platform, UGRO has already made a mark with its tech-enabled platform to solve the ever-growing credit gap in the SME sector. The company has developed proprietary tools which comprise of customized SME sector specific statistical scorecards, underwriting insights based on deep sub-sector level research put together in a highly integrated technology platform. This helps in getting an in-principle decision for the loan application within 60 minutes. The Company has already disbursed more than US$100mn across 6000+ small businesses in a short span of 10 months. Through the co-lending programme with Sunvest Capital, U GRO Capital aims to create a deeper social impact by facilitating solar panel finance to SMEs so that can reduce electricity overheads. At a broader level, the initiative will promote use of green energy among the SMEs as well to protect the environment sustainability.

“We are excited to partner with U GRO capital in this co-lending arrangement. Sunvest has a deep understanding of the rooftop solar market in India and U GRO has unparalleled expertise in SME lending. With over 400 industrial clusters, MSMEs are the growth engine for India's industrial development and adopting solar energy has numerous economic, social and environmental benefits. Power costs are a big portion of MSME's overall expenditure and access to the right financial products will now help these businesses to go solar,” said Mr. Sishir Garemella, Founder & CEO, Sunvest Capital.

“We believe the timing of our partnership is ideal to capitalize on the long-term lending opportunity in solar and sustainability domains. We are confident that our partnership, a first of its kind, will catalyse the rooftop solar ecosystem. India is serious about tackling climate change and the world is looking at us to take meaningful steps towards carbon mitigation. Innovative financing will have a positive impact on reducing emissions while increasing productivity for small businesses," said Mr. Garemella.

Sunvest Capital brings on board years of deep market intelligence and expertise in rooftop solar segment. Sunvest is leveraging the latest fintech capabilities to provide end consumers a seamless and hassle-free experience. The firm won the US India Clean Energy Finance grant in 2018.

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

NTPC Plans 5000-MW Ultra-Mega Solar Plant in Kutch worth $2.8 Bn Investment

Mumbai, Aug 19 (PTI) National energy major NTPC is planning to set up an ultra-mega solar park in the Kutch region of Gujarat that will produce up to 5,000 mega watts and involve an investment of Rs 20,000 crore ( ~ US $2.812 Billion) or more.

"We are looking at setting up an ultra-mega solar park in the Kutch and also one in Rajasthan. In the Kutch, we are planning to produce 5,000 mw at an investment of around Rs 4 crore per mw, taking the total investment to Rs 20,000 crore.

We are looking at two-three locations in the Kutch. We will invite others to invest as well," NTPC chairman and managing director Gurdeep Singh told reporters here Monday.

He said, the company is also looking at Rajasthan for setting up an ultra mega solar park. "But the amount of energy that will be produced and the quantum of investment required will be decided after the location is finalised," he added.

Further, he said NTPC is also planning to tie up with municipalities to produce electricity from solid waste.

"Since last year we have been running a pilot project in Banaras in UP that converts bio-waste into electricity. Now we are planning to do a similar project with the East Delhi Municipal Corporation to produce 20 mw a day and we will float the tender over the next 30 months.

"However we are in more advanced stages of talks with the Surat civic body as we have available land and we are planning to award the contract soon," he said. The company has a similar plan for Ladakh as well, Singh added.

"We are keen to partner with more municipal bodies for waste management. Our only demand is that they must deliver waste to the plant," he added.

NTPC is also looking at good projects to acquire through the bankruptcy process.

"At present there are not many good projects in NCLTs, we are looking at three projects, one hydro asset of 100 mw and two coal-based assets of 600 mw each. We are open to projects in hydro, coal and renewal as well," he added. PTI SM

Govt Issues Norms for $5 Bn Scheme that Encourages Farmers to Generate Solar Power in Farms

The Ministry of New and Renewable Energy (MNRE) Monday issued guidelines for rollout of the Rs 34,422-crore PM-KUSUM scheme, which would encourage farmers to generate solar power in their farms and use the clean energy to replace their diesel water pumps.

The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme entails setting up of 25,750-MW solar capacity by 2022 with the total central financial support of Rs 34,422 crore.

The Cabinet Committee on Economic Affairs (CCEA) in February approved the launch of the scheme with the objective of providing financial and water security.



The scheme has three components:

1. The Component-A provides for setting up of 10,000 megawatt of decentralised ground/ stilt-mounted grid-connected solar or other renewable energy-based power plants.




