Ecozen, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation (DFC).

The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release. It also plans to expand on its current solar pump controller systems and cold storage solutions offerings.

“Ecozen is on an accelerated growth path driven by increased demand for our pioneering climate-smart solutions,” said CEO and co-founder Devendra Gupta. “The funding will enable us to expand operations and deepen our market presence in India as well as enter new international markets in Africa and Southeast Asia.”

The company plans to leverage its technology stack, spanning advanced motors, controls, thermal energy storage, AI, and IoT, to develop decarbonization solutions for other sectors, such as milling, mobility, retail, and industry. It claims that the company has grown five-fold over the last two years, with profits tripling, and anticipates doubling revenue again this fiscal year.

The company also claims that its products have boosted incomes for over 180,000 farmers in India while reducing greenhouse gas emissions by 2 million tonnes and preventing 50,000 metric tons of food loss.

“We like Ecozen’s proven product and execution track record and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate-friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.

Last year, Ecozen raised $25 million in equity and debt capital in its series C round as it looked beyond agriculture to expand into new climate deep-technology fields.

In 2022, it raised $6.93 million as part of a planned $25 million Series C funding round. The funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors.

SJVN Green Energy (SGEL), a wholly-owned subsidiary of SJVN, has invited bids for the outright purchase or lease of up to 800 acres of land for 28 years with all statutory clearances to set up solar power projects of 200 MW capacity in Assam.

The last date for the submission of bids is May 10, 2024. Bids will be opened on the same day.

Bidders have to pay ₹5,000 (~$59.86) + 18% GST as cost of the tender document.

Bidders have to furnish an earnest money deposit of ₹2 million (~$23,946) for 200 acres, ₹4 million (~$47,892) for 400 acres, ₹6 million (~$71,839) for 600 acres, and ₹8 million (~$95,786) for 800 acres.

They can propose multiple land parcels, totaling a maximum of 1,200 acres, with each connected parcel being either 200 acres or multiples thereof, up to 800 acres.

Parcels smaller than 200 acres will not be accepted. If a parcel offered by the bidder exceeds 200 acres but is not in multiples of 200 acres, the area will be rounded up to the nearest multiple of 200 acres, and the price bid will be adjusted accordingly.

If any part of a single connected parcel, totaling 400 acres or more in multiples of 200 acres, is deemed unsuitable at any evaluation stage, the entire parcel will be rejected.

Proposals for land parcels that combine outright purchase and lease will be rejected.

The offered land can also be located within a solar park, provided it can be transferred to SGEL for outright purchase following solar park rules and regulations.

The aerial distance between the nearest point of the land parcel and the proposed state transmission utility (STU) substation must not exceed 15 km for parcels of 200 acres (50 MW) and 20 km for parcels of 400 acres or more.

The estimated spare capacity available at the proposed STU substation must meet the following minimum requirements: 50 MW for parcels of 200 acres, 100 MW for parcels of 400 acres, 150 MW for parcels of 600 acres, and 200 MW for parcels of 800 acres.

The land must have a minimum annual global horizontal irradiance of 1550 kWh/m².

It should be a single connected patch and accessible via a jeepable road.

The offered land must not be subject to government restrictions for solar power development, such as being located in wildlife-protected areas, near defense establishments, national parks, areas designated for protecting the Great Indian Bustard, or any other state-specific protected areas.

Recently, SGEL signed a joint venture and shareholders agreement with Assam Power Distribution Company to execute renewable energy projects/parks.

In January 2024, SJVN announced that it had secured a ₹100 billion (~$1.2 billion) construction financing facility to fund its renewable energy projects.

Subscribe to Mercom’s India Solar Tender Tracker to stay on top of tender activity in real time.

Avaada Energy has closed a ₹44.71 billion (~$535.3 million) refinancing deal with the National Bank for Financing Infrastructure and Development (NaBFID) for four inter-state transmission system (ISTS)-connected solar projects with a combined capacity of 1.7 GW in Rajasthan.

