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					</table><p>Gurgaon-based renewable energy independent power producer <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has executed a share purchase agreement (SPA) to acquire 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million).</p>
<p>Jaipur-based AK Renewable Infra has secured all development rights, including land, connectivity, and associated approvals, for a 300 MW solar project in Rajasthan.</p>
<p>The acquisition will be subject to the SPA’s closing conditions and adjustments.</p>
<p>AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.</p>
<p>ACME Solar said this acquisition will help enhance its project pipeline and accelerate project execution and commissioning.</p>
<p>Incorporated in 2021, AK Renewable Infra develops renewable energy parks in India.</p>
<p>In a regulatory filing, ACME Solar stated that the acquisition is not a related-party transaction, and the promoter/promoter group/group companies do not have any interest in AK Renewable Infra.</p>
<p>ACME Solar Holdings was one of the <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">top</a> utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. Its yearly capacity additions comprised 11.5% of the country’s total, coming third behind Adani Green Energy with 17.6% and ReNew with 12%. Its high ranking was driven by 1.2 GW in installations in Jaisalmer, Rajasthan.</p>
<p>In August this year, ACME Solar Holdings’ board of directors <a href="https://www.mercomindia.com/acme-solar-holdings-plans-30-billion-fundraise" target="_blank" rel="noopener">approved</a> a plan to raise ₹30 billion (~$342.23 million) in one or more tranches by issuing equity shares or other equity-linked instruments and securities.</p>
<p>In the same month, ACME Solar Holding’s wholly owned subsidiary, ACME Hybrid Urja, <a href="https://www.mercomindia.com/acme-secures-%E2%82%B932-billion-from-rec-for-280-mw-fdre-project" target="_blank" rel="noopener">secured</a> long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW firm and dispatchable renewable energy project.</p>
<p>In June, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-secures-%E2%82%B910-72-billion-refinancing-for-250-mw-rajasthan-solar-project" target="_blank" rel="noopener">secured</a> a domestic project finance facility totaling ₹10.72 billion (~$128.38 million) for its wholly-owned subsidiary, ACME Aklera Power Technology. This facility will be used to refinance the debt associated with the company’s 250 MW operational solar project in Rajasthan.</p>
<p>&nbsp;</p>


ACME Solar to Acquire AK Renewable Infra for ₹792 Million


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					</table><p>Gurgaon-based <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has received a letter of award (LoA) from <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power Company’s</a> distribution arm, Tata Power-D, for developing a 50 MW firm and dispatchable renewable energy (FDRE) project, with a tariff of ₹4.43 (~$0.051)/kWh.</p>
<p>The award is a part of a larger 250 MW FDRE tender <a href="https://www.mercomindia.com/tata-power-d-invites-bids-for-250-mw-renewable-energy-with-storage" target="_blank" rel="noopener">conducted</a> by Tata Power-D.</p>
<p>The power purchase agreement (PPA) between ACME Solar and Tata Power-D will be valid for 25 years.</p>
<p>The FDRE project will integrate multiple renewable energy technologies, primarily solar power, along with a battery energy storage system (BESS). The project must maintain a minimum annual capacity utilization factor of 40%.</p>
<p>It must also ensure a stable power supply during peak hours, providing four hours of dispatchable electricity daily, with a 90% monthly availability requirement.</p>
<p>The project must be commissioned within 24 months of the PPA signing date.</p>
<p>The project is expected to contribute to meeting the demand for reliable renewable energy, particularly during peak load periods, using storage-backed solar generation.</p>
<p>ACME Solar Holdings is an integrated renewable energy company with operations spanning solar, wind, storage, FDRE, and hybrid solutions. The company has a current operational and contracted capacity of 6.97 GW.</p>
<p>Last November, the company was among the winners of NTPC’s auction to supply 1,200 MW of FDRE from interstate transmission system-connected renewable energy projects. It <a href="https://www.mercomindia.com/hexa-climate-acme-solar-avaada-energy-win-ntpcs-1-2-gw-fdre-auction" target="_blank" rel="noopener">quoted</a> ₹4.70 (~$0.0557)/kWh to win a capacity of 400 MW.</p>
<p>ACME <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025.</p>
<p>In August this year, ACME Solar’s subsidiary, ACME Hybrid Urja, <a href="https://www.mercomindia.com/acme-secures-%E2%82%B932-billion-from-rec-for-280-mw-fdre-project" target="_blank" rel="noopener">secured</a> long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW FDRE project.</p>
<p>The company went public last year with a ₹29 billion (~$344.85 million) initial public offering (IPO). It <a href="https://www.mercomindia.com/acme-solar-holdings-ipo-oversubscribed" target="_blank" rel="noopener">proposed</a> to use ₹17.95 billion (~$213.45 million) from the IPO proceeds for investment in its subsidiaries to repay certain outstanding borrowings availed by its subsidiaries and for general corporate purposes.</p>