2. The Component-B of the scheme provides for installation of 17.50 lakh stand-alone solar agriculture pumps,




3. The Component-C envisages solarisation of 10 lakh grid-connected agriculture pumps.

The guidelines issued on Monday stated that the Component-A and Component-C will be implemented initially on a pilot mode for 1,000 megawatt (MW) capacity and one lakh grid-connected agriculture pumps, respectively, while the Component-B will be implemented in full-fledged manner with total central government support of Rs 19,036.5 crore.

After the successful implementation of pilot project of Components A and C, the same shall be scaled up with necessary modifications based on the learning from the pilot phase with the total central government support of Rs 15,385.5 crore, it added.

It said these guidelines have been formulated to provide broad implementation framework of the scheme. PTI KKS

Solar Rooftops designed by Image Processing, VR and Data Analytics are Saving 100% Electricity Bills of Delhi Residents

In India, Solar power is a fast developing industry. Report says that the country's solar installed capacity reached 28.18 GW as of 31 March 2019. Initially the Indian government had a target of 20 GW for 2022, which was achieved four years in advance.

In 2015, the target was raised to 100 GW of solar capacity, including 40 GW from rooftop solar by 2022, targeting an investment of US$100 billion. So this is going to be our future and Solar is here to stay, in the welfare of the common man, who is ready to go Solar. According to a report, rooftop solar power accounts for 3.4 GW, of which 70% is industrial or commercial.In addition to its large-scale grid-connected solar photovoltaic (PV) initiative, India is developing off-grid solar power for local energy needs. Solar products have increasingly helped to meet rural needs also such as solar lantern sand solar cookers.

ZunRoof,a solar tech startup, started its journey two years ago, and now it has the highest of residential rooftop installations in India.With more than 1 Lakh happy clients, ZunRoof is the largest solar rooftop company for homes and small businesses in India.

Considering each Indian roof is unique, Gurgaon-headquartered ZunRoof creates aesthetically attractive solar rooftop designs by a mix of Image Processing, VR and Data Analytics. ZunRoof also provides IOT-based remote monitoring system that gives real time updates about solar energy production and lifetime customer support. Going Solar with ZunRoof can help you save up to 100% in your electricity bill. It happened with Delhi residents like Chetan Khera, Rohin Marker, and Shashi Kiran Singh Puri. All three residents’ homes are located in an area that has sufficient power supply but they were incurring expensive electricity bills.

ZunRoof recommended them to install a Grid Tied-solar system at their homes, depending on the need. As we see, Delhi receives substantial amount of sunlight in summer,ZunRoof suggested them to invest in solar power to reduce electricity bills to a maximum as the net metering and subsidy given by the government make solar power a very cost effective and affordable solution for one and all.

Rohin Marker installed 5kW ZunRoof solar system at his home in Delhi which helped him go green and save money. As a result of the substantial savings in electricity bills, the DISCOM provider has offered to reduce his sanctioned load from 11kW to 7 kW.Almost same experiences were shared by Chetan Khera and Shashi Kiran Singh Puri too. While Chetan Khera went with 5kW system size, and got zero electricity Bill, the installation of 10kW system size at the house of Shashi Kiran Singh Puri, helped him to resolve his problem of high electricity bill, now the energy consumption at his house has a negative bill, which means he is making monthly income by selling excess electricity back to the main grid. ZunRoof has provided an incredible energy and cost efficient option to them. It saves their money and also provides power backup during power cuts.

ZunRoof ensures that clients remain happy with a client ticketing system.Clients get sustained rooftop output and real-time savings from solar on the App through IOT based diagnostics and maintenance alerts. ZunRoof offers the best prices and the right quality options to the customers through multiple installer partners in Delhi (NCR), and it designs the optimum solution for the customer’s requirements in an extremely transparent way.

In April, ZunRoof had raised funding of $1.2 million from Godrej family office. The solar startup is also backed by Ramakant Sharma, Founder of Livspace, an online home interior design and renovation platform, and Arun Diaz of Venture debt firm IntelleGrow.

IIM-Lucknow Incubated Skilancer Raises Seed Funding for its Robotic Water-less Solar Panel Cleaners

Indian Institute of Management, Lucknow (IIM-Lucknow) incubated startup, Skilancer solar, which designs and manufactures automatic robotic, self-powered, water-less Solar Module cleaners for decentralized, rooftop, and utility scale solar power plants, has raised an undisclosed amount in seed funding from Alfa Ventures, a proprietary fund launched by angel investor Dhianu Das, reported VC Circle.

Founded in 2017, Manish Das and Neeraj Kumar (IIT Jodhpur alumni), Skilancer will use the funds raised in upgrading its product design and technology as well as in building its team and expand geographically.

