Big Push for Solar, EVs, Critical Minerals and Strategic Manufacturing in Budget 2026

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Rajasthan Regulator Proposes Demand Flexibility/Management Regulations

CEA Flags Non-Standard Transformer Ratings in State Utility Tenders

NTPC Green Energy Sees 29% Revenue Growth, Sharp PAT Decline in Q3

Solarworld’s Q3 FY 2026 Revenue Jumps 184% on Strong EPC Execution

Luminous Enters Li-ion Battery Manufacturing with 500 MWh Assembly Line

China’s Installed Energy Storage Capacity Reached 213.3 GW in 2025

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">Mercom Capital Group</a>
Aspen Power, a distributed energy generation platform, <a href="https://mercomcapital.com/aspen-power-secures-200-million-from-deutsche-bank/" target="_blank" rel="noopener">announced</a> the closing of a $200 million capital raise provided by Deutsche Bank. Aspen is said to partner with businesses, communities, and other industry participants to develop, construct, own, and operate renewable energy assets. According to the company, this financial commitment enhances its ability to execute its pipeline, attract greater vendor engagement, and accelerate project delivery.
Inox Clean Energy, the renewable arm of the INOXGFL Group, along with its subsidiary, Inox Solar, <a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener">raised</a> equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) on a pre-money basis. The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System, a U.S. pension fund; SUN Group Global; Authum Investment; Akash Bhansali; other family investors; and high-net-worth individuals.
KOREALFP, a manufacturer of lithium iron phosphate battery cells and modules for e-mobility, energy storage, and industrial power applications, <a href="https://mercomcapital.com/korealfp-secures-3-million-in-funding/" target="_blank" rel="noopener">raised</a> 4.35 billion KRW (~$3 million) in funding from Korinvest Group, a U.S. investment firm focused on backing Korean startups and venture companies. This follows an investment of approximately $200,000 that the company received in October last year. KOREALFP secured this investment in connection with CES 2026, where it showcased its battery safety technologies.
Electric vehicle charging infrastructure company ROADGRID <a href="https://www.mercomindia.com/ev-charging-firm-roadgrid-raises-%E2%82%B9120-million-in-pre-series-a-round" target="_blank" rel="noopener">raised</a> ₹120 million (~$1.44 million) in a Pre-Series A funding round led by Venture Catalysts. The round also saw participation from a mix of strategic and angel investors, including the Skyline Group of Companies, IPV, FAAD Network, Let’s Venture, Pace Group, Arthanomics, and Alpha Value. ROADGRID has raised a total of $1.33 million in funding, including the latest Pre-Series A round.
Otovo, a home energy service provider, entered into a definitive agreement to <a href="https://mercomcapital.com/otovo-acquires-solar-service-professionals/" target="_blank" rel="noopener">acquire</a> Solar Service Professionals (SSP), a California-based solar service provider. SSP provides solar service business with an installed customer base of 38,000 customers since 2017. The acquisition of SSP marks Otovo’s strategic entry into California’s residential solar plus storage market. The company plans to convert the existing California base of SSP customers to its subscription service, expecting this initiative to be accretive to net income in 2026.
Pattern Energy, a company that develops and operates clean energy and transmission infrastructure, entered into a definitive agreement to <a href="https://mercomcapital.com/pattern-energy-to-acquire-clean-energy-company-cordelio-power/" target="_blank" rel="noopener">acquire</a> Cordelio Power, an independent power producer in Canada and the U.S. According to Pattern Energy, the acquisition will help it grow its energy portfolio in the U.S. and Canada. Cordelio Power is wholly owned by CPP Investments, the majority shareholder of Pattern Energy.
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>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-okovate-acquires-assets-of-fundusol/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Aspen Power Secures $200 Million

