India receives $3.25 million venture funding in the solar sector during the third quarter of the current fiscal.
Simpa Networks, a distributed energy solutions provider has raised a $0.25 million in VC funding. International Finance Corporation, a member of the World Bank Group, is providing a $3 million loan to independent energy producer Azure Power for one of its subsidiaries to construct a rooftop solar project in the Indian state of Gujarat.
Nevertheless, total corporate funding in the solar sector, including venture capital, debt financing and other equity financings raised by public companies, was significantly higher at $2.18 billion, compared to $915 million in Q2, as a number of public companies took advantage of rising market values this quarter.
Global VC funding in Q3 2013 totaled $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.
Solar M&A activity increased in Q3 2013 both in transactions and dollars, totaling $9.8 billion in 23 transactions compared to $1.3 billion in 18 transactions in Q2. Disclosed large-scale project funding came to $2.89 billion in Q3 2013.
Source: The Economic Times