Skilancer is a centrally controlled, self-powered, robot for automatic cleaning of solar panels with elements of Artificial Intelligence (AI).





Incubated at L-incubator of IIM Lucknow, Skilancer raised pre-seed funding from there in March last year. L- Incubator at IIM, Lucknow houses business startups and provides them with seed funding, office space, mentorship, and networking opportunities with various investors.

According a recent research report, the global solar panel cleaning systems market estimated to grow with a CAGR of 7.5% during the forecast period from 2018 to 2026. After 2018, the year of uncertainty for a global solar panel as well as generation market, 2019 has already begun to show a positive outlook. The global installed solar PV capacity is expected to cross 1 Trillion watts in the next 4 years.

Solar Panel Cleaning Robot in particular has been the major product in the Other Solar Energy Related Products market over the past year, and it was very popular in India, United States, Turkey, Australia and UAE. according to Alibaba sales & inventory, India, with 21.93% leads the market shares of these countries. The US is second with 14.06% market share foolowed by Turkey:3.82%, Australia:3.77%, UAE:2.76% and rest have 53.66% share

Dhianu Das, Founder, Alfa Ventures commented, "I am absolutely bullish on India’s solar energy story. New installations in 2019 will reach nearly 14 gigawatts. This is about 50% more than the capacity added last year. This is where I see potential for a business like Skilancer Solar."

Prior to investing in Skilancer, Alfa Ventures had invested in an another AI led startup, CivilCops, a government tech startup and social intelligence platform.

India's Largest Solar Energy Startup Azure Power Raises $185 Mn from Canada's CDPQ

New Delhi headquartered Solar energy company, Azure Power, which is one of the country’s largest independent solar power producers with a solar portfolio of over 3 Giga Watt spread across 23 states, has raised around $185 million primary capital through an equity offering, reported Business Line.

Caisse de dépôt et placement du Québec (CDPQ), a Quebec, Canada-based institutional investor that manages several public and parapublic pension plans and insurance programs, has contributed $100 million (around ₹730 crore) to the company’s capital raising which increased the fund’s stake in the company to 40%.

Notably, this is a second investment by CDPQ into Azure as earlier in 2016 it had invested $140 million in the company before going public in October of same year. So far, the company had raised a total of about $353.5 million in funding over 11 rounds including this one.

Apart from CDPQ, IFC Asset Management and Helion Venture Partners are among the company’s large shareholders.

On October 12, 2016, Azure Power launched an Initial Public Offering (IPO), enabling the first listing of Indian energy assets on the New York Stock Exchange. With this, Azure Power also became the first renewable energy company to IPO in the US since August 2015.

[caption id="attachment_126884" align="aligncenter" width="720"] Inderpreet Wadhwa - Founder & CEO of AZure Power[/caption]

Founded by Inderpreet Wadhwa in 2008, Azure Power sells energy to government utilities, and independent industrial and commercial customers in India. Prior to founding Azure Power, Inderpreet served as a vice president of Loyalty Lab and as a senior director of Oracle Corporation. Additionally, Inderpreet has been a member of the Private Sector Advisory Group (PSAG) to the Green Climate Fund (GCF). Inderpreet received his bachelor’s degree in electronics engineering in 1994 from Guru Nanak Dev University, Punjab, India. He also graduated from Haas School of Business at University of California Berkeley in 2002.

Since its inception in 2008, Azure has built India’s first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

The company has recently won 6 MW solar project of Hindustan Aeronautics Limited (HAL) auctioned by Odisha Renewable Energy Development Agency - OREDA.

Azure Power has a target to grow its operational portfolio to 5GW by 2020.

The company’s revenue for the quarter eneded June 30, 2018 stood at ₹242 crore, up 29 per cent from ₹187 crore during the corresponding period of the previous financial year.

Net income for the quarter was ₹2.9 crore as against ₹20 crore primarily due to foreign exchange losses due to the rupee’s depreciation against the dollar, the company said. It has issued a guidance for revenue growth of around 22 per cent to $143-151 million for FY18 from $118 million in Fy18.

In August this year, India's largest natural gas marketer Gail (India) Limited (GAIL) had sought shareholder approval to build solar power plants in the country as it looks to diversify its portfolio beyond gas and petrochemicals.

In the same month, Hyderabad based Solar-DC solutions startup, Cygni Energy Private Limited, had raised funds of $6.4 Million through a combination of Equity and Debt round led by Endiya Partners and IndusInd Bank.