ACME Solar Receives Letter of Award for 50 MW FDRE Project from Tata Power


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					</table><p><a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings’</a> board of directors has approved a plan to raise ₹30 billion (~$342.23 million) in one or more tranches by issuing equity shares or other equity-linked instruments and securities.</p>
<p>The fundraising will be executed through various permissible avenues, including but not limited to qualified institutional placement, further public offering, private placement, or a combination thereof.</p>
<p>Building on its efforts to secure capital for growth, ACME Hybrid Urja, a wholly owned subsidiary, recently <a href="https://www.mercomindia.com/acme-secures-%E2%82%B910-72-billion-refinancing-for-250-mw-rajasthan-solar-project/" target="_blank" rel="noopener">secured</a> long-term project financing of ₹31.84 billion (~$363.72 million) from REC to develop a 280 MW firm and dispatchable renewable energy (FDRE) project. REC will serve as the sole lender, providing financing over an 18-year term. This marks REC’s third investment in ACME’s FDRE portfolio, following funding for two other projects with a cumulative capacity of 570 MW earlier this year.</p>
<p>In June, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-secures-%E2%82%B910-72-billion-refinancing-for-250-mw-rajasthan-solar-project/" target="_blank" rel="noopener">obtained</a> a domestic project finance facility of ₹10.72 billion (~$128.38 million) for its subsidiary ACME Aklera Power Technology. The funds will be used to refinance debt associated with the company’s 250 MW operational solar project in Rajasthan.</p>
<p>Earlier this year, in April, the company <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> another significant refinancing facility totaling ₹24.91 billion (~$298.92 million) from the State Bank of India and REC. This long-term financing, structured over 18 to 20 years at a reduced weighted average interest rate of 8.8%, is being deployed to lower debt costs for ACME’s 490 MW renewable energy projects across Andhra Pradesh, Rajasthan, and Punjab.</p>
<p>ACME Solar’s ₹29 billion ($344.85 million) initial public offering was <a href="https://www.mercomindia.com/acme-solar-holdings-ipo-oversubscribed" target="_blank" rel="noopener">oversubscribed</a> 2.75 times. Of the IPO proceeds, ₹17.95 billion ($213.45 million) was earmarked for investment in its subsidiaries to repay or prepay certain outstanding borrowings, with the remainder allocated for general corporate purposes.</p>
<p>ACME Solar <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of India’s top utility-scale solar project developers in 2024, as recognized in Mercom’s India Solar Market Leaderboard 2025.</p>