The financing from NaBFID, a specialized government-owned development finance institution, will enable the prepayment of existing loans and offer a successful exit to multiple lenders. The facility will be approved and disbursed as a 20-year rupee term loan facility.

The structure has been rated as ‘AA (Stable)’ by CareEdge Ratings.

“We have achieved a major milestone by refinancing four of our largest operating assets in Rajasthan. These assets have been operational for approximately two years. This is one of the largest transactions ever conducted in India’s renewable energy market. It allows us to pay off existing lenders and welcome NaBFID as the new single lender. This accomplishment underscores the keen interest of financial institutions in supporting renewable energy projects that offer stable, long-term cash flows. Securing a better interest rate for operational assets further strengthens our bottom line while delivering value to all stakeholders,” said Vineet Mittal, Chairman of Avaada Group.

Avaada Energy was among the winners of NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche II) across India. Avaada was awarded 500 MW out of the 750 MW quoted capacity at a tariff of ₹2.6 (~$0.0313)/kWh.

Avaada Energy was also a winner in the Solar Energy Corporation of India’s auction to set up 1,500 MW ISTS-connected solar power projects in India under Tranche XIV. Avaada quoted the lowest tariff of ₹2.57 (~$0.0310)/kWh to win 300 MW.

Last April, Avaada Group raised $1.07 billion from Brookfield Renewable to support its green hydrogen and green ammonia projects in India. The funding is part of the company’s ongoing plan to raise $1.3 billion.

Avaada Energy was the top utility-scale solar project developer in 2022, according to Mercom’s India Solar Market Leaderboard 2023.

The recent reimposition of the Approved List of Models and Manufacturers (ALMM) regulation by the Ministry of New and Renewable Energy (MNRE) has once again raised questions for existing and aspiring solar manufacturers on the elaborate process for getting ALMM-enlisted. The ALMM mandate is back in force from April 1, 2024, clearing the confusion caused over the exemption of open access and private rooftop solar power projects in MNRE’s previous order.

Government-owned power transmission utility Power Grid Corporation of India (POWERGRID) has won the contracts to establish three inter-state transmission systems projects on a build, own, operate, and transfer basis to evacuate 18 GW of power from various renewable energy zones in Rajasthan and Gujarat. POWERGRID received the letters of intent on April 16, 2024. The scheduled commercial operation date of the projects is 24 months from the date of the letters of intent.

The MNRE has invited comments and suggestions on the draft guidelines for implementing the PM-Surya Ghar: Muft Bijli Yojana in the residential rooftop solar segment. The last date for receiving the comments/suggestions is April 23, 2024. The Government of India launched the program on February 13, 2024. It aims to install rooftop solar projects in ten million households at a cost of ₹752.01 billion (~$ $8.9 billion).

Tech giant Apple has announced a joint venture with Mumbai-based renewable energy firm CleanMax to power its operations in India with renewable energy as part of its goal to be carbon neutral across its entire value chain by the end of this decade. As part of the collaboration, CleanMax has installed 14.4 MW of rooftop solar power projects across six industrial sites in India.

The European Commission and member states have signed the European Solar Charter, outlining a coordinated set of actions to support the continent’s struggling solar photovoltaic (PV) industry and tackle unfair competitive practices. The EU has targeted at least 42.5% renewable energy by 2030. A heavy reliance on imported solar modules, primarily from China, has threatened the viability of existing European solar manufacturers.

According to the Clean Energy Council (CEC), Australia added 5.9 GW of renewable capacity to the grid in 2023, up from 5 GW in 2022.

Rooftop solar contributed 3.1 GW, while utility-scale projects added 2.8 GW. This marked an increase from 2022 when rooftop solar provided 2.7 GW, and utility-scale projects contributed 2.3 GW.

The share of renewable energy in Australia’s total electricity generation also grew, reaching 39.4% in 2023, up from 35.9% in 2022.

As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022. These projects totaled approximately 7.5 GW in capacity, a decrease from the 9.5 GW at the end of 2022.