In June, an another Hyderabad-based solar energy solution startup Fourth Partner Energy had raised $70 million in Series B funding from The Rise Fund, which is a global impact investment fund founded by TPG Growth founder and managing partner Bill McGlashan, U2 lead singer and activist Bono.

Prior to that, Gurgaon-based rooftop focused solar startup, ZunRoof, had raised an angel funding of Rs 1.66 crore ($0.25mn) from i3N, Paipal Ventures’ Ajith Pai, Gaurav Gupta, Asia Director, Dalbergr and a bunch of IIT Kharagpur alumni based in US.

IIT-Bombay Student & Alumnus To Ride Solar-Powered Electric Cycle Across India

We Indians are not the ones to get bogged down by challenges so easily. We love to do things which seem unachievable and out of reach. Two such Indians are - Sushil Reddy and Rajendra Bhaskar, where former is a student later is an alumnus of Energy Science Department of IIT Bombay. The two will be riding across 5 states and 7000+ kms in India starting first week of May 2016 for approximately 70 days. The solar awareness ride has been named as - The Sunpedal Ride.

Powered by solar energy, the bike has been manufactured by Hulikkal and is fitted with a motor to assist in pedaling. The motor derives its power from the energy generated by 240 watts solar panels. Further, the cycle can also be used normally as a normal cycle to commute to and fro.

The route for the 7,000 kms journey is IIT Bombay, Valsad, Surat, Baroda, Ahmedabad, Bhavnagar, Diu, Somnath, Porbandar, Dwarka, Jamnagar, Rajkot, Mt. Abu, Jodhpur, Bikaner, Bhatinda, Amritsar, Jalandhar, Ludhiana, Chandigarh, Roorkee, Delhi, Jaipur, Ajmer, Deogarh, Udaipur, Gandhinagar, Bharuch, Surat, Vapi, and then back to pavilion, IIT Bombay.

During the ride, funds will be raised to get solar power to a rural school in Jatwara of the NGO, Hockey Village India. There are frequent power cuts in the rural school where kids are empowered using education and sports. Solar power in this village will help these kids to study and progress better in their lives.

The wonder bike was unveiled by the title sponsor on May 6 at the IIT Bombay campus. The event also saw attendance of representatives from title sponsor, Inter Solar, silver sponsor, BSNL, Zoom Car, Team Shunya, and IIT Bombay students.

Reddy has previously worked with Professor Chetan Solanki in his solar energy startup kWattsolutions. In the final year of his college, he developed the bicycle and travelled from Mumbai to Goa covering a distance of 500 kms in December last year. Krunal Tailor and Himanshu Singh were the other teammates involved in the project.

The solar powered cycle clocks an average speed of 20-25 kms per hour and Sushil plans to cover a distance of almost 100 kms everyday. He will be riding the cycle from 5-11 am in the morning and the ride will include a demonstration and presentation of the bike at all the stoppages during the 70 day ride.

Zoom car, an automobile startup, has sponsored a car, with GPS and special crew, which will follow Reddy throughout his 7,000 kms journey.

According to a statement given by Manan Modi, marketing manager, Zoom car (west) to a national daily, “Sushil is doing the reverse of what we do and this makes it interesting to capture his journey. He is encouraging people to use solar energy and I would like to replace all my diesel cars with electric and solar cars.”

While the whole journey is aimed at spreading awareness mainly among students and politicians, the funds raised from the event will go to Hockey Village India, an NGO which integrates sports and education to teach kids in rural areas of Rajasthan. Sushil is also planning on starting a crowd funding campaign to help Rajasthan's Jatwara village.

Solar Startups In India To Suffer Setback As WTO Ruled Against India's Solar Program

In what could be seen as a major disappointment for India, the World Trade Organisation (WTO) in one of its recent ruling crushed the country's dream to successfully create homegrown solar energy. This ruling by WTO is an apt example of how archaic trade rules are completely out of sync with the current global challenges being faced by the world to make a 100 % transition to clean energy.

India's National Solar mission has played a pivotal role in helping the country make a transition from a country with virtually no solar energy capacity to housing one of the fastest growing solar industry in the whole wide world, that too in just a short period of five years. It was just last year in 2015 that the country had a number of top big names in the solar energy world making announcements of their plans to set up their new factories in the country in order to produce solar cells. In fact, India has specifically mentioned its solar program as one of its main contribution to the Paris agreement to tackle the current situation of global climate change.