ACME Solar Holdings Plans ₹30 Billion Fundraise in Multiple Tranches


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					</table><p>Renewable energy independent power producer <a title="https://acmesolar.in/" href="https://acmesolar.in/" target="_blank" rel="noreferrer noopener">ACME Solar Holdings&#8217;</a> wholly owned subsidiary, ACME Hybrid Urja, has secured long-term project financing of ₹31.84 billion (~$363.72 million) from <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC</a> to develop a 280 MW firm and dispatchable renewable energy (FDRE) project.</p>
<p>This project has been contracted with <a href="https://www.nhpcindia.com/" target="_blank" rel="noopener">NHPC</a>.</p>
<p>REC will be the sole lender, providing long-term financing for 18 years. It has financed two other ACME Solar FDRE projects with a cumulative capacity of 570 MW, earlier this year.</p>
<p>ACME Hybrid Urja signed a power purchase agreement of 25 years with NHPC at a tariff of ₹4.46 (~$0.051)/kWh.</p>
<p>The FDRE project, which integrates solar with a battery energy storage system, aims to meet the supply obligations for NHPC and ensure higher electricity predictability and dispatchability.</p>
<p>The project will be designed to have a minimum annual capacity utilization factor of 40% and a monthly peak hour availability of 90%.</p>
<p>ACME Solar Holdings has a diversified portfolio of solar, wind, storage, hybrid, and FDRE projects. The company has an operational capacity of 2,890 MW, an under-construction capacity of 4,080 MW, and a standalone BESS capacity of 550 MWh.</p>
<p>ACME Solar was one of the <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">top</a> utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025. The company accounted for 11.5% of the country’s yearly capacity additions, coming in third behind Adani Green Energy and ReNew. It had completed 1.2 GW in installations in Jaisalmer, Rajasthan, during the year.</p>
<p>In April this year, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%. ACME said it would use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.</p>


ACME Secures ₹32 Billion from REC for 280 MW FDRE Project


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					</table><p>Gurgaon-based <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has secured a domestic project finance facility totaling ₹10.72 billion (~$128.38 million) for its wholly-owned subsidiary, ACME Aklera Power Technology. This facility will be used to refinance the debt associated with the company&#8217;s 250 MW operational solar project in Rajasthan.</p>
<p>The refinancing aims to decrease the project’s financing cost by 95 basis points to an annual rate of 8.5%. The Rajasthan project has been operational for approximately 18 months, with an annual capacity utilization factor of 29.3% in the financial year 2025.</p>
<p>The 18-year tenure refinancing was secured from a consortium of institutions, with Bank of America and Standard Chartered Bank leading the funding. This transaction follows ₹45.75 billion (~$548.50 million) in refinancing secured by the ACME Group over the past six months.</p>
<p>Bank of America was an existing lender to the ACME Group. This refinancing marks its and Standard Chartered Bank&#8217;s new role as a project finance lender to the group.</p>
<p>Rajat Kumar Singh, Group CFO of ACME Solar Holdings, emphasized the improvement in project credit ratings resulting from demonstrated financial discipline. He said the reduced debt cost will fortify the company’s financial standing as it pursues capacity expansion.</p>
<p>ACME Solar Holdings has a total renewable energy portfolio of 6,970 MW, comprising solar, wind, hybrid solutions, and firm and dispatchable renewable energy sources. Of this capacity, 2,826.2 MW is operational, and 4,143.8 MW is under various stages of implementation.</p>
<p>Recently, ACME Solar <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025.</p>
<p>In April this year, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%.</p>