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-nautilus-community-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Nautilus Solar Energy, a U.S.-based community solar provider, <a href="https://mercomcapital.com/nautilus-solar-energy-secures-275-million-for-community-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of a $275 million long-term debt facility, the company’s largest single debt transaction to date. The facility will support over 25 community solar projects spread across five states in the U.S., including Illinois, Maryland, Delaware, New York, and Rhode Island, which are expected to start operation over the next year.
Greenwood Sustainable Infrastructure, a renewable energy company focused on the development, construction, and operation of distributed generation and utility-scale solar energy and battery storage projects, <a href="https://mercomcapital.com/greenwood-sustainable-infrastructure-acquires-556-mw-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 556 MW Homestead solar project in Alberta, Canada, from Kiwetinohk Energy, a Canada-based energy company.
Independent power producer Inox Neo Energies, an INOXGFL Group company, has <a href="https://www.mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects. The transaction encompasses five wind-solar hybrid projects across Maharashtra, contracted by SJVN under Hybrid Tenders 1 and 2 (120 MW) and NTPC under Hybrid Tenders 1 and 2 (520 MW).
ACME Venus Urja, a wholly owned subsidiary of ACME Solar Holdings, has <a href="https://www.mercomindia.com/acme-secures-%E2%82%B939-billion-loan-from-sbi-for-400-mw-fdre-project" target="_blank" rel="noopener">secured</a> a long-term project debt funding of ₹38.92 billion (~$440.13 million) from the State Bank of India for the development of a 400 MW firm and dispatchable renewable energy project in Barmer, Rajasthan. The loan’s repayment is spread across 19 years.
Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation, through its wholly owned subsidiary, AP Renewable Energy Corporation, <a href="https://mercomcapital.com/aboitiz-renewables-secures-129-million-for-221-mw-solar-project/" target="_blank" rel="noopener">secured</a> a P7.4 billion (~$129 million) project financing with the Bank of Philippine Islands. The financing will be used to fund the engineering, construction, operation, and maintenance of the 221 MW Olongapo solar project in Zambales, Philippines.
Aspen Power, a distributed energy generation platform, <a href="https://mercomcapital.com/aspen-power-acquires-6-85-mw-community-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of two community solar projects with a total capacity of 6.85 MW located in Northampton, Pennsylvania, from Syncarpha Capital, a solar and storage distributed generation project developer.
Grenergy, an independent solar and wind power producer, <a href="https://mercomcapital.com/grenergy-secures-270m-for-3-5gwh-bess-in-oasis-de-atacama-phase-6/" target="_blank" rel="noopener">raised</a> $270 million in senior non-recourse financing, including a term loan and letters of credit. The facility will be used to deploy 3.5 GWh of battery energy storage capacity for the sixth phase of the Oasis de Atacama project, known as Elena. A group of lenders comprising international financial institutions, led by Sumitomo Mitsui Banking Corporation as the structuring bank, along with BNP Paribas, BBVA, and KfW, provided the financing.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-enfinity-global-secures-368-million/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Nautilus Secures $275 Million for Community Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-pivot-energy-secures-tax-equity-investment/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pivot Energy, a solar project developer, has <a href="https://mercomcapital.com/pivot-energy-secures-tax-equity-investment-from-walmart/" target="_blank" rel="noopener">secured</a> tax equity investment from the U.S. retail chain Walmart to develop 19 solar projects across the country. The strategic investment will facilitate the projects’ construction, operation, and maintenance, including 15 community solar projects spread across five states – Illinois, Colorado, Maryland, Delaware, and California. Besides the tax equity investment agreement with Pivot Energy, Walmart is also investing in seven community solar projects developed by Reactivate.
VH Global Sustainable Energy Opportunities, a renewable energy investment firm, has agreed to <a href="https://mercomcapital.com/vh-global-sustainable-energy-acquires-solar-and-storage-projects/" target="_blank" rel="noopener">acquire</a> and develop two solar projects co-located with energy storage systems in New South Wales, Australia, for £16.9 million (~$21.33 million). The investment is part of the Australian solar and energy storage investment program, as announced in August 2021. This investment has elevated the total commitment to the program from the original £50 million (~$63.12 million) to £58.5 million (~$73.85 million).
Aspen Power, a distributed generation platform developer, <a href="https://mercomcapital.com/aspen-power-acquires-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of eight ground-mounted solar power projects in Pennsylvania and New York, totaling 41 MW. The projects were acquired from Solar Site Developers, a solar project developer who will also co-develop the project with Aspen Power. The projects are currently in the engineering design stage, with construction expected to begin in the coming months.
Private energy company DTEK Group, via its EU-focused renewable energy subsidiary DRI, <a href="https://mercomcapital.com/dtek-group-acquires-133-mw-energy-storage-project-in-poland/" target="_blank" rel="noopener">signed</a> a final, binding share purchase agreement with Columbus Energy, a Poland-based company engaged in the renewable energy equipment and services industry, and acquired a 133 MW energy storage project in Poland. The agreement represents DTEK’s first substantial infrastructure investment in Poland. Through DRI, DTEK aspires to establish a portfolio of renewable energy projects totaling 5 GW across Europe by 2030.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Pivot Energy Secures Tax Equity Investment from Walmart

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project-oklahoma/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a wholly-owned subsidiary of Canadian Solar, a vertically integrated silicon ingot, wafers, and photovoltaic cells and modules manufacturer, has <a href="https://mercomcapital.com/recurrent-energy-secures-project-financing-for-north-fork-solar-project/" target="_blank" rel="noopener">secured</a> $112 million project financing for its 160 MW (120 MWac) North Fork Solar project in Oklahoma City. NordLB acted as Coordinating Lead Arranger and Joint Lead Arranger. Rabobank acted as Joint Lead Arranger. The project is expected to be operational in 2024. Oklahoma Municipal Power Authority will purchase 100% of the energy produced by North Fork Solar under a 15-year agreement.
SunVest Solar, a vertically integrated distributed solar project developer, <a href="https://mercomcapital.com/sunvest-solar-secures-construction-loan-facility/" target="_blank" rel="noopener">closed</a> a $60 million construction loan facility to support 50 MW of community solar projects across Illinois, Maine, and Minnesota through the remainder of 2023 and into 2024. All the projects under the facility will be owned and operated by SunVest, bringing its total assets under management to over 125 MW.
United States-based Peregrine Energy Solutions, a clean energy platform with a strategic focus on utility-scale energy storage, has <a href="https://www.mercomindia.com/peregrine-for-clean-energy-expansion-in-us" target="_blank" rel="noopener">announced</a> a partnership with AB CarVal, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing. The funding will be directed toward Peregrine’s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.
Aspen Power, developer of a distributed generation platform focused on solar and storage assets across the U.S., along with Foss &amp; Company, an investment fund sponsor, <a href="https://mercomcapital.com/aspen-power-foss-company-secure-tax-equity-solar-projects/" target="_blank" rel="noopener">announced</a> a $60 million tax equity funding for 27 solar projects across four states totaling 82.8 MW. Of the 27 solar projects, 19 are operational, and the complete portfolio represents 82.8 MW of solar generating capacity.
Germany-based independent power producer Encavis <a href="https://www.encavis.com/en/newsroom/press-releases/2585019-encavis-ag-acquires-its-first-battery-project-to-optimise-the-marketing-of-electricity-from-german-wind-and-solar-parks" target="_blank" rel="noopener">acquired</a> a 12MW/24MWh ready-to-build battery energy storage project in Hettstedt, Germany. The project is based on lithium-ion technology and is scheduled to be connected to the grid in the first half of 2024.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-lynher-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

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