Related Reading - Solar Startups in India is booming like never before (2013)

But, unfortunately, WTO has recently ruled against India's National Solar Mission on the grounds that the developing country's steps to boost the local production of solar cells has violated the organisation's rules. Though India decided to fight back and defended its stance on the basis that the program helps India to fulfil its climate commitments under the United Nations Framework Convention on Climate Change (UNFCCC), the WTO decided to reject the country's argument completely.

In just five years of its announcement, India's national solar program has been able to make a significant impact. Under it, the country has been able to increase its solar capacity from nearly a nothing point to commissioning about five thousand megawatts, all thanks to government's efforts in the form of long-term contracts and subsidies. This solar expansion has come at the right time for India, as the country's Indian coal industry has been having a tough time trying to meet the power demand of the current population. With the program, India's aim was to reduce the cost involved in setting up equipments for solar energy production and reach the 100,000 megawatts of solar power capacity mark by the year 2022.

But, in a sad turn of events, the US government registered a WTO case against India's National Solar program in the year 2014. According to them, the "buy-local" rules of the first phases of the program, which clearly state that the power companies need to make use of the solar components made in India in order to take benefits from the government-subsidized program, discriminated against the United States solar exports. WTO in its ruling decided that the country's buy-local rules does "accord less favorable treatment" to the imported solar components, even while stating the fact that "imported cells and modules currently have a dominant share of the market for solar cells and modules in India."

In an effort to persuade the United States to drop its WTO case against the country, India has indicated that it might just be ready to make some changes in its much ambitious national solar program. But, whether the U.S. will accept the changes and withdraw the case is something which can't be predicted. The one thing that can be predicted for sure is that the flourishing solar startup market in the country is for sure going to suffer great losses and setback because in the five years since the launch of the National solar program, the market has come a long way due to the urgent need for an alternative energy and great government support for the same. The fate of these Indian solar startups doesn’t look so promising.

Solar Startups In India To Suffer Setback As WTO Ruled Against India's Solar Program

In what could be seen as a major disappointment for India, the World Trade Organisation (WTO) in one of its recent ruling crushed the country's dream to successfully create homegrown solar energy. This ruling by WTO is an apt example of how archaic trade rules are completely out of sync with the current global challenges being faced by the world to make a 100 % transition to clean energy.

India's National Solar mission has played a pivotal role in helping the country make a transition from a country with virtually no solar energy capacity to housing one of the fastest growing solar industry in the whole wide world, that too in just a short period of five years. It was just last year in 2015 that the country had a number of top big names in the solar energy world making announcements of their plans to set up their new factories in the country in order to produce solar cells. In fact, India has specifically mentioned its solar program as one of its main contribution to the Paris agreement to tackle the current situation of global climate change.

Related Reading - Solar Startups in India is booming like never before (2013)

But, unfortunately, WTO has recently ruled against India's National Solar Mission on the grounds that the developing country's steps to boost the local production of solar cells has violated the organisation's rules. Though India decided to fight back and defended its stance on the basis that the program helps India to fulfil its climate commitments under the United Nations Framework Convention on Climate Change (UNFCCC), the WTO decided to reject the country's argument completely.

In just five years of its announcement, India's national solar program has been able to make a significant impact. Under it, the country has been able to increase its solar capacity from nearly a nothing point to commissioning about five thousand megawatts, all thanks to government's efforts in the form of long-term contracts and subsidies. This solar expansion has come at the right time for India, as the country's Indian coal industry has been having a tough time trying to meet the power demand of the current population. With the program, India's aim was to reduce the cost involved in setting up equipments for solar energy production and reach the 100,000 megawatts of solar power capacity mark by the year 2022.

But, in a sad turn of events, the US government registered a WTO case against India's National Solar program in the year 2014. According to them, the "buy-local" rules of the first phases of the program, which clearly state that the power companies need to make use of the solar components made in India in order to take benefits from the government-subsidized program, discriminated against the United States solar exports. WTO in its ruling decided that the country's buy-local rules does "accord less favorable treatment" to the imported solar components, even while stating the fact that "imported cells and modules currently have a dominant share of the market for solar cells and modules in India."

In an effort to persuade the United States to drop its WTO case against the country, India has indicated that it might just be ready to make some changes in its much ambitious national solar program. But, whether the U.S. will accept the changes and withdraw the case is something which can't be predicted. The one thing that can be predicted for sure is that the flourishing solar startup market in the country is for sure going to suffer great losses and setback because in the five years since the launch of the National solar program, the market has come a long way due to the urgent need for an alternative energy and great government support for the same. The fate of these Indian solar startups doesn’t look so promising.