ACME Secures ₹10.72 Billion Refinancing for 250 MW Rajasthan Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-zero-industrial-raises-10-million-in-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Zero Industrial, a thermal energy storage solution provider, <a href="https://mercomcapital.com/zero-industrial-raises-10-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding</strong> led by Evok Innovations with participation from Rusheen Capital Management. The company plans to use the funding to accelerate the development of its thermal energy storage solutions in North America. Zero Industrial develops industrial decarbonization projects that utilize thermal energy storage solutions and offers its customers project development services.</p>
<p><strong>Solar energy financing firm Aerem </strong><a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-%E2%82%B91-billion-from-japan-based-utec" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹1 billion (~$11.7 million) from Japan-based venture capital firm</strong> <strong>University of Tokyo Edge Capital Partners</strong> in a Series A funding round. Other investors in the funding included British International Investment, SE Ventures, and Riverwalk Holdings. Existing investors, Blume Ventures and Avaana Capital, also participated in this round. The funding will be utilized to drive the company’s distribution growth across India and solidify its presence in existing markets.</p>
<p><strong>Transmission utility Power Grid Corporation of India (POWERGRID) </strong><a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B960-billion-via-private-placement-of-bonds" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it would raise up to ₹60 billion (~$720 million)</strong> <strong>through a private placement of bonds.</strong> The eighty-first issue of POWERGRID bonds (2025-26) includes a greenshoe option of ₹45 billion (~$540 billion) and a base issue size of ₹15 billion (~$180 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. These bonds will carry a 10-year tenure. Interest payments on the bonds will be made annually. The coupon or interest payments on the bond will be made through the bidding process on the electronic book provider platform.</p>
<p><strong>Energy utility E.ON UK announced that it has signed an agreement to fully <a href="https://mercomcapital.com/e-on-uk-to-acquire-eco2solar/" target="_blank" rel="noopener">acquire</a> Eco2Solar, a residential and commercial solar installation company</strong>. E.ON UK already acquired a 49% stake in Eco2Solar back in December 2020. The acquisition’s financial terms were undisclosed. It is expected to combine the operational strengths of E.ON UK and Eco2Solar to enable further growth in the solar installation market.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-apricus-generation-secures-30-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Zero Industrial Raises $10 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-potentia-energy-acquires-renewable-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Potentia Energy, a renewable energy developer co-owned by Enel Green Power and INPEX, </strong><a href="https://mercomcapital.com/potentia-energy-acquires-over-1-gw-of-renewable-energy-projects/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of controlling stakes in a renewable energy portfolio</strong> exceeding 1 GW across Australia. The assets were acquired from infrastructure investor CVC DIF and superannuation fund Cbus Super. The acquisition also includes shares in Bright Energy Investments, a joint venture with Synergy, owned by the Western Australian state government.</p>
<p><strong>AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, </strong><a href="https://mercomcapital.com/aip-management-to-acquire-49-99-stake-in-solar-and-storage-project/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire a 49.99% equity stake in the 300 MW solar</strong> with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer. The project is in the ERCOT North market region in Texas. The total investment is approximately $200 million. The project is currently under construction and is expected to commence operations in the fourth quarter of 2025.</p>
<p><strong>Greenali</strong><strong>a, a renewable energy project developer, has <a href="https://mercomcapital.com/greenalia-secures-financing-misae-ii-solar-project/" target="_blank" rel="noopener">secured</a> a $295 million construction-to-term loan and $93 million letter of credit facility</strong> from Mitsubishi UFJ Financial Group and Nomura Securities International for developing the 430 MWdc/331.6 MWac Misae II solar project in Texas. The project has completed 72% of its construction, with commercial operations expected to begin in the third quarter of 2025.</p>
<p><strong>Electricity and heat producer and supplier PGE Energia Ciepła, a PGE Group unit, </strong><a href="https://mercomcapital.com/pge-energia-ciepla-secures-13-m-financing-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> PLN 48.7 million (~$12.61 million) in the form of a preferential loan</strong> from the National Fund for Environmental Protection and Water Management for the construction of seven solar projects with a cumulative capacity of 10.54 MW. The projects are to be built at the company’s six combined heat and power projects in Rzeszów, Kielce, Lublin, Zgierz, Bydgoszcz, and Gorzów Wielkopolski in Poland.</p>
<p><strong>India-based ACME Solar Holdings </strong><a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India</strong> and REC at a reduced weighted average interest rate of 8.8%. ACME Solar will use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-renewable-power-capital-solar-wind-projects/" target="_blank" rel="noopener">brief</a>.</p>


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