India receiving $3.25 million venture funding in solar sector this quarter

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Friday, October 11, 2013: India has received a venture funding worth $3.25 in the solar sector during the third quarter of the present fiscal.

Distributed energy solutions provider, Simpa Networks has raised a $0.25 million in VC funding. Additionally, International Finance Corporation, which is a member of the World Bank Group, is offering a $3 million loan to independent energy producer, Azure Power. It will be getting this loan for one of its subsidiaries to build a rooftop solar project in Gujarat.

Rounding this all up, the total corporate funding in the solar sector comes out to be more than $2.18 billion, in comparison to $915 million in the last quarter.

Moreover, global VC funding in Q3 2013 totalled $207 million, up slightly from the $189 million raised in Q2 2013. VC funding was distributed across technology groups this quarter with PV companies receiving the most, $57 million, reported ET.

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Solar M&A activity also witnessed a rise in Q3 2013, both in terms of transactions and dollars, coming down to a total of $9.8 billion in 23 transactions compared to $1.3 billion in 18 transactions in Q2.

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