Among these projects, 38 were large-scale solar projects, and 13 were wind farms. This was a decline from 2022, with 48 solar projects and 21 wind projects in development.

Additionally, three combined wind/solar projects (130 MW) and two biomass projects (61 MW) are in progress.

Rooftop Solar

In 2023, rooftop solar emerged as the primary contributor to Australia’s renewable energy landscape, with a capacity of 3.1 GW. This accounted for 28.5% of all renewable energy and 11.2% of the country’s total energy generation, marking an increase from 25.8% and 9.3%, respectively, in 2022.

The number of Australian households with rooftop solar PV systems installed rose to approximately 3.7 million by the end of 2023, up from about 3.4 million in 2022.

There were 337,498 new rooftop solar installations in 2023, compared to 315,499 in 2022.

The average size of installed systems continued to rise, reaching 9.3 kW, compared to 8.7 kW in 2022.

Large-scale solar

In 2023, utility-scale solar emerged as the leading contributor to new capacity, providing 1.9 GW, a significant increase from 841 MW in 2022. This capacity was spread across 15 newly commissioned projects, up from 12 in the previous year.

Among the notable projects were Neoen’s Western Downs Green Power Hub in Queensland and ACEN Australia’s New England Solar Farm Stage 1 in NSW. Both are 400 MW developments and are now the largest solar farms in Australia.

However, new financial commitments to large-scale generation projects in 2023 totaled $1.5 billion, a considerable decrease from $6.5 billion in 2022. Despite the outstanding performance of the large-scale storage sector, overall investment figures remained lower compared to 2022. Additionally, seven new financial commitments to solar projects in 2023 totaled 921 MW, down from 10 projects and 1.5 GW in 2022.

This slowdown reflects the challenges in making new investment decisions, including a constrained grid, slow planning processes, higher costs, and tighter equipment and labor markets.

Large-scale Wind

The large-scale wind sector experienced a down year, adding 942 MW of new capacity, a decline from 1.4 GW in 2022. Among the seven wind farms commissioned in 2023, Squadron Energy’s 244 MW Bango Wind Farm in NSW was the largest.

Despite the decrease in capacity added, wind power still dominates Australia’s renewable energy generation, accounting for 33.9%. As a share of Australia’s total energy generation, wind power reached 13.4% in 2023, up from 12.8% in 2022.

As of December 2023, 56 renewable energy generation projects were under construction, down from 72 in 2022.

However, no new financial commitments were announced to utility-scale wind projects in 2023, compared to six in 2022.

Storage

At the end of 2023, the number of large-scale battery storage projects being constructed rose to 27, up from 19 in 2022. These projects have a combined capacity of 5 GW / 11 GWh, compared to 1.4 GW / 2 GWh in 2022.

The largest utility-scale storage project currently being developed is the Waratah Super Battery in New South Wales, with a capacity of 850 MW / 1,680 MWh. The NSW Government is undertaking this project through its EnergyCo authority, with construction slated for completion in August 2025.

Total investment in large-scale storage reached $4.9 billion by the close of 2023, up significantly from $1.9 billion in 2022, marking a 157.9% increase. The combined capacity of large-scale storage projects that received financial commitments in 2023 amounted to 3,949 MW / 9,905 MWh.

The year witnessed a record for new financial commitments to large-scale storage. In Q2, investment in big batteries exceeded the billion-dollar mark for the first time in a single quarter, and Q4 surpassed this record.

Outlook

In its Draft 2024 Integrated System Plan, the Australian Energy Market Operator recommended that Australia incorporate a minimum of 6 GW of utility-scale generation into the National Electricity Market annually to achieve the Federal Government’s goal of reaching 82% renewables by 2030.

Although the addition of 2.8 GW of new capacity across Australia in 2023 is commendable, CEC believes it is evident that Australia requires a significant boost in investment and deployment to meet its targets.

The Australian Renewable Energy Agency recently unveiled a significant initiative with AUD$1 billion (~$651.2 million) investment to enhance domestic solar photovoltaic manufacturing.