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					</table><p>Independent power producer <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a> has secured funding of up to $35 million from <a href="https://www.responsability.com/" target="_blank" rel="noopener">responsAbility</a>, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India.</p>
<p>The investment is part of responsAbility&#8217;s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will.</p>
<p>This aligns with the responsAbility&#8217;s investor goal of funding solutions that benefit both society and the environment in developing countries.</p>
<p>AMPIN has a diverse portfolio that exceeds 3GW, serving businesses and utilities across 21 states. With the backing of prominent global investors, AMPIN aims to reach 10 GW by 2030.</p>
<p>The funds will be used by AMPIN for various clean energy projects, especially solar power, for businesses and industries across different sectors in India.</p>
<p>This includes manufacturing, auto, healthcare, and data centers.</p>
<p>By 2030, AMPIN plans to increase its capacity tenfold and contribute to India&#8217;s ambitious goal of 500 GW of renewable energy.</p>
<p>Pinaki Bhattacharyya, MD &amp; CEO of AMPIN Energy Transition, said, “We are happy to collaborate with responsibility as this investment will fuel our mission to become the leaders in driving the renewable energy transition for commercial and industrial customers. With this infusion of capital, we are poised to accelerate our efforts in expanding clean energy access, driving economic development, reducing carbon emissions and navigating the country towards a sustainable and self-sufficient energy future.”</p>
<p>responsAbility uses private markets to address key global challenges. They focus on three areas aligned with the UN&#8217;s Sustainable Development Goals (SDGs):</p>
<ul>
<li>Financial Inclusion: Providing loans to small businesses to help them grow.</li>
<li>Climate Finance: Investing in projects that reduce greenhouse gas emissions and promote a sustainable future.</li>
<li>Sustainable Food: Finding ways to ensure everyone has access to healthy food.</li>
</ul>
<p>Sameer Tirkar, Head of Climate Infrastructure Investments, APAC at responsAbility, said, “Our investment in AMPIN, a leader in the renewable energy sector, emphasizes our commitment to renewable energy in India, particularly the C&amp;I solar market. Drawing from our past experiences in the sector, we recognize the value of partnerships in advancing sustainable investing. Through our partnership with AMPIN, we aim to contribute to a more resilient energy infrastructure in India.”</p>
<p>Since 2003, responsAbility has invested over $15.4 billion towards positive impact while generating financial returns. The company manages nearly $4.8 billion in assets across hundreds of companies in almost 70 countries.</p>
<p>Recently, AMPIN Energy Transition <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank, the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing.</p>
<p>The company recently <a href="https://www.mercomindia.com/ampin-ppa-nagpur-metros-rooftop-solar" target="_blank" rel="noopener">signed</a> a power purchase agreement of 25 years for 6 MW rooftop solar projects with the Maharashtra Metro Rail Corporation for the Nagpur Metro Rail Project.</p>
<p>Under the production linked incentive program, AMPIN is eligible to <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">receive</a> a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of cells and modules.</p>


AMPIN Energy Secures $35 Million from responsAbility to Fund Expansion Plans


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					</table><p><a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>, <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a>, <a href="https://cms.mercomindia.com/event/c-and-i-clean-energy-virtual-meet-2024/register/" target="_blank" rel="noopener">Juniper Green Energy</a>, <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Solar Power</a>, and <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a> have won <a href="https://ntpc.co.in/" target="_blank" rel="noopener">NTPC’s</a> auction for the supply of 1,000 MW power from inter-state transmission system (ISTS)-connected wind-solar hybrid power projects anywhere in India under Tranche V.</p>
<p>Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.</p>
<p>ReNew Solar Power secured 300 MW at a tariff of ₹3.44 ($0.0411)/kWh, leaving Avaada Energy with the remaining 250 MW, secured at ₹3.47 (~$ $0.0414)/kWh.</p>
<p>Avaada had initially quoted 500 MW.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65358 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V.png" alt="NTPC 1 GW Hybrid Auction Tranche V" width="861" height="327" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V.png 861w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-768x292.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-650x247.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-624x237.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/NTPC-1-GW-Hybrid-Auction-Tranche-V-600x228.png 600w" sizes="(max-width: 861px) 100vw, 861px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/ntpcs-renewable-arm-wind-solar-hybrid-power" target="_blank" rel="noopener">floated</a> in February 2024.</p>
<p>The projects, with or without an energy storage system (ESS), must be set up on a build-own-operate basis.</p>
<p>Additionally, the ESS must be charged using a source other than wind-solar hybrid power to be considered a hybrid power project.</p>
<p>Hybrid energy initiatives underway, pending activation, or already activated but without a sustained power procurement deal with any entity and vending energy on a temporary or commercial basis qualify for assessment within this tender.</p>
<p>The tender had mandated that either wind or solar resources must constitute at least 33% of the total contracted capacity.</p>
<p>The wind turbines utilized in the projects must be certified models listed in the Revised List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Similarly, the solar photovoltaic modules must be listed in the Approved List of Models and Manufacturers.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.</p>


Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-invenergy-secures-900-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Invenergy</strong><strong>, a developer of renewable energy projects, </strong><a href="https://mercomcapital.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline.</strong> The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.</p>
<p><strong>The Japan Bank for International Cooperation (JBIC) has </strong><a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India.</strong> The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).</p>
<p><strong>Energy storage developer Lightshift Energy (formerly Delorean Power) </strong><a href="https://mercomcapital.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager.</strong> Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.</p>
<p><strong>Independent power producer AmpIn Energy Transition has </strong><a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment from Oesterreichische Entwicklungsbank (OeEB)</strong>, the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.</p>
<p><strong>Ionobell, a silicon battery technology company, </strong><a href="https://mercomcapital.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3.9 million in a recent seed extension round</strong> led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.</p>
<p><strong>MN8 Energy, an independent power producer, has announced</strong><strong> the completion of its private placement, <a href="https://mercomcapital.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock.</strong> The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.</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-enapi-raises-2-7-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Invenergy Secures $900 Million Green Loan


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					</table><p><a href="https://ampin.energy/" target="_blank" rel="noopener">AmpIn Energy Transition</a>, an Independent Power Producer (IPP) in India, has announced a joint venture with <a href="https://jil-jupiter.com/" target="_blank" rel="noopener">Jupiter International</a> to set up a facility to manufacture up to 1.3 GW of solar cells and modules.</p>
<p>The facility, which is being established with funds under the government’s Production Linked Incentive program program, is expected to be commissioned in the financial year 2024-25.</p>
<p>Under the joint venture&#8217;s terms, the modules will be used locally by AmpIn and supplied to third-party developers.</p>
<p>Under the PLI, AmpIn is eligible to <a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">receive</a> a maximum incentive of ₹1.4 billion (~$17 million) for manufacturing 1 GW of cells and modules.</p>
<p>The company said the PLI initiative aligns with the government&#8217;s vision of boosting local manufacturing, reducing global supply chain vulnerabilities, and decreasing India&#8217;s reliance on solar imports.</p>
<p>AmpIn offers a balanced portfolio of renewable energy projects, providing C&amp;I and utility customers with cost-effective renewable energy solutions.</p>
<p>Jupiter International currently possesses an 800 MW solar cell manufacturing stronghold in Himachal Pradesh, with 15 years of experience in manufacturing high-efficiency solar cells with a strong track record of excellence and continuous technological advancement.</p>
<p>Pinaki Bhattacharyya, MD and CEO of AmpIn Energy Transition, said, &#8220;Partnering with Jupiter International will help us achieve backward integration and enhance our control over the supply chain for crucial components, which would help us optimize our operations for quality, efficiency, and cost-effectiveness. There is a strong demand for Indian solar modules, and with the right support and policies, they will become cost-effective and competitive globally.&#8221;</p>
<p>Alok Garodia, Chairman of Jupiter International, said, &#8220;We are happy to collaborate with AmpIn as this partnership will redefine the solar manufacturing landscape in India. Combining our solar cell manufacturing prowess with AmpIn&#8217;s commitment to renewables will play a major role in stabilizing the supply chain and reducing India’s reliance on imports. We bring in competencies in designated parts of the value chain, and together, we will be a formidable force.&#8221;</p>
<p>The Ministry of New &amp; Renewable Energy <a href="https://mercomindia.com/budget-2022-module-manufacturing-%e2%82%b9195-billion-pli-program/" target="_blank" rel="noopener">approved</a> incentives amounting to ₹195 billion (~$2.36 billion) for PLI Tranche II. Out of this, ₹120 billion (~$1.45 billion) has been earmarked for vertical integration of manufacturing polysilicon, ingots, wafers, solar cells, and solar modules.</p>


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