Finance

Despite strong industry interest, India’s Advanced Chemistry Cell Production Linked Incentive (ACC PLI) scheme, launched in October 2021, is yet to translate policy ambition into realised capacity. As of October 2025, only 2.8% (1.4 GWh) of the targeted 50 GWh capacity has been commissioned within the stipulated timeline, entirely by Ola Electric—according to a new report by JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA).

While global solar corporate funding in 2025 fell to the lowest level recorded since 2020, deal count rose to its highest level since 2017. Mercom Capital Group says investors favored smaller, lower-risk, execution-ready projects last year amid policy uncertainty, trade pressures and higher financing costs.

Aerem Solutions, an end-to-end platform for distributed solar, has raised $15 million in a Pre-Series B funding round led by SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corp. (SMBC).

United Solar Holding has secured more than $900 million to complete the financing required for its 100,000 MT polysilicon manufacturing facility in Oman. Production is expected to begin during the first quarter of this year.

Kosol Energie has signed a memorandum of understanding (MoU) with the Government of Gujarat to invest INR 90,000 crore in the State. The company said the proposed investment will support the development of advanced solar module manufacturing facilities, next-generation R&D centers, large-scale renewable energy parks, and integrated green energy ecosystems.

Joint owners of the 2 GW Al Dhafra solar power plant Abu Dhabi National Energy Company, Abu Dhabi Future Energy Company, EDF Power Solutions and Jinko Power, alongside offtaker Emirates Water and Electricity Company, have issued the green bonds to refinance the plant’s existing debt obligations and support its continued operation.

Inox Clean Energy Ltd has raised around INR 3,100 crore through an equity round involving the company and its subsidiary, Inox Solar Ltd. The company said the equity infusion will support its plans to achieve 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28.

Waaree Energy Storage Solutions has raised INR 1,003 crore to support the development of a 20 GWh lithium-ion cell and battery pack manufacturing facility.

ICRA has reaffirmed its credit ratings for Avaada Electro Ltd (AEL) and assigned ratings for enhanced borrowing limits, factoring in the company’s rapid scale-up in solar manufacturing and continued support from its parent, Avaada Ventures.

Tier-2 and Tier-3 cities are no longer behind in the solar journey, they are becoming the main growth drivers. With better government support, easier net-metering rules, and more awareness about savings, people in smaller cities are now ready for rooftop solar in